Newly released statistics by the U.S. Bureau of Labor reveal that Biden’s inflation is absolutely crushing businesses – with prices seeing a massive jump from this time last year.
The Producer Price Index (PPI) rose 10.8% from May 2021 to May 2022, marking the sixth consecutive month that the inflation gauge has run in double digits.
The Department of Labor announced that the index rose 0.8% in May compared with a month earlier. That represents an acceleration of monthly price gains from April, when prices rose 0.4% month over month. The jump was largely driven by soaring energy costs transportation expenses.
“Businesses are being forced to raise prices, or succumb to shrinkflation, as transportation of goods goes up,” Job Creators Network CEO Alfredo Ortiz said. “All of this leads to Americans becoming poorer than ever.”
Excluding food, energy, and trade services, PPI rose 0.5% for the month and 6.8% for the year.
“Biden has created an economic mess,” Ortiz added. “He dug this hole with reckless government spending and regulations, now the economy is spiraling, and the hole is digging itself deeper even with Biden’s inaction.”
The PPI metric is important because when businesses face higher costs, they are forced to pass some of the expenses onto consumers to remain profitable which means the American household will get hit hard by the increase.
Meanwhile, Americans are being led astray by President Joe Biden and his refusal to accept any responsibility for the out-of-control inflation, instead maintaining that Russian President Vladimir Putin’s invasion of Ukraine is to blame for the higher costs.
“Putin’s Price Hike hit hard in May here and around the world: high gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,” Biden said in a statement.
“Even as we continue our work to defend freedom in Ukraine, we must do more — and quickly — to get prices down here in the United States.”
Biden has also called on Congress to “make the wealthiest Americans and big corporations pay their fair share” and thereby “reduce this inflationary pressure even more.”
The inflation news has triggered a Wall Street selloff with the markets slipping into bearish territory – another issue which the Biden administration has tried to cover up.
“So, as you know, we are watching — we’re watching closely,” White House Press Secretary Karine Jean-Pierre said when asked about plummeting asset prices. “We know families are concerned about inflation and the stock market. That is something that the President is — is really aware of. And so, look, we face global challenges. We’ve talked about this. This is — we’re not the only country dealing with what we’re seeing at the moment as it relates to inflation.”
Jean-Pierre then maintained the ridiculous argument that the Democrats and $1.9 trillion American Rescue Plan has led to a “historical economic boom.”