By Casey Harper | The Center Square
Consumer prices increased by nearly 7% in November 2021 compared to the same time last year, newly federal inflation data show, the steepest rise in decades.
The Department of Labor’s Bureau of Labor Statistics released data Friday on the consumer price index, a key marker of inflation, showing a 6.8% increase in prices in the past twelve months.
“The monthly all items seasonally adjusted increase was the result of broad increases in most component indexes, similar to last month,” BLS said. “The indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5 percent in November as the gasoline index increased 6.1 percent and the other major energy component indexes also rose. The food index increased 0.7 percent as the index for food at home rose 0.8 percent.”
That increase is the fastest in nearly 40 years.
“The all items index rose 6.8 percent for the 12 months ending October, the largest 12-month increase since the period ending June 1982,” BLS said. “The index for all items less food and energy rose 4.9 percent over the last 12 months, while the energy index rose 33.3 percent over the last year, and the food index increased 6.1 percent. These changes are the largest 12-month increases in at least 13 years in the respective series.”
Critics pointed to President Joe Biden’s economic policies, particularly federal debt spending.
“Under President Biden’s leadership, the cost of living has increased at the steepest rate in more than three decades,” said Joel Griffith, economic expert at the Heritage Foundation. “Given historic government spending and the trillions of additional spending proposed, Americans have good reason to worry about inflation—and higher prices across the board confirm those fears.”
3 thoughts on “Inflation soars, hitting nearly 40 year high”
The BBB-Bankruptcy bill is highly inflationary.
It would ADD to the 6.8% inflation rate reported for November.
Here are more details
“BUILD BACK BETTER” WOULD COST $4.95 TRILLION OVER THE NEXT DECADE, IF PROVISIONS WERE MADE TO LAST 10 YEARS
Distrust in Government
I am not surprised at the lack of PUBLIC TRUST in Washington, DC, and elsewhere. The games of smoke and mirrors played in Washington are off-the-charts outrageous.
NEVER, EVER, has there been such a level of DECEIT, as Dem/Progs have inflicted on the US People, since January 2021, after using a fraudulent election to achieve a COUP D’ETAT, to relentlessly push for a major increase of:
1) The seize and intrusiveness of government, and
2) Dem/Prog command/control over the federal government and the American people.
Here is a most egregious example:
Build Back Better’ Would Cost $4.95 TRILLION Over the Next Decade, if Provisions Were Made to Last 10 Years
The original BBB bill was for $6.0 TRILLION, as concocted by Socialist Sanders. When that proved to be a non-starter, he “whittled it down” to an alleged $3.5 TRILLION, which, he said was the “absolute minimum”.
Pelosi/Sanders/Schumer, et al, used a smoke-and-mirrors charade to make the cost of the BBB bill APPEAR small, and to make the “added to US national debt” APPEAR small.
Manchin had stated, he would consider a BBB bill costing no more than $1.5 TRILLION.
Manchin and Sanders had frequent shouting matches about these shenanigans, and its inflationary effects.
The Media, et al, had been told to label it a “$1.75 TRILLION bill,”, to lull the American people. However, after some last-minute “adders” to get more votes in the US House, the bill’s cost became $2.11 TRILLION. That bill was sent by the US House to the US Senate; fingers crossed.
The Congressional Budget Office (CBO) had estimated on Nov. 18, the US House-passed BBB bill, would increase the US national debt by a mere $160 BILLION over the next decade, if the various programs of the bill had different expiration dates. Some programs would expire in one year, others in two years, etc. The BBB bill would establish universal preschool, expand Medicaid, and provide $325.3 BILLION for extensions of green energy subsidies, etc.
See Appendix for “all-in” cost of wind and solar in New England.
NOTE: If a program of a bill would expire in one year, the costs of 9 years of the program would not be included in the bill’s total cost, if expiring in 2 years, 8 years of costs would not be included, etc. That is the standard procedure the US Congress uses to play bait-and-switch games with a bill’s “total cost”. This is nothing short of premeditated lying to the American People. Decades of such procedures led to the $30 TRILLION national debt. The main beneficiaries of the various bills are family, friends, and associates of Congress members, and various self-seeking lobbies, and career bureaucrats, who would manage the government programs.
NOTE: The “standard procedure” used by Schumer/Pelosi/Sanders for budgeting the BBB-bankruptcy bill.
They purposely made the social programs appear inexpensive, by using short durations, i.e., premeditated lying.
However, these programs become, on average, 4.5 TIMES more expensive, if budgeted for 10 years.
No wonder the US has a $30 TRILLION national debt, much of it owned by foreigners.
Regressive Methane Tax on Top of Price Increases Would be Inflationary
At a time when the Biden administration is panicking in an attempt to keep energy prices down, the US House has slapped a BBB “fee” on methane, aka “stealth tax”, on natural gas and everyone who uses it.
The BBB bill results in an “escalating tax on methane emissions by oil and gas producers,” a new op-ed in the Wall Street Journal points out. The tax will hit $1,500 per ton by 2025, and the fee is supposed to be a contribution to recent promises made in Glasgow COP26 to curb methane emissions.
The cost of the fee will be passed along to the consumer, which will result in even higher energy prices than consumers are already struggling with. About 180 million Americans use natural gas for cooking and heating their homes, the report says.
The Energy Information Administration (EIA) stated about 50% of US households that use natural gas will pay 30% more this winter, than last year. The methane tax would add another 17% on top of that.
The WSJ op-ed board calls it a “regressive tax” and states the “Department of Energy notes the average energy burden for lower-income families would be THREE TIMES higher than for higher income households”.
The methane tax “exposes the contradiction at the heart of Democratic climate policy” and clearly violates President Biden’s promise not to raise taxes on those making less than $400,000 per year, the op-ed argues.
The op-ed concludes, once the methane tax is in place, it’ll be easy to increase it over time. Combined with new methane regulations, the cost of gas would increase even more.
The methane tax is “targeted, punitive, and will increase household gas bills,” the op-ed concludes.
Bidenflation… but don’t worry folks the imbecilic puppet in DC assures
us it’s the media’s fault for not promoting his successes… ????
F joe biden and any who voted for the Alzheimer puppet…. We had a
smoking economy world at peace and low energy prices… now we have a
disaster every week….
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