The staggering 6.2 percent rise in inflation in October not only represented the highest level in nearly 31 years, but there are increasing signs that the problem is getting broader. And it’s going to be really difficult for Joe Biden to spin his way out of the crisis, no matter how much help he gets from the media.
Though inflation has been rising for months, in many of the previous reports, the spikes were driven primarily by rising prices for used cars. This time, the Bureau of Labor Statistics notes that, “the increase was broad-based, with increases in the indexes for energy, shelter, food, used cars and trucks, and new vehicles among the larger contributors.”
Energy, overall, rose 30 percent on an unadjusted twelve-month basis, with gasoline and fuel oil soaring nearly 50 percent.
The reason why this is a problem for Biden is that whatever he and his supporters try to say about it being a limited problem that will be short-term in duration and that it’s actually a good sign that the economy is recovering, he ultimately cannot fool people.