Thanks to Joe Biden’s 40-year-high inflation, he just unlocked another milestone of stupidity. He is dragging all Americans in his sinking boat, someone needs to stop this old man.

From your purchases at the grocery store to the dollar tag of rent across the US, consumer prices are soaring across the country. Not only do you have to endure shortages of everything from toilet paper to furniture and food, but you also have been paying higher prices for the dwindling number of goods that remain in sectors like electronics.

Those shortages, known as stockouts, tend to drive up prices, typically for three to four months. But as the COVID-19 pandemic wears on and as Russia still evades Ukraine, some shortages, especially food and electronics, are likely to linger much longer.

According to the Consumer Price Index, Inflation climbed by 8.5% through March.

The CPI is a key indicator of inflation, defined as the sustained rise in the cost of living. The increase marks inflation’s fastest annual rise since December 1981. Core inflation, which measures all items minus food and gas, rose 6.5%. This kind of sustained and increased inflation may point to something more enduring.

Inflation rates have stayed stable in recent decades, but some economists are concerned that current prices will continue to rise, putting consumers under pressure and jeopardizing the economy’s recovery. We’re compelled to look for strategies to hedge against inflation in the face of growing prices, which are costing families $300 more every month. Furthermore, if inflation continues to rise, it could jeopardize labor market participation by disrupting price stability, which the Fed is seeking to restore in the post-pandemic era.

Axios reported:

Inflation is pushing prices higher and higher, and some of those costs may never come back down to the levels Americans were accustomed to before the pandemic, [T]he good old days of cheap goods, and even cheaper services, may be long gone.

The article added, Gas, food and other consumer prices have soared, with no end in sight.

Biden’s inflation will reportedly cost consumers an extra $5,200 in 2022, or $433 per month. According to the University of Pennsylvania’s Wharton School, inflation already cost consumers an estimated $3,500 in 2021, impacting low-income families the hardest.

In May, Psaki said Biden’s inflation would only be “temporary” and “transitory.”

“Obviously, our analysis is going to be done by our economic experts. They continue to convey that they believe the impact will be temporary, transitory.”

In December, NBC News’s Kristen Welker questioned Psaki following that inflation still kept rising, “Given what Jerome Powell is now saying, does the administration, does the President acknowledge that inflation is more entrenched and not transitory?”

“It [inflation] will ease next year, and that our supply chain issues and higher prices are rooted in the pandemic,” Psaki answered.

According to Bloomberg:

Eleven out of 14 tightening cycles in the U.S. since World War II were followed by a recession within two years, but only eight of them can be even partially attributed to Fed tightening — and soft or ‘softish’ landings have been more common more recently.

Barrons reported that Biden’s inflation has not eased. Instead, inflation has only become worse and will continue to soar in 2022.

In Iowa last week, Biden claimed, “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world, So everything is going up. We saw it in today’s inflation data.”

Sources: Breitbart, Axios, Barrons