It was not supposed to be this way.
Democrats thought they held all the cards heading into next November.
But Joe Biden just got some bad news that is going to make every Democrat panic.
Democrats were counting on a booming economy coming out of the coronavirus pandemic to convince voters to keep Nancy Pelosi and Chuck Schumer in charge of Congress next November.
That dream is falling apart right in front of Democrats’ eyes.
Joe Biden’s Big Government is causing massive inflation, thanks to his big spending agenda.
The latest report from the government showed inflation jumped five percent from last May which was the biggest increase since the economic collapse in 2008.
The Consumer Price Index rose five percent compared with a year ago, the Department of Labor said Thursday. On a monthly basis, the CPI rose a hotter than expected 0.6 percent.
Economists had expected the Labor Department to report that consumer prices rose 0.5 percent in May compared with April. The consensus forecast was for a 4.7 percent gain when measured against May of 2020, which would have been the hottest reading since skyrocketing energy prices pushed up the index in the fall of 2008.
The new inflation report also showed that core inflation – which strips out food and gas prices – rose more than forecasters predicted.
The reading for core inflation, which strips out volatile food and energy prices, was expected to rise 3.5 percent compared with a year ago. That would have been the strongest annual increase in 28 years. On a monthly basis, economists were expecting a 0.5 percent gain.
In Thursday’s release, the government said core inflation rose 0.7 percent. On an annual basis, core inflation jumped 3.8 percent. This was the hottest reading since June 1992.
In the 1970s, inflation helped cripple the U.S economy and the tanking economic climate under Jimmy Carter led to the election of Ronald Reagan.
Democrats are slowly realizing they face a poisonous political environment heading into 2022 already with American’s fed up with the Left’s radical policies.
Now 2022 could look even worse with Joe Biden squandering the economic boom that should have taken place as the vaccines developed under the Trump administration help Americans return to normal life.
And the inflation crisis that Republicans say Joe Biden’s policies caused may cost Democrats their majorities.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.