Democrats are looking at an increasingly bleak political landscape.
Now the situation appears hopeless.
And Nancy Pelosi was blindsided by one terrible number that is the final nail in her coffin.
The October inflation report is in, and this bad news could not come at a worse time for Democrats.
Prices skyrocketed 6.2 percent from October 2020 to October 2021, the largest year-over-year increase in 31 years.
The Consumer Price Index rose 0.9 percent in October from September, exceeding expectations for a 0.6 percent rise. Compared with the prior October, prices are up 6.2 percent, exceeding expectations for a 5.8 percent rise and the highest annual rate since 1990.
Excluding food and energy, two categories of goods that are central to the cost-of-living to households but are so volatile that economists look beyond them to see underlying inflationary trends, and prices rose 0.6 percent.
At the same time, wages plummeted 1.2 percent from October 2020 to October 2021, meaning the average American is worse off in Joe Biden’s economy than they were under Donald Trump.
This is political poison for Democrats heading into 2022.
The economy and jobs are always the number one issue in every election.
Inflation is a tax on every American.
If the increase in wages does not match the increase in prices, then Americans effectively received a pay cut.
That’s exactly what happened to Americans from October 2020 to October 2021.
Joe Biden’s approval numbers continue to bottom out because Americans see what few goods survived the supply chain crisis to make it to store shelves increase in price every month.
This inflation report dropped right when Democrats are figuring out how to add trillions to the national debt by raising the debt ceiling and ramming a $1.75 trillion socialist spending bill through Congress.
Both moves will drive the inflationary spiral to new heights.
Is Joe Biden’s socialist spending responsible for surging inflation?
Renewed Right will keep you up-to-date on any new developments in this ongoing story.