Joe Biden has been doing a terrible job as the president of the country. He has also managed to do very poorly in the area of the economy.
The country has been hit with a steady increase in inflation. Prices of everyday necessities have also been surging day by day. Yet, the Biden administration is telling Americans the change in prices is only transitory.
Updated chart with September numbers on increases in wage vs inflation rates. Biden touts workers wages increasing since he took office, but ignores the reality that they are worth less. We recently had a president who understood the difference. #BidenInflationTax. pic.twitter.com/AiLcs6asIX
— Andy Puzder (@AndyPuzder) October 14, 2021
A recent report has now confirmed it is getting worse under the president. According to the Bureau of Labor Statistics, the consumer price index for September 2021 jumped by 5.4 percent, compared to September 2020.
This sudden increase is the fastest rate in 13 years. Besides, it is also higher than what economists forecasted. It may seem as though the Biden administration is trying to undo the economic gains of its predecessors.
The Numbers in Detail
The consumer price index for September rose 0.4 percent after climbing 0.3 percent in the prior month. From the report, food and shelter prices saw the most significant increases. Moreover, both figures together accounted for more than half of the monthly CPI increase. Food prices jumped 0.9 percent for September, after they were at 0.4 percent in August.
For the “food at home” index, there was a 1.2 percent increase in September, with the annual increase totaling 4.5 percent. The cost of dining out also rose by 4.7 percent for 2021.
Furthermore, there was an jump of 0.4 percent in prices of owners’ equivalent rent of primary residence. The increase was 0.3 percent in August, making it the biggest gain in the last five years. In addition, rent of primary residence jumped 0.5 percent, the biggest increase since May 2001.
BREAKING: Inflation was up 5.4% over last year in September – the highest rate in 13 years.
Prices rose 0.4% in Sept, up from 0.3% in August
Gas, food and goods continue to be key drivers of inflation. Used car prices fell slightly but remain 24% higher than last year. pic.twitter.com/8cN1eHaBvQ
— Heather Long (@byHeatherLong) October 13, 2021
One primary reason rent costs are on the rise is the increasing demand for housing in cities. Many people who opted to move to the suburbs because of the pandemic are now coming back, thereby leading to higher demands. Besides, economists expect rent will be a major source of inflation in the next few months.
Again, energy prices jumped 1.3 percent in September, with a shocking 24.8 percent for the year. Moreover, the US energy information forecasted a sudden increase in domestic heating bills in the winter, due to the global energy crisis.
The Numbers Won’t Do Joe Biden Any Good
Biden needs to be worried about these numbers, as it will only hurt the public opinion on him further. The president has been doing very poorly in public polls; numbers like this will only make Americans lose trust in him further.
In a new national poll from Quinnipiac University, the president has an approval rating of 38%, the lowest so far for him. Another poll from Real Clear Politics also gave Joe Biden 49% disapproval and 45% approval.
Aside from the new inflation report, the jobs report for September 2021 was also very poor, making it a reoccurring theme of bad numbers under Biden. The president needs to sit up, address the issues head on, and ensure things change for the better.
Biden needs Americans to trust and believe in him. Americans also need to know they have a president who can make things better. Tick-tock, Biden, you are running out of time.