Inflation Skyrocketing: Consumer Prices Jump 5%, Fastest Pace Since 2008
The Biden administration pumped trillions of dollars into the economy while ordering a shut down of many new oil and gas drilling operations, leading to inflation.
VP Kamala Harris may be laughing about visiting the Southern border, but hard-working Americans are not laughing when they pay at the pump or buy groceries.
That’s because the Biden-Harris team is overseeing a destruction of the American economy, as citizens are suffering through record-high inflation brought on by the leftist policies pushed by Biden, Harris and the Squad.
“U.S. consumer price inflation increased at the fastest pace in more than a decade again last month, data from the Bureau of Labor Statistics indicated Thursday,” finance website thestreet.com reported.
“Headline CPI for the month of May was estimated to have risen 5% from last year,” the publication reported.
“The Federal Reserve's preferred measure of U.S. inflation surged the most in nearly three decades over the month of April, as well, as consumer spending got a boost from President Joe Biden's $1.9 trillion American Rescue Plan and supply-chain bottlenecks added to price increases,” thestreet.com reported.
One reason for the increased inflation has to be the high price of gas. Biden and Harris have committed to destroying the oil and gas industry, and Keystone Pipeline XL recently said it will stop trying to build the pipeline.
As both vice president and president, Biden has committed to killing the project, which would have created thousands of union jobs and helped lower the price of gasoline.
“National and local gas prices remain near all-time highs since 2014 — and experts say it could get worse before it gets better,” ABC 27 reported.
Should Biden and Harris stop trying to pump trillions of dollars into the economy? Do you think we need to stop spending so much money and shutting down oil drilling? Share your thoughts below!