Inflation is running at its fast rate in three decades.
This is bad news for consumers who now must be wondering how the Biden Administrations Build Back Better plan is working.
The Administration in February planned for a two percent inflation rate. But the Labor Department reports consumer prices rose dramatically in October, or 6.2 percent from a year ago.
Worrisome is inflation that started in narrow sectors of the economy now appears broad-based. Prices increased in October across the board for necessities like shelter, energy, food, medical care, new and used vehicles, furniture.
The President says wages are up. True. But inflation has caused real wages to drop 2.2 percent since January.
Maybe it’s time for some straight talk and a new plan.
