Is Joe Biden the second coming of Herbert Hoover?: Goodwin
By Michael Goodwin
November 13, 2021 9:27pm
When it comes to politicians, most Americans are slow to reach a boiling point. But Joe Biden is testing their patience with his cold-hearted fumbling of inflation.
After first denying it was a widespread problem, then saying the surge in prices was “transitory,” the White House is now searching for a new response. The effort needs work. Lots of work.
“Reversing this trend is a top priority for me,” President Biden belatedly claimed Wednesday, after his Labor Department reported the consumer price index rose 6.2 percent in October over the same period last year, the biggest jump in 30 years.
Fuel oil prices soared 12.3 percent and are up a staggering 59 percent in a year. Meat, poultry, fish and eggs rose 1.7 percent for the month and 11.9 percent year over year.
Those are punishing numbers, and a separate report underscored that workers are falling further behind. After inflation, real wages fell 0.5 percent because, while wages are rising, the cost of nearly everything is rising faster.
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