(DCWatchdog.com) – HAPPENING NOW: The last time it was this bad, Ronald Reagan was President of the United States of America, and he was still bringing the country out of the economic malaise most economists believe was caused by President Jimmy Carter.
Bottom line: Almost half of Americans aren’t old enough to remember when inflation was as bad as it is now.
As National Review notes this morning based on the numbers that were just released:
“The pace of inflation accelerated again last month, hitting the highest level in four decades.
“The Consumer Price Index, a major inflation gauge measuring the cost of the average household basket of goods, came in at 7.9 percent over the last 12-month period ending in February, without seasonal adjustments, the Bureau of Labor Statistics reported Thursday.
“…Increases in the price of gasoline, housing, and food contributed the most to the spike. Gasoline especially drove the trend, climbing 6.6 percent in February and accounting for nearly a third of the all items monthly increase, which can be at least partially attributed to the growing energy crisis related to Russia’s invasion of Ukraine and the western economic response.” [emphasis added]
“The 12-month increase in inflation is now the steepest since the period ending January 1982.” [emphasis added]
This is a breaking news report from DC Watchdog.
JUST IN – US inflation rises to 7.9% in February, hit 40-year high.
— Disclose.tv (@disclosetv) March 10, 2022