US inflation reaches a 40-year high

A number of American economists and bureaucrats predicted that inflation had peaked. The economy in the United States isn’t looking so fantastic these days. It appears like shutting down the economy over a respiratory virus was an enormous mistake. According to reports, the cost of practically everything in stores has increased, and the cost of rent, gasoline, cars, and housing has risen dramatically. Despite politicians’ assurances to the public that inflation would be “transitory,” prices for goods and services continued to climb.

Some people stated that inflation had peaked with the release of April CPI data. But the newest CPI data from May demonstrates that this claim was false. The CPI in the United States reached a 40-year high of 8.6% last month.

Rising food, gas, and energy prices have driven the CPI data higher. While some workers in the United States have seen a little increase in pay, real wages have fallen by 0.6 percent since April. Economists who called April’s figures “peak inflation” are now noticing that the cost of goods and services continues to rise.

It Might Not Have Been a Good Idea

Meanwhile, US Vice President Joe Biden continues to criticise Vladimir Putin and Russia. port validates what Americans already know – Putin’s price spike is hurting America hard.” Many people, however, believe that shutting down the US economy, imposing lockdowns, and passing the Covid-19 stimulus measures were all bad ideas. Too many people failed to see that passing the bill would cause massive inflation. Passing it without members present would set the tone for nationwide mail-in ballots. Also paying people not to work would kill productivity in the United States.

The gold bug and economist Peter Schiff was quick to attack those who backed the trillion-dollar monetary expansion. As the Fed will produce all this money out of thin air, the people will pay the bill through inflation.