NY Post Editorial Board: Inflation Finally Easing Hides True Toll of Bidenomics — It’s Up 13.7% Since He Took Office

“Two years in, it’s clearer than ever that my economic plan is working.” That was President Joe Biden’s borderline insane response to the latest inflation data. 

Working?!? Yes, the latest data pegs CPI at “only” 6.5%. Yes, it’s a decline month on month — a mild one driven partly by the fact that warmer winter weather (and thus lower energy costs) is giving punished consumers a smidge of breathing room. 

Even this small decline (which still places rates at historic highs!) does not change the truth. This is not the truth of the extent of the damage Bidenomics has done. And the fact that it’s still so high proves Biden’s policies are doing ever more damage. 

Since Biden’s election, overall inflation has gone up by 13.7%. Compare that to 3.6% during the same period of the first Trump term. It has remained at or above 5 percent. 20 consecutive months.

And December’s “low” number still saw food prices rise 10.4%The average mortgage payment now stands at 36%, compared to 12 months ago.

Since Biden’s passage of the American Rescue Plan 21-months ago, real wages have been declining with an overall drop of almost 4%. 

In other words, we’re poorer, paying more for food and shelter and there’s no clear end in sight. We’re so grateful for this. Other Biden canard, i.e. that he’s building the economy “from the bottom up and middle out.” 

Amid all the ugly politics, it’s commendable that the Federal Reserve hasn’t flinched — and Chairman Jerome Powell’s latest signals suggest it’ll keep on raising interest rates as needed. However, the Fed is limited in its ability to do so against the backdrop of recklessly spending federal governments. 

One ray of hope is that the Republicans hold the House. Some Although the party is full of fiscal hawks, it also includes plenty of pork-lovers. This means that it can be used as a brake. Democrats’ big-spending dreams.

Biden has many ways to continue bringing in unnecessary stimulus to our economy to bribe Dems. His newest student-loan-forgiveness plan is a not-so-shining example, with a price tag as high as $600 billion. 

“We’re clearly moving in the right direction,” The president said so. Not as long as he’s steering.