{"id":1552261,"date":"2022-07-13T10:34:04","date_gmt":"2022-07-13T14:34:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1552261"},"modified":"2022-07-13T10:34:20","modified_gmt":"2022-07-13T14:34:20","slug":"another-month-of-historic-inflation-means-its-time-to-stop-believing-experts-who-say-the-economy-is-fine","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/another-month-of-historic-inflation-means-its-time-to-stop-believing-experts-who-say-the-economy-is-fine\/","title":{"rendered":"Another Month Of Historic Inflation Means It\u2019s Time To Stop Believing \u2018Experts\u2019 Who Say The Economy Is Fine"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fanother-month-of-historic-inflation-means-its-time-to-stop-believing-experts-who-say-the-economy-is-fine%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1552261&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/pexels-lukas-928202-scaled-e1657716484138.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Against all economist predictions, June brought another round of historic inflation that rose at its highest rate in four decades. <\/p>\n<p>According to the U.S. Department of Labor\u2019s Bureau of Labor Statistics, the consumer price index for last month shot up to <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noreferrer noopener\">9.1 percent<\/a>. That\u2019s up 1.3 percent across the board since May and up <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-12\/fresh-us-inflation-peak-to-keep-fed-on-aggressive-rate-path\" target=\"_blank\" rel=\"noreferrer noopener\">0.3 percent from what economists at Bloomberg predicted<\/a> just one day before the report was released. <\/p>\n<p>Prices across the board have climbed since last month and have significantly risen since last year. The biggest culprits were fuel oil, which is up 98.5 percent since June of 2021; gasoline, which is up 59.9 percent since last year and is <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">averaging $4.63 a gallon<\/a>; electricity, which is up 13.7 percent; and food at home, which is up 12.2 percent.  <\/p>\n<p>It\u2019s past time for Americans to stop believing the economists and members of the White House, who have <a href=\"https:\/\/thefederalist.com\/2022\/06\/16\/study-from-former-treasury-secretary-finds-inflation-is-much-worse-than-the-government-claims\/\">repeatedly<\/a><a href=\"https:\/\/thefederalist.com\/2022\/06\/16\/study-from-former-treasury-secretary-finds-inflation-is-much-worse-than-the-government-claims\/\">and falsely claimed<\/a> that the economy isn\u2019t as bad as it seems.<\/p>\n<p>Staff at the financial publication Kiplinger <a href=\"https:\/\/www.kiplinger.com\/economic-forecasts\/inflation\">claim<\/a><a href=\"https:\/\/www.kiplinger.com\/economic-forecasts\/inflation\" target=\"_blank\" rel=\"noreferrer noopener\">e<\/a><a href=\"https:\/\/www.kiplinger.com\/economic-forecasts\/inflation\">d<\/a> at the beginning of June that \u201cthe overall inflation rate is likely to stay at the same high level in June.\u201d<\/p>\n<p>\u201cIt should peak at about 9% by the end of the summer, then decline gradually after that, ending the year at about 8.0% before dropping to 3-4% next year,\u201d the Kiplinger article stated.<\/p>\n<p>Just one day before the latest CPI report, writers at MarketWatch <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-inflation-is-still-rising-can-it-reach-9-11657646552\">pondered<\/a> whether U.S. inflation would reach 9 percent. <\/p>\n<p>Predictions like that sound hopeful to Americans who are sick and tired of shelling out hundreds just to fill up at the pump and feed their families. Yet every month, \u201cthe experts\u201d seem to be caught off guard when the newest inflation numbers surpass their overly optimistic predictions.<\/p>\n<p>This month\u2019s report isn\u2019t an isolated incident. Ever since President Joe Biden assumed office, economic \u201cexperts\u201d featured on TV screens and front pages have <a href=\"https:\/\/thefederalist.com\/2022\/02\/01\/these-top-economists-insisted-inflation-wouldnt-happen-until-the-numbers-made-them-look-like-fools\/\">minimized inflation<\/a> and the <a href=\"https:\/\/thefederalist.com\/2021\/11\/04\/why-blue-checks-are-mocking-a-middle-class-familys-12-gallon-a-week-consumption-of-milk\/\">effects it is having on Americans<\/a>. Even before Biden\u2019s term, economists were getting things seriously wrong. As Federalist Senior Editor David Harsanyi <a href=\"https:\/\/thefederalist.com\/2018\/01\/04\/economists-say-lot-things-theyre-mostly-wrong\/\">noted<\/a> in 2018, there\u2019s an \u201ceconomists say\u201d clique that leaves out any economist who rejects \u201cwhatever policy liberals happen to be plying at the moment.\u201d<\/p>\n<p>\u201cThere is also plenty of evidence that econ reporters at major publications have spent the past decade propping up economists who tell them what they want to hear,\u201d Harsanyi wrote. <\/p>\n<p>No matter how much Biden or the corporate media try to downplay the effects of inflation, Americans care about the strains on their pocketbooks and are too smart to believe Vladimir Putin is to blame for their high grocery, energy, and rent bills. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"JAhOCl8yHgpwtonbIYVf3eM6ki1S9R4\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">STOCK MARKET:<\/p>\n<p>Reporter: &#8220;President Biden once bragged about the stock market &#8216;hitting record after record after record on my watch.&#8217; How about now?&#8221;<\/p>\n<p>Karine Jean-Pierre: &#8220;\u2026We face global challenges\u2026 Putin&#8217;s price hike, inflation.&#8221; <a href=\"https:\/\/t.co\/gV72kSlmpz\">pic.twitter.com\/gV72kSlmpz<\/a><\/p>\n<p>\u2014 Forbes (@Forbes) <a href=\"https:\/\/twitter.com\/Forbes\/status\/1536506652534489090?ref_src=twsrc%5Etfw\">June 14, 2022<\/a><\/p><\/blockquote>\n<p><\/span>\n<\/div>\n<\/figure>\n<p>Despite the White House\u2019s best efforts to <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1545141371970912256?s=20&#038;t=WQQLS1sFvBmGV4YFIunGEQ\" target=\"_blank\" rel=\"noreferrer noopener\">brush off concerns about the economy with lies<\/a>, <a href=\"https:\/\/www.nytimes.com\/2022\/07\/11\/us\/politics\/biden-approval-polling-2024.html\" target=\"_blank\" rel=\"noreferrer noopener\">polling suggests<\/a> the economy, inflation, and the cost of living are all top priorities for a plurality of U.S. voters. <\/p>\n<p>After a recent survey by <a href=\"https:\/\/www.momentive.ai\/en\/blog\/nyt-june-2022-cci\" target=\"_blank\" rel=\"noreferrer noopener\">Momentive<\/a> found that 52 percent of American adults believe they are worse off financially than they were in 2021, it should come as no surprise that U.S. economic woes under the Democrat-controlled federal government appear to be the <a href=\"https:\/\/www.foxbusiness.com\/politics\/inflation-economy-top-mind-americans-heading-midterms-poll\" target=\"_blank\" rel=\"noreferrer noopener\">biggest indicator<\/a> of how Americans will vote in the upcoming midterms. <\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Jordan Boyd is a staff writer at The Federalist and co-producer of The Federalist Radio Hour. Her work has also been featured in The Daily Wire and Fox News. Jordan graduated from Baylor University where she majored in political science and minored in journalism. Follow her on Twitter @jordanboydtx.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against all economist predictions, June brought another round of historic inflation that rose at its highest rate in four decades. According to the U.S. Department of Labor\u2019s Bureau of<\/p>\n","protected":false},"author":490,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1552261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1552261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/490"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1552261"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1552261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1552261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1552261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1552261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}