Bidenflation will get worse

 Michael Snyder:

This is what the early chapters of an inflationary meltdown look like.  Last week, we were informed that “consumer prices were 7.9% higher in February than a year ago”, and that was being touted as the highest figure “in 40 years”.  Of course, those that follow my website regularly already know that the reality is much worse than that.  If the inflation rate was still calculated the way that it was back in 1980, it would be over 15 percent right now.  We are already experiencing the sort of painful inflation that Americans were forced to endure during the Jimmy Carter era of the 1970s. Now the war in Ukraine will completely change the game moving forward.

Last week, the average price of a gallon of gasoline in the United States rose 13 percent, and since this time last year, it has been up 38 percent.

And now that the war in Ukraine is shifting the global energy crisis into overdrive, Americans are going to be feeling the pain of higher energy prices in a whole host of different ways…

Americans are facing sticker shock at gas stations across the country, but surging global energy costs are rippling through the economy in other ways, too: Airlines are scaling back on flights. Truckers are adding fuel surcharges. And lawn care companies and mobile dog groomers are upping their service fees.

One trucking company executive that was asked about this said that he has “never seen prices jump this high, this fast”…

“Customers really don’t want to hear it, but fuel prices are going through the roof so we’re having to charge more,” said John Migliorini, vice president of Lakeville Trucking in Rochester, N.Y., where diesel costs have nearly doubled to about $400,000 a month. “What choice do we have? I’ve never seen prices jump this high, this fast.”

And he is exactly correct.

Ever since the full-blown invasion of Ukraine was launched on February 24th, we have seen prices spiral out of control all over the country.

Joe Biden knows that the American people are getting restless, and he is trying to pin the blame for our inflation nightmare on Vladimir Putin.

But Vladimir Putin didn’t borrow and spend trillions upon trillions of dollars that we did not have over the last two years.

Our leaders in Washington did that.

And Vladimir Putin didn’t create trillions upon trillions of fresh dollars out of thin air and use them to prop up our financial system.

The Federal Reserve did that.

This inflation crisis started long before the war in Ukraine, but without a doubt, the war in Ukraine will make things even worse.

In fact, the UN is now warning that global food prices could soon jump by as much as 22 percent “above their already elevated levels”…

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There is much more.

The increase in the money supply caused by the Democrats' response to the pandemic will continue to revert through the economy for some time.  But Biden made his own contributions to inflation with his asinine war on energy.  He deliberately reduce the supply in the US which drove up the global price to astronomical levels well before the war in Ukraine.  

The war added to the misery because Biden was buying Russian oil instead of US oil and when that was cut off the prices jumped again.  He attacked US energy to drive up prices in hopes that inflicting financial pain on US drivers would get them to accept Big Green's crappy alternatives. The results have been to accelerate inflation throughout the economy.