by Brian Balfour
Senior Vice President of Research, John Locke Foundation
A new report from the Bureau of Labor Statistics confirms what you already know: the cost of living is rising at an alarming rate.
“America’s high pandemic-era price hikes were alive and kicking last month, when a key measure of inflation climbed to a level not seen since June 1982. Consumer price inflation rose by 6.8% without seasonal adjustments over the 12 months ended November, the Bureau of Labor Statistics reported Friday.”
Leading the way are price spikes in gas, which rose by 58% over last Nov. (the highest increase since 1980), along with energy which climbed by 33%. At 6.4%, groceries experienced the largest year-over-year increase since 2008.
Progressives cheer big-government spending fueled by massive money printing, but this is the inevitable result. For the wealthy, the price rises are a bit of an inconvenience, offset by the bubbling up of their stock portfolios.
Conversely, such price inflation is devastating on those on fixed incomes like retirees and low-income households lacking the ability to grow their income to keep pace with inflation.
Like virtually every progressive policy, massive “stimulus” spending ends up harming the poor in disastrous fashion. Progressives claim to be champions of the poor, but unfortunately they don’t care enough to put in the effort to understand how their policies make the poor worse off.