It's been exactly one year since White House Press Secretary Jen Psaki took to the lectern in the briefing room to declare rising inflation was "transitory" and that Americans had nothing to worry about.
At the time, a number of economists warned a longterm inflation wave was on the way, including former Obama economic advisor Larry Summers. After all, Democrats passed President Joe Biden's $1.9 trillion American Rescue Plan in February 2021. The inflationary effects of the legislation were felt almost immediately.
Amazing: April's inflation rate hits 8.3 percent exactly one year to the day after White House Press Secretary Jen Psaki said "inflation will have a temporary, transitory impact." pic.twitter.com/Jhn2Vi3FQg— Dan O'Donnell (@DanODonnellShow) May 11, 2022
One year later and inflation just hit a new 40 year record.
April's Consumer Price Index shows inflation — once called "transitory" by the White House — running hotter than the consensus estimate at 8.3% year-over-year, nearly doubling the YOY number from last April (4.2%). https://t.co/o0EUcmKMHo— Spencer Brown (@itsSpencerBrown) May 11, 2022
Gas prices also hit a record high to mark the anniversary.
Another day of new ??RECORD HIGHS?? for unleaded and diesel fuel prices. Regular unleaded ??48% from a year ago; diesel ??78%. pic.twitter.com/w2aLG1V4S7— Dagen McDowell (@dagenmcdowell) May 11, 2022
This sums things up well:
The Biden administration says inflation is:— Sen. Dan Sullivan (@SenDanSullivan) May 11, 2022
A? ?h?i?g?h?-?c?l?a?s?s? ?p?r?o?b?l?e?m?
A? ?*?g?o?o?d?*? ?t?h?i?n?g?
“Ultra MAGA” Republicans’ fault