As Spencer reported Thursday morning, inflation continues to rage out of control. Despite the Biden administration and many Democrats on the campaign trail claiming prices have peaked, the dial on the index continues to go up with no end in sight as the Federal Reserve attempts to tamp down costs with interest rate hikes.
In terms of economic news before the midterms, there is no good news for Biden's party.— Spencer Brown (@itsSpencerBrown) October 13, 2022
Soaring past estimates, consumer inflation accelerated 4x from August to September to burn hotter than it has since 1982 in the final CPI read before the midterms.https://t.co/l9d5XusfRa
One group of Americans getting hit particularly hard by an 8.2 percent average rate of inflation on basic goods are seniors on Social Security and a fixed income. The Social Security Administration just announced recipients will receive the largest cost of living increase since the early 1980s.
"Amid record high inflation, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years. The Social Security Administration announced the change Thursday. It will result in a benefit increase of more than $140 per month on average starting in January," CNBC reports. "The average Social Security retiree benefit will increase $146 per month, to $1,827 in 2023, from $1,681 in 2022."
And yet, White House Chief of Staff Ron Klain is spinning the news as a good sign.
And for the first time in a decade, SS benefits will go up while Medicare premiums are going DOWN. So Seniors will get ahead on inflation. https://t.co/eRGWxVtz6x— Ronald Klain (@WHCOS) October 13, 2022
One year ago exactly, Klain called inflation a "high class problem" as it started to ravish middle and lower-class household budgets across the country.
This 👇👇 https://t.co/ymh53nEHAg— Ronald Klain (@WHCOS) October 14, 2021
Meanwhile, the average American family is paying $1000 more each month for basic necessities like food and energy. Inflation is also erasing wage gains for the majority of workers.
Real average hourly earnings are falling again, down 0.1 percent month over month in September. They'd been rising in July & August on the back of falling gas prices, but today's hot CPI print pushed real earnings down again.— Daniel Zhao (@DanielBZhao) October 13, 2022
Source: https://t.co/uIZgg4DGJY pic.twitter.com/ZU4Y59sEvw