9.1% inflation, the highest in 40 years. Real hourly earnings down. Crime up. Illegal immigration up. Regulations up. Freedom down. Approval ratings at record lows.
Inflation has ticked up again. In June it stood at 9.1%, meaning prices in June 2022 were 9.1 higher than in June 2021. The consensus estimate was 8.8%. The reading for May was 8.6%.
Why is inflation not coming down, why is it not transitory? Because the federal government has printed Trillions of Dollars while encouraging the country to be locked down. This increased the number of Dollars in circulation, while reducing the amount of goods and services that these Dollars can buy. Rising prices are the result.
Some local and state governments, urged on by the federal government, locked down people and businesses outright. Others made the ability to work contingent on requirements such as wearing a mask or getting vaccinated, thereby lowering workforce participation. The Biden-Harris administration tried to institute a federal vaccine mandate for companies with more than 100 workers, but, fortunately, was shot down in court.
As soon as Biden and Harris took office, they immediately proceeded to curtail domestic energy production, which is the main reason for the massive rise in oil and gas prices we have experienced for the past year or so.
To stem inflation, the Federal Reserve is currently raising interest rates from ultra low levels. They have started this process too late and now play catch up. Yet, the larger blame lies with politicians printing money to pay people to not work.
GDP growth was a negative 1.6% in the first quarter of 2022. Some economists expect that GDP growth was negative in the second quarter as well. If so, the economy would already be officially in a recession. Although jobless claims numbers are low, so is labor force participation. As of this moment, there are still fewer people in the workforce than in 2019, while the population has grown by several million people since then.
Crime, including violent crime is up massively. On many occasions it has spilled out from blighted and deep blue inner cities, into purple suburbs. As a result there are millions of new gun owners, despite Biden-Harris, with the help of a small number of weak Republicans, trying to clamp down on gun rights.
In the Real Clear Politics average of polls, Biden's approval rating has dipped below 40%. His disapproval is close to 60% for an almost 20% gap.
According to polls, 75% of Americans believe the country is on the wrong track. Only 18% think it's on the right track.