The U.S. government has announced that federal inflation numbers for May rose by a shocking 8.58%. According to the Bureau of Labor Statistics official news release (BLS),
The indexes for shelter, fuel, food and fuel were the major contributors to this increase. After declining in April, the energy index rose by 3.9 percent in May. The gasoline index experienced a 4.1 percent rise, while other major components indexes saw an increase. The index for food at home grew by 1.4% as the food index increased by 1.2 percent.
All other items except food and energy saw a 0.6% increase in May’s index, which was the same as April. While almost all components experienced an increase, the main contributors to the monthly Index were the indexes for shelter, airline fares, and used cars, trucks. The indexes of household furnishings, operations and apparel all increased in May.
These data can be used by economists to assess the economic health of a country. They add the U.S. unemployment (currently at 3.6%) to the U.S. inflation (currently at 8.58%). This gives them a snapshot of the economy. This is the U.S. Misery Index.
The Misery Index rose to a record high last month due to inflation at an all-time high. This led to increases in essential necessities like food, shelter, and gasoline. American consumers now feel Bidenflation almost every day.
What does the Misery Index really tell us? We all know inflation rises with higher living expenses. We also know that the unemployment rate is rising and people are becoming more poorer. The Misery Index shows the state of economic health. Both inflation and unemployment have significant effects on average American workers’ spending power.
Although not perfect, the Misery Index is useful for assessing the impact of the disastrous economic policies of the Biden/Harris administration on average Americans. America’s rising living costs are being blamed on the gullible Biden administration. Americans need to tighten their belts, cut back on everyday expenses like groceries, gasoline, and housing.
Notable is the fact that these record-breaking levels of inflation were recorded in 1980s, after Carter’s economically disastrous administration. Two years have passed since the Biden Harris nightmare administration. GenXers like me will remember that the 1980s were a wonderful time to grow up, but also a horrible time for parents’ pockets and wages. Don’t worry, my friends. Things could get very difficult in the next few years.