Joe Biden may be celebrating his historic achievement in reaching an inflationary milestone previously set by Jimmy Carter, but the working class is paying the price for their economic stupidity.

The Bureau of Labor Statistics releases the November inflation rate today [DATA HERE] showing another rise in the annualized rate of inflation of 6.8 percent. As you review the data, ask yourself this question: ‘Is there anything in the current economic landscape to indicate this is going to stop?’ The honest answer is no. Here’s why…
As the BLS accurately (albeit briefly) notes, their inflation data reflects the cumulative increases in costs of products and services at all stages in the supply chain. Raw materials cost more (extraction, regulation impact), processing costs more (energy impact), transport costs more (fuel impact), final goods assembly costs more and handling costs more. From field-to-fork or mining-to-showcase, the total cost to create stuff costs more. [AP Interactive Chart]
Yes, the inflation data is backward looking. Meaning, it is looking back toward the previous period to compare costs. However, despite the White House protestations to the contrary, that’s not a good thing, because it is going to get worse.
The contracted price for goods delivered (depending on sector) are net terms in 30, 60 or 90 days. Meaning, the purchase price on final goods wholesalers are receiving now, were agreed upon months ago. Those terms for current arriving goods are no longer valid. The new terms (purchase orders) carry higher costs, and as an outcome higher prices to consumers are still coming.
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Patrick Murray is a notoriously partisan pollster from Monmouth University {
