The inflation report came in, and once again, it was worse than the last one.

According to the front-pager at the New York Post:

White-hot inflation has forced the average American household to cough up an extra $460 per month, as surging prices for food and fuel put family budgets across the nation under strain.

Moody's Analytics senior economist Ryan Sweet calculated the figure based on data released Friday by the Bureau of Labor Statistics that showed the Consumer Price Index had jumped 8.6% in the 12-month period ending May 31 — the largest increase since December 1981.

David P. Goldman, who has an A-List background in finance, points out at Asia Times that it's worse than it looks:

Friday's report that consumer prices rose by 8.6% year-on-year as of June means a drop in inflation-adjusted weekly earnings of nearly 4%, worse than the depths of the 2008-2009 Great Recession. Taking into account underreported inflation in shelter, the actual inflation rate is closer to 11%, and the real drop in earnings is about 7%.

What was Joe Biden's reaction?

Reuters reported:

BEVERLY HILLS, Calif., June 10 (Reuters) — President Joe Biden cautioned that U.S. inflation could last "for a while" after data on Friday showed that politically sensitive price pressures unexpectedly accelerated in recent weeks.

"We're gonna live with this inflation for a while," Biden said at a Democratic fundraising event in Beverly Hills. "It's gonna come down gradually, but we're going to live with it for a while."

The wary comments at an event hosted by billionaire media magnate Haim Saban came as the administration faces increasing pressure ahead of Nov. 8 midterm elections, where Biden's fellow Democrats' control of Congress is on the line.

As the callous politician said of the woman being raped: "Lie back and enjoy it."  Or in an earlier incarnation, "Relax and enjoy it."  Both of those miserable characters lost their elections for such statements.

Now we have handsy Joe telling us "we're gonna live with this inflation for a while," as if the great salary-and-savings-shrinking machine he's unleashed upon every man, woman, and child in this country were nothing more than an unpleasant zoning decision to tolerate and try to ignore. 

What a bad signal he's sending, that he's not going to do anything different from what he has already been doing, which has in fact triggered the runaway inflation.

It shows how to out of touch he is with what is happening — that people are increasingly unable to fill their pantries, fridges, and gas tanks with which to go to work, let alone pay for other necessities such as repairs, school supplies, and insurance.  Baby formula shortage?  Hey, he's working on it.  Call back in July.  Speaking of out of touch...

Notice that he made this "live with it" remark from a billionaire's mansion in exclusive Beverly Hills.

For good measure, he wheeled out the old "Putin did it" mantra, too, as if the stupid lie that everyone can see is a lie will somehow, through his sheer repetition, somehow become truth. 

According to the New York Post:

President Biden claimed Friday that fighting inflation is his "top economic priority" after data showed annual price spikes hitting another 40-year high last month — then laid the devastating economic news at the feet of Russian President Vladimir Putin, oil companies, shipping conglomerates and Congress.

"We've never seen anything like Putin's tax on food and gas," Biden lamented during remarks at the Port of Los Angeles. Moments later, the president focused his ire on energy companies, saying at one point that "Exxon made more money than God this year" and adding: "Exxon, start investing and start paying your taxes."

The 8.6% annual inflation rate in May was a blow to Democrats' political fortunes ahead of the November midterm elections as polls show landslide disapproval of Biden's handling of the issue.

The frightening thing is, as we lie back and learn to live with this predator — it will go higher.  It will keep eating.  The price of eggs, according to the U.S. Department of Agriculture, is forecast to shoot around 20% higher by September. 

Oil is high, not just because of Biden's decision to import oil from petro-tyrants instead of drill in the U.S. and buy from Canada, which constrains supply, but because of inflation itself.  Many errantly believe that allowing new drilling alone will curb inflation, but that's nonsense.  Inflation is "always and everywhere a monetary phenomenon," as economist Milton Friedman noted.  There is no exemption for oil companies for the higher transport costs, higher raw materials costs, higher labor costs, and higher taxes that inflation brings to the production of oil.  They pay the inflationary prices for inputs same as anyone else, and pass the costs on, even when they can drill freely.

If Biden were serious about inflation, he'd start looking at people who have defeated inflation — such as Friedman himself, who, back in the Reagan era, gave the president the keys to the kingdom with his economic advice and helped create the great Reagan-era boom that followed.

No such luck.  Biden was last heard claiming:

"When did Milton Friedman die and become king?" Nor was this a one-off; instead, doubling down, Biden promised that under his administration should he be elected: "Milton Friedman isn't running the show anymore[.]"

Biden isn't serious about inflation.  The only thing he's serious about is creating another Venezuela.  Spend like Hugo Chávez, constrain business like Hugo Chávez, politicize industry and government like Hugo Chávez, trash rule of law like Hugo Chávez — and get a place that looks just like Venezuela today.

He's telling us to ignore inflation now, and move on, because he has zero seriousness about stopping it.  Perhaps he can look up once again what happened to those callous pols who told victims to "lie back and enjoy it."

Image: Pixabay, Pixabay License.