Numerous news outlets, even those more left-leaning ones, responded to Wednesday’s stark economic news that inflation was at its highest level in 40 years. They sounded the alarm about what this means for Americans and their wallets.
Santelli stated that “you have to go back to 1982 to find higher numbers.” CNBC’s host Santelli was referring to the 0.6% increase in CPI in January. This brings the annual inflation to 7.6%. This is the biggest increase in inflation since February 1982 when it was 7.6%.
These were the numbers Santelli stated was most concerned about. He said, “We were supposed see some relieved pressure from the month read,” he added.
CNBC’s host, Chris CNBC, stated that one-third (or three percent) of the CPI was housing, and that rents are unlikely to fall anytime soon.
He also said that labor costs are not going to fall soon. “Even though they are far from – at most at this point- matching the actual rate, it is lagging. Santelli stated that wages have been increasing by close to 5% but are not keeping pace with inflation. However, they’re most likely to continue to rise.”
Santelli believes the CPI aspects will improve over time but said that it took “much longer than anyone had expected.”
CNBC reported that core inflation, which doesn’t include energy or food measurements, rose to 6%. FOX Business reported that economists expected inflation to rise by 7.3% and 0.5% per month.
Santelli stated earlier in the segment, “So these were supposed moderate, but these didn’t moderate.”
CNBC’s Dominic Chu also told MSNBC’s Morning Joe that inflation is still a problem for Americans.
CNN’s Kate Bolduan shared her concerns about the severe inflation with Jared Bernstein, Biden’s economic advisor. He was not transparent, as he claimed that inflation was at its highest in December. She also said that inflation was not “transitory” as the administration had previously claimed.
“Are you guys clear-eyed enough to see what’s going on?” Bolduan asked Bernstein to appear on “At This Hour With Kate Bolduan.” He replied “Absolutely”, saying that the administration was focusing on the “underlying” economic trends. He said that Biden had “probably” stated that inflation was temporary, while omicron wasn’t yet in the picture.
On Thursday, President Biden spoke out about the economic state and said that Americans should have peace of mind.
He stated, “We are in a position now where you should be able to have peace of heart.” “I am aware that food prices have risen and we are working to bring them down. I can relate to that. I was raised in a household where prices at the pumps went up. I understand. These are essentials.
However, Sen. Joe Manchin, D-W.Va. was one of the legislators who called for Biden’s attention to inflation. He said that it “harms people.”