Inflation hits a 39-year high in November. Some analysts are spinning it as positive news for 2022.
Summary
November’s inflation rate rose to its highest rate in nearly 40 years, with an annualized rate of 6.8%.
- The highest price increases appear to be on groceries and gasoline, “hitting where families tend to feel it most.”
- President Biden responded to the report by urging Congress to pass his “Build Back Better” agenda.
- The news is expected to make it more difficult to secure support for the bill from Sen. Joe Manchin, who has been skeptical of the costs since negotiations began.
- Increased inflation has helped feed Americans’ “sour” view of the economy, making the 2022 midterm elections “even more challenging for Democrats.”
- The New York Times’ report on the November numbers focus on inflation’s spread to areas of the economy not previously affected by the lingering economic effects of the coronavirus pandemic.
- CNN highlighted a variety of comments from President Biden (with no pushback or skepticism), including his message to Congress to pass “Build Back Better” and his insistence that the supply chain crisis is the root cause of inflation.
- CNBC rationalized the number by saying it met expectations rather than surprising everyone, quoting economists and White House officials saying the report suggests inflation will ease sometime in early 2022.
- Fox Business noted pay increases for American workers are not rising as fast as inflation, which is “eating away at strong gains” in their paychecks.
- RedState connected the bad inflation numbers to a report earlier in the week that the White House was “colluding with mainstream media” to re-shape coverage of the economy to sound more positive.
- OANN quoted a number of small business owners who are forced to raise prices because their cost of doing business is increasing as a result of inflation.
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© Dallas Gerber, 2021
