The economists predicting “peak inflation” have been right in one sense: Inflation does keep peaking, with Friday’s Labor Department report showing the consumer-price index at a 40-year high of 8.6% on an annual basis. What progressive spending gave to Americans in welfare and new entitlements, it has taken away in a lower standard of living.
Energy and food prices made up much of the May increase, but this is cold comfort for consumers. Americans used to be able to substitute lower-cost protein when beef prices rose. But everything at the supermarket has become more expensive in the past year—eggs (32.2%), chicken (16.6%), milk (15.9%), even soup (13.9%). Lower-wage workers are getting crushed by Bidenomics.