Morning Wire High Inflation & NY Subway Attack | 4.13.22
Apr 13, 2022
Inflation has skyrocketed to its highest rate in four decades, impacting everyday food prices. Meanwhile, the U.S. State Department evacuates staff from Shanghai amidst an extreme COVID-19 lockdown. The tragic New York subway attack raises urgent public safety concerns. The chaos in Shanghai reveals the struggles of residents trapped under strict measures, while authorities investigate the subway violence involving a shooting. Listeners can stay informed with the latest on key news updates, including political shifts and fuel prices.
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Inflation Surge
- US inflation accelerated 8.5% in March, the fastest rate since 1981, driven by gas and food prices.
- Real wages have decreased by 2.7%, the largest drop in over 40 years, despite a 5.6% rise in nominal wages.
Consumer Response to Inflation
- Americans are changing consumer habits due to inflation, cutting back on dining, driving, and trips.
- 20% of Americans have borrowed money or gone into debt to cover monthly expenses, according to an NBC poll.
Biden's Shifting Inflation Narrative
- President Biden's messaging on inflation has shifted from it being temporary to blaming it on supply chain issues, COVID, and now, the war in Ukraine.
- Critics argue that Biden's spending and energy policies are the primary drivers of inflation.