MSNBC Goes Into Full Panic Mode About Midterms

Liberals at MSNBC appear to be in full panic mode as they reviewed the “Democratic outlook for 2022 midterms.” Here’s a spoiler alert: Things look horrible for Democrats. All signs point to a massive incoming red wave that potentially gives back control of Congress to Republicans.

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Under Joe Biden and the Democrats, inflation has hit its highest point since December 1981, which is over four decades ago. Many Americans are struggling to afford basic necessities, such as gas, groceries, and rent payments.

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Biden is desperately releasing a million barrels of oil a day for 180 days from the Strategic Petroleum Reserve, but this is expected to have a small impact on prices.

Even MSNBC knows this is a massive problem for Democrats with midterm elections looming. MSNBC commentator Al Sharpton admits, “All of this happened while the Democrats were in power. You told us to put you in power, we put you in power, and now I can’t afford the life I’m living.” This might be one of the very rare instances where you agree with some points made by Sharpton.

Watch the panic and nervous laughter:

More on this story via RedState:

Some of that will be reflecting the high gas prices that have since moderated somewhat. However, even without counting gas and food, the forecast is 6.6 percent, the highest since August 1982.

So while the Biden team ordered the release of a million barrels of oil a day for 180 days from the Strategic Petroleum Reserve and it might have a tiny effect on the prices, he hasn’t done anything to change the general trajectory of inflation — the cause for the rise to begin with. He’s just basically emptying our reserve which is supposed to be for emergencies — not to avoid doing the right thing for the country to save himself politically before the midterms. But it’s not changing the problem ultimately.

Still, services excluding energy products account for 57% of CPI, versus only 13% for durable goods. so it wouldn’t take much for the services sector to supplant goods, preventing overall inflation from coming down.

Case in point: Rent price increases have accelerated in each of the last three months, and were up 0.6% in February. That reflects constrained housing supply and rising incomes — and so long as it persists will keep inflation from coming down meaningfully.

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Prices are also rising for services as varied as health insurance and hotel stays. The fading of the pandemic may mean consumers shift their spending toward services, bidding up their price amid finite supply.

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Moreover, companies that sell services are looking to make up for rising wage costs and enjoy the pricing power that comes with robust demand.

The bottom line: The high overall inflation number will get most of the headlines Tuesday morning, but the more important question for the outlook is whether services inflation keeps accelerating even as durable goods inflation fades.