OBAMA ADVISER: Bidenflation is real and it’s spectacular — and directly tied to Biden’s stimulus.

[Larry] Summers predicted that would happen too, although perhaps too subtly for the White House to recognize. Summers had noted that the Biden administration wanted to prioritize social justice in its programs but had left itself no budgetary room for that purpose, thanks to the massive scope of stimulus spending. Not only does Biden lack budgetary capital for that purpose, his massive incompetence has entirely depleted his political capital for that agenda. His job approval hasn’t fallen into the thirties because of a perception that Biden is overly concerned about voter priorities and household issues, after all.

The shift in the media on inflation over the last day or so underscores that risk. For the last few months, the media has been happy to pass along all of the happy talk about “transitory” inflation, scoff at families who stress out over rising food prices, and even paint inflation as a great sign for America’s economy. After yesterday’s CPI numbers hit a 31-year record for inflation and show no sign of slowing down, the fuel for gaslighting has apparently run out, and Biden’s suddenly looking incompetent and lost on the issue that generally matters most to voters — the economy.

And … we told you so.

For many, the pain is immediate: Real Wages Declined 0.5% in October Amid Mounting Inflation.