It seems the so-called experts on the economy cannot understand or even accept the financial despondency of the American people, especially those of modest means. From academics to media mavens to Biden campaign messaging, the incredibly condescending ruling class sermon has been this: you just don't understand that you are actually doing well.

Of course, last week's consumer price index inflation report poured a lot of cold water on the myth that prices are cool, and that the inflation crisis is abating. The headline number was the worst in six months at a very hot 3.5 percent annualized inflation rate that surprised economists and prediction models, but the inflationary details were much worse. Housing costs shot higher at a scorching 5.7 percent rate, and car insurance premiums vaulted higher at an incredible 22.2 percent annualized clip.

Financial markets were shocked by the data. The stock market had its worst weekly performance of 2024. Interest rates spiked on the news, and the benchmark U.S. Treasury Yield rose to 4.57 percent, which is more than four times higher than the 1.09 percent prevailing interest rate when Biden took office.

But this data set comes as no surprise to regular Americans, especially to middle- and lower-income ones. These........

© Newsweek