Today’s CPI report shows that inflation has accelerated for the second consecutive month in August, with the largest monthly increase in a year. The consumer price index jumped 0.6 percent — which is an annualized rate of 7.8 percent. 

Actually, the 12-month change has gone from a low of 3.0 percent to 3.2 percent, and now 3.7 percent. Of course, this is still way below the 9.1 percent peak of last year, but the concern is that the numbers are now going in the wrong direction.  

Noteworthy is that during President Biden’s term so far, the level of the CPI has increased 17 percent. If that weren’t bad enough, grocery prices are up 20 percent, electricity is up 26 percent, gasoline is up 62 percent, and throw in the 30-year mortgage rate, which started at 2.65 percent and is now 7.75 percent. Just in case you were thinking about buying a new home.  

This gets to the key issue of declining affordability during the Biden years. With the cumulative inflation hike, new Census Bureau numbers show that last year real household median income fell 2.3 percent — the worst since the Obama-Biden days of 2010.  

Real family household income dropped 2.9 percent. The poverty rate is all the way up to 11.5 percent, holding last year’s level. That’s 37.9 million people in poverty. Hat tip to Breitbart’s John Carney for that.

During the Trump years, the pre-pandemic 2019 poverty rate had fallen to 10.5 percent, or 34 million people. Additionally, real median income, which rose more than $6,000 pre-pandemic during the Trump years, has fallen roughly $4,000 during the Biden years. This is another lack-of-affordability measure.  

People are working but their real incomes are falling. Work harder, buy less. This is the failure of Bidenomics.  

Then, of course, one definition of Bidenomics is the goal of destroying fossil fuels, including gas-powered cars. While OPEC+ (which includes Iran, Venezuela, Russia, and the Saudis) extends its production cuts, Bidenomics has frozen drilling in large parts of Alaska and the Gulf of Mexico. The rig count is way down.  

In other words, future production cuts from President Biden to match the actions of our OPEC+ adversaries. So, world oil prices are now back to $92 a barrel, and AAA’s national gasoline average is up to $3.85.  

When Joe Bidenomics was inaugurated, world oil prices were $54 a barrel and gasoline was $2.39. You do the math. This is another loss of household affordability.  

Add it all up, and Bidenomics has about a 35 percent approval today in the polls. Save America. Retire Joe Bidenomics. 

From Mr. Kudlow’s broadcast on Fox Business News.