Stuart Varney: US inflation spiral means political change

During his latest "My Take," "Varney & Co." host Stuart Varney discussed the "unsettling" inflation spiral sweeping through the country and the "political change" that could take place as a result of dwindling living standards. 

STUART VARNEY: It is particularly unsettling when you see prices rising rapidly. 

You get the feeling that you're in a spiral, and you don't know where it’s going to end.

There are many people getting that feeling today: gas went up a full 5 cents overnight to a new record: $4.67.

All across the country, drivers will be shaking their heads when they see the new, higher gas station prices this morning.

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And I’ll show you this again....$8 gas and $9 diesel at a station in LA.

An outlier yes, but the shock will ripple across the country.

It’s already $5 in seven states.

This is energy price inflation writ large... It will lead to more inflation across the economy.

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And so will this: over 11 million job openings! 

11 million positions begging to be filled. 

That means wage inflation, because employers will offer more money and better benefits to bring in people who will get the job done.

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We are right in the middle of an inflation spiral. 

It’s the Fed's job to stop it. 

That usually means a recession.

And it is eating away at living standards. 

That means political change.

Just like 40 years ago: the chronic inflation of the 1970s ended when the Fed engineered a chronic recession, and Ronald Reagan won the presidency in a landslide!

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