Inflation has eased, but the damage is already done.
Government data released Thursday showed the Consumer Price Index rose 3% from last year, while the core CPI rose 3.3%, still high levels and 50% above the Federal Reserve’s target rate.
Even more problematic is that today’s inflation A historic 20% increase Prices have been rising since President Biden took office. The cost of last weekend’s Fourth of July barbecue was $71.22compared to $59.50 This is the price for the same meal in 2021. (Related: Terence P. Jeffrey: Joe Biden is the $7 Trillion Man)
As a result of this inflation and wage growth that has not kept up with it, Americans are facing higher prices and a declining standard of living. The average American I lost $2,100. Under President Biden, annual income increased by $4,200 compared to $4,200 under President Trump. Spend $12,000 It will take you a year longer to enjoy the same quality of life.
That’s according to official figures. In reality, many of the goods and services Americans rely on are rising much faster than top-line inflation. Gasoline is 50% increase Since Biden took office, almost everything has priced around $30. Everything from haircuts to takeout to Uber to quick trips to local stores that would have cost around $20 a few years ago are now around $30.
The real inflation rate under the Biden administration will certainly be higher than reported. SBIQ National Opinion Survey Two-thirds of small business owners say the price increases they face are higher than the official rate.
Consumer spending crater Personal savings are nearing an all-time low. The economy is $1.3 trillion Credit card debt and overdue payments Rapid increase.
“The last eight or nine months have been absolutely awful.” Said “People have stopped spending money on things they don’t need,” said Sarah Cash, a gift shop owner in Grand Rapids, Mich. Discretionary consumer spending, which drives the economy, has dried up.
Bad Democratic policies are to blame, and it doesn’t matter who the top presidential candidate is.
Democrats all believe in continued reckless government spending, which creates inflation for at least four reasons: it misallocates resources, dilutes the currency, causes price inflation, and increases government debt and budget deficits that must be paid off with inflation.
Democrats all believe in over-regulation, including burdensome climate and labor regulations that reduce the supply to small businesses they need to keep prices down. Consider how the Democrats’ electric vehicle mandate and minimum wage limit the ability of small businesses to survive and thrive.
And every Democrat supports repealing the Tax Cuts and Jobs Act, which provides the tax breaks that many small businesses need to make a profit in today’s economy. The problem is Democratic policy, not the man who is running for president.
As a result, Americans are paying more and getting less, with worse quality and service. These domestic issues will likely determine the election outcome more than the mental decline of President Biden, who has always been a puppet of the Democratic Party establishment even when he was operating at 100% power. (Related article: Brooke Rollins: Joe Biden simply doesn’t exist)
Democrats, being good socialists, blame corporations for rising prices and cry “greed flation” everywhere. But the Federal Reserve study Show that your business markup is consistent.
On the other hand, profits underIn fact, small and medium-sized enterprises are the biggest victims in inflationary countries.
The reality is that the Democrats are the party of inflation, and voting for them is voting to make everyday goods and services even more expensive.
Alfredo Ortiz is CEO of Job Creators Network, author of “The Real Race Revolutionaries,” and co-host of The Main Street Matters podcast.
The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the official position of the Daily Caller News Foundation.
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