Biden Inflation is Coming for the 4th Time
It’s Independence Day 2024. Gather with the family, fire up the grill and smoker, Talking about inflationIn this case, I’m just holding my cheek lightly. It is an election year, after all. The main problem What matters most to voters (by far) is the economy.
Biden Inflation is slowing but remains above the Federal Reserve’s 2% target, as it has been throughout Biden’s term. The highest price ever About the many items we will be providing for your family this year.
for example, According to the Consumer Affairs AgencyThis year, the price of 1.33 pounds of ground beef is $8.45. Hamburger Patties Travel costs are expected to be about 50% higher this year than in 2019 (unless you sting guests with shrinkflation).
Disposable plates That’s an increase of more than 80 percent during that period. ketchup That’s an increase of about 52 percent.
But the one that is closest to me is 12 pack of canned carbonated drinksThis year, it will cost about $9.18 to buy a case of diet soda (which serves 1.5 people in my household). That’s up from $5.53 in 2021, the first Fourth of July since President Joe Biden took office. That’s up by a whopping two-thirds. Here in California, with the 5-cent recycling deposit per can and a steep sales tax, my family will be paying nearly $1 per can.
Wow!
American Agriculture Association report This year The most expensive Fourth of July barbecue in American historyThis isn’t because Americans are feeling especially optimistic about the economy and want to splash the cash. As my colleague John Carney reported last week, The Conference Board’s Consumer Confidence Index It fell in June, driven by increasingly poor short-term assessments of future business conditions and earnings.
The Summer of Stagflation
Wallet Hub report In June, it was found that three in five Americans believe Biden inflation is affecting their Independence Day plans. Specifically, 60% of Americans plan to spend less on Independence Day this year than in years past. Despite rising prices, Americans are still few.
This gives Breitbart Business Digest a strong sense of stagflation.
(Government) Job openings surge
When the number of U.S. job openings was released on Tuesday, the Labor Department said they rose to 8.1 million in May, up from 7.9 million in April. The mainstream media was quick to trumpet the “warming” of the labor market. In fact, CNN reported To tell “Passionately hot” (maybe a bit of an exaggeration). But, The devil is in the detailsAnd if you look at the details here, you can see that the government is responsible for the big numbers.
Estimation 80 percent Of the estimated 221,000 new jobs Government JobsGovernment Job Recruitment Coming Soon All-time high.
Moreover, these figures are Significant downward revision Since last month. ZeroHedge Note This is the 14th time the figure has been revised downwards in 17 months, “and is the kind of thing a statistician would normally call ‘bullshit.'”
President Joe Biden at the White House on September 1, 2023. (Official White House Photo by Adam Schultz via Flickr)
So this seems like another example of Joe Biden and his administration trying to create a new news cycle. Donate taxpayer fundsSimilar patterns could be seen with student loan forgiveness, amnesty for illegal immigrants, green energy policies, and more. From now until election day.
Powell goes on his way
Chairman of the Federal Reserve System Jerome Powell talked “We have made considerable progress in bringing inflation down to our target,” Portugal’s vice-chair for monetary policy said on Tuesday, but added that “we want to have more confidence that inflation is declining sustainably towards 2 percent before we begin the process of tapering or easing policy.”
This is not it A shocking viewThis can be seen from the fact that the market was flat as of noon.
Happy Independence Day!
We’ll be closed tomorrow and Thursday as we celebrate Independence Day with some smoked and grilled food. We’ll be back on Friday to analyze the monthly employment data. Until next time. Happy Independence Day.
