Bidens Christmas Crisis
Written by Peter Boykin on October 23, 2021
Biden's Christmas Crisis
“Certainly we all want to keep gasoline prices low, but the threat of the climate crisis certainly can’t wait any longer.”
-White House Press Secretary, Jen Psaki
The above quote from Jen Psaki should tell you everything you need to know about the Biden administration’s priorities when it comes to your financial well-being. And as the holiday season gets closer, American families are going to face a two-pronged assault:
Empty shelves at toy and grocery stores
Inflated prices on the toys and groceries that are available
At this very moment, there are 250,000 shipping containers stuck at sea off the east and west coast, waiting to be unloaded and it could be months before they get to store shelves. But Biden is presiding over one of the biggest supply chain bottlenecks since WWII: [via CBS News]
Ships cant dock because ports are full.
Ports are full because there aren’t enough truck drivers to take the shipping containers away.
When truckers do arrive, the ports are poorly staffed and they can’t offload fast enough, resulting in truck drivers who used to pick up 20 loads/week, now only able to take 6.
The cost of shipping a container from China to the U.S. is now $20,000, four times higher than this time last year.
It’s already begun: Stores across the country are already restricting supplies. Try not to have flashbacks to March 2020, but Costo and Walmart have announced they are limiting sales of toilet paper in some stores. And around the country, there are shortages of goods on shelves in Target, Costco, Home Depot, and Sears.
Warning about your Christmas feast: Axios is reporting that food supplies will also be impacted: “Grocery stores could have limited quantities of a number of products heading into the holidays after some of the country’s biggest food manufacturers say they’re short on supply.”
According to the UN Food and Agriculture Organization, the rising cost of base ingredients due to inflation has driven overall food prices to a 10-year-high.
What is Biden doing about this? The Biden administration has launched a “supply chain task force” but Federal Reserve Chairman Jerome Powell is predicting these issues will last into the new year and prolong inflation. If this task force is as effective as the border task force, then we’re screwed.
Rising energy prices will also hurt Americans during the holidays:
Whether you’re driving to grandma’s house or heating your home in the cold winter months, you rely on gas and oil. Here’s what the current state of energy prices looks like [according to WSJ]:
Crude oil has risen 64% this year to a seven-year high.
Natural-gas prices are at a seven-year high.
Heating oil has risen 68% this year.
Prices at the pump are up nearly a dollar over the past 12 months
So no matter what way you divide the dollar, we are facing some potentially holiday-crushing issues that would make Ebeneezer Scrooge blush. And the President has no clue how to handle it.
[Sources: CBS News, Daily Mail, WSJ, Axios]
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