More Bidenomics Troubles as Biden-flation creeps back
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
More Bidenomics Troubles as Biden-flation creeps back
More Bidenomics Troubles as Biden-flation creeps back
Biden’s Economic Challenge: Inflation Resurges
Inflation, the economic specter that haunted the nation in recent months, is once again rearing its head, defying the Biden administration’s claims of control.
The Latest Figures: In August, the Consumer Price Index (CPI) registered a concerning uptick, reaching 3.7%. This marks the second consecutive month of rising inflation, following July’s 3.2% and June’s 3%.
Understanding the Context: It’s essential to recognize that CPI measures the year-over-year increase in inflation. To put it in perspective, in August 2022, CPI soared to a staggering 8.3%. Therefore, while the current 3.7% figure may not appear astronomical, it compounds upon last year’s exceptionally high rate.
Key Areas of Surge: Several sectors witnessed significant price spikes, including:
⛽️ Gasoline: Up by 10.6%
🍔 Food: A 4.3% increase
🏢 Rent: Surging by 7.9%
🥩Beef prices: Climbing by 6.3%
🍼 Baby food: Seeing an 8.4% jump
🧻 Household supplies: Up by 5.0%
🏥 Medical supplies: A significant 8% increase
🍻 Alcoholic beverages: Rising by 4.7%
🚎 Transportation: Seeing a notable 10.3% surge
What Lies Ahead: The resurgence of inflation is likely to prompt the Federal Reserve to raise interest rates further. In the short term, this translates to higher mortgage rates, credit card rates, and auto loan rates. Over the long term, it increases the likelihood of recession and job layoffs.
Household Income Decline: Alarmingly, this concerning report follows recent data from the U.S. Census Bureau, revealing a 2.3% drop in the average American household income. In just a year, household income plummeted from $76,330 in 2021 to $74,580 in 2022, exacerbating the economic challenges faced by American families.
Trust in Economic Stewardship: A recent USA Today poll showcases a clear sentiment shift among Americans. According to the poll, 47% of respondents trust former President Trump to handle the economy, compared to 36% who express trust in President Biden’s economic policies.
These indicators underscore the growing concerns surrounding the nation’s economic stability and the need for effective measures to address the challenges of inflation and dwindling household incomes.
[Source: The National Pulse, Consumer Price Index – August 2023 (bls.gov), Daily Wire, USA Today Poll]
This Article is Brought to you by Go Right News and Edited by Peter Boykin
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