More Bidenomics Troubles as Biden-flation creeps back

Written by on September 15, 2023

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

 

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:
โ›ฝ๏ธ Gasoline: Up by 10.6%
๐Ÿ” Food: A 4.3% increase
๐Ÿข Rent: Surging by 7.9%
๐ŸฅฉBeef prices: Climbing by 6.3%
๐Ÿผ Baby food: Seeing an 8.4% jump
๐Ÿงป Household supplies: Up by 5.0%
๐Ÿฅ Medical supplies: A significant 8% increase
๐Ÿป Alcoholic beverages: Rising by 4.7%
๐ŸšŽ 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]

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๐Ÿ’พ China and Russia are prepared to launch destructive cyber attacks on U.S. critical infrastructure in the event of war breaking out, according to a new Pentagon cyber strategy.

https://www.dailywire.com/news/pentagon-says-china-russia-prepared-to-launch-cyber-attacks-against-u-s-to-sow-chaos-if-war-erupts

๐Ÿ‡ฐ๐Ÿ‡ต North Koreaโ€™s Kim Jong Un vowed โ€œfull and unconditional supportโ€ for Russiaโ€™s Vladimir Putin as the two leaders metย  for a summit.

https://apnews.com/article/north-korea-russia-kim-putin-missile-0d70f5190df1088ebe53e8ca19f8e9c9

โœ… A federal judge declared the revised version of the Deferred Action for Childhood Arrivals (DACA) program is illegal, finding the Obama-era federal policy is unlawful and should have come from Congress.

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๐Ÿ‘ Rep. Ralph Norman, a high-profile member of the House Freedom Caucus, said he is considering running against Sen. Lindsey Graham in 2026.

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๐Ÿ”“ The wife of Mexican drug kingpin Joaquin “El Chapo” Guzman was released from prison following her 2021 arrest for conspiracy to distribute heroin, cocaine, marijuana, and meth.

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๐ŸŽฅ Oliver Anthony joins Shinedown to perform ‘Simple Man’.
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๐ŸŽฅ Donald Trump sat down for an interview with Megyn Kelly. Here’s a teaser clip she released.
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