Thanks to Bidenflation Americans are now 5% poorer than they were under the Trump administration.
Consumer prices in the United States continue to skyrocket and have surged 5% from a year ago, during the pandemic. Think about that, we were in the middle of a declared world wide emergency and prices were cheaper than they are now.
Companies are also having trouble finding workers thanks to Biden continuing to pay people to stay home. To combat that employers are raising wages, which is increasing operating cost that are now being passed on to the consumer.
“The inflation pressure we’re seeing is significant,” General Mills Inc. Chief Executive Jeff Harmening said at a recent investor conference. “It’s probably higher than we’ve seen in the last decade.”
Liberals are trying to put a positive spin on the high inflation claiming that it will be good because the Fed can cut interest rates during the next economic crisis.
From the Wall Street Journal:
Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, said the Fed intends for inflation to overshoot its 2% target moderately because that could be good for the economy. Higher inflation would mean higher interest rates, which would give the Fed more room to cut rates in the next economic downturn, she said.
Jeffrey Stark, 28, who works for the postal service said that he would love to travel but the high prices and lack of services are stopping him. Due to the pandemic car rental companies sold a lot of their fleet, it’s hard to find a car to rent, gas is through the roof, and hotel room prices are ridiculous.
“My travel this year seems like it’s going to be largely limited to visiting people rather than places because I’m seeing reports of completely booked hotels and, especially, no available rental cars,” said Mr. Stark.
The National Federation of Independent Business reported that 48% of small businesses have raised their average selling prices in May, that’s highest share since 1981.
If you had a salary of $100k last May, it’s now worth $95K, according to the government’s (usually understated) data.
It’s almost as if the laws of economics cannot be repealed through the good intentions of Big Govt Democrats https://t.co/Bq5C53tZcz
— Tom Elliott (@tomselliott) June 10, 2021