Inflation for the past year rose 3.2% according to the latest report from the Labor Department. The White House wants you to believe that inflation is coming down and that Bidenomics is working.
Everyday Americans know better. Prices are not receding to pre-pandemic levels. In fact, prices are still increasing from the huge burst of hikes since 2021 when Biden took office. They're just increasing at a slower rate.
That is somewhat positive because it means the Federal Reserve should be able to start lowering interest rates sometime this year, which is principally why the stock market is setting new highs.
But the gains in your 401k and investment accounts are not helping you with your much higher bills at the grocery store, favorite coffee shop or pet store.
Since 2019, groceries in general are up 25%. Eggs have gone from $2.35 to $3.87, and cooking oil has gone from $5.22 to $8.04.
I’m embarrassed to say what I pay for coffee every day at my go-to coffee shop on the way to work, but just yesterday, a friend told me she changed to only getting her favorite coffee one day a week because the price had soared to a crazy $8!
Of course, we will spare no expense when it comes to food for our beloved pets. Pet food is up an eye-popping 21% over the last three years but have no fear, the newly-released budget and tax increase plan by 81-year-old Biden is going to be great for the economy and inflation.
I’m joking, of course, if the Biden money plan were approved by Congress, inflation would skyrocket again. As if the last round of blow out spending wasn’t enough, the new Biden Budget Buster proposes to increase spending by another $1.1 trillion over the next two years, an 18% increase above what is already unsustainable spending. Hopefully voters will say “No way!” to Bidenomics in November.