News

Joe Biden’s Economy: Gas, Food Prices Soaring, Supply Chain SNAFU’s, And Looming ‘Stagflation’

Former Bill Clinton ally James Carville said it best, “It’s the economy stupid!” Right now, it’s Joe Biden’s economy, and things are not looking good.

Fox Business reported that consumers’ prices rose at an annual rate of 13.5%, the highest in 13 years. As most Americans discover when they fill up the car with gas, energy prices have also risen.

Between September 2020 and September 2019, the consumer price index increased by 5.4%. Prices for September also rose 0.4%. 

If those official numbers seem far smaller than what you’re encountering, that’s no surprise.

RELATED: Maxine Waters claims her Twitter was hacked and the internet mocks her for it

Americans Live More Expensively

The cost of daily life for Americans is on the rise in Joe Biden’s economy. Filling up with gas rose by 1.3% in September and by a staggering 24.8% last year.

Going to the grocery shop will not change your outlook on the economy.

The year has seen an increase in food prices of 0.9%, and 4.6% overall. Prices for meats, poultry and fish have increased 10.5% while eggs are up 4.6%. Beef has risen an alarming 17.6%.

According to The Guardian, nearly 40% of American households have experienced financial hardships. This includes trying to pay for food and health care.

RELATED: Pelosi Scolds Media For Not Helping ‘Sell’ Dem Spending Bill: Americans Support It ‘Whether They Know It Or Not’

The Biden (Grinch), Who Stole Christmas

Supply chain problems are another problem that adds to an already slow economy. The U.S. has a backlog of ships that are waiting to be loaded and moved to other modes of transportation.

When asked about the state of holiday shopping for Americans, one senior White House official told Reuters, “There will be things that people can’t get.”

Economic 70’s Flashbacks

The concern on Wall Street seems to be a fear of returning to 1970’s era mix of sluggish economic growth and high inflation which came to be known as “stagflation.” 

The Democrats and Joe Biden could be in serious trouble if the economy continues to wobble. According to a new Reuters/Ipsos survey, the economy is still the top issue facing both Republicans and Democrats.

Biden also received bad news from a Quinnipiac Poll last week. It showed only 29% of the public think the economy is in “good” or “excellent” condition. In April, 35% of the public thought that the economy was in “good” or “excellent” condition.

Seth Weathers, a Republican strategist who ran Donald Trump’s 2016 campaign in Georgia, commented on the local impact that could also be nationwide, “People here in Georgia are paying twice as much for items than they paid a year ago, and they are blaming Biden. He’s in charge.”

 

This is the right time to share and support the resources you believe in.
The Political Insider ranks #15 on Feedspot’s “Top 70 Conservative Political Blogs, Websites & Influencers in 2021.”