Staff Reports
The latest inflation report has hit the shelves, and it’s about as uplifting as a trip to the dentist. With the November elections looming, it looks like the Biden administration may have to brace itself for a serious backlash from voters. According to the consumer price index, inflation has managed to creep up to 2.4% for the year ending in September, inching ever so close to the Federal Reserve’s coveted 2% target. Despite that modest glimmer of hope, inflation remains the reigning king of concerns for American voters, thanks in large part to a painful history of price hikes since President Biden took office.
Since January 2021, just when Biden was sworn in, prices have skyrocketed by nearly 20%. This figure isn’t just a random number plucked out of thin air; it’s a representation of what every American household has been grappling with as they watch their hard-earned dollars evaporate faster than a snowman in July. The political implications of this financial fiasco are crystal clear, especially as the Trump campaign eagerly waves inflation statistics like a battle flag in the ongoing conflict with Vice President Kamala Harris.
Inflation since Biden-Harris took office:
⬆️Food 22%
⬆️Shelter 23%
⬆️Energy 29.4%
⬆️Car Insurance 57%
⬆️Health Insurance 18%PRICE OVERALL: ⬆️19.9% pic.twitter.com/IcatxLDsFP
— MAGA War Room (@MAGAIncWarRoom) October 10, 2024
Let’s talk food, the most visceral experience of inflation that hits families right where it hurts—at the grocery store. This isn’t just abstract math; this is about what families are forking over every week for the basics. Grocery prices have shot up a staggering 21.6% since Biden took office while dining out now costs nearly 24% more. Looking for some ground beef? Expect to pay 43% more than before Biden took the reins. Chicken breasts have also seen a jump of 16.7%. If this is what “Build Back Better” looks like, many Americans are wondering if they can afford a second helping.
On the energy front, prices have also swelled like a pufferfish after Biden’s policies came into play. Although gas prices saw a spike in mid-2022 and have since taken a slight dip, they still stand over 38% higher than they were when Biden entered the Oval Office. For those looking to heat their homes, fuel oil prices are up 31%. Electricity, once considered a household staple, has become less staple and more luxury, rising over 28% since January 2021.
Consumer goods? It's a soggy bag of inflation now, too. Prices for household furnishings are up 15.8%, clothing and apparel have ascended nearly 12%, and new cars have jumped about 18.8% in price. Sure, some electronic items have actually dropped in price—televisions are looking a bit friendlier— but good luck watching anything when the expenses for everything else mean you can hardly afford to keep the lights on.
Housing, medical services, transportation, and recreational services have also broken the bank under Biden’s watch. According to the latest statistics, shelter costs alone have risen by a grueling 23%. Even transportation services have hiked more than 40% recently! It’s a wonder anyone can afford to leave home, let alone pay for a streaming subscription to see if the latest viral cat video made it in.
While there might be some glimmer of a decreasing trend in inflation, it’s hardly enough to mask the reality of the cumulative inflation that Americans have had to swallow. This has given Republicans and Trump a golden opportunity to hammer Biden and Harris on the financial disaster that has become a reality for many Americans. As the Federal Reserve lifts interest rates to levels not seen since the last century, it’s becoming increasingly clear that many Americans are left wondering if they’ll ever be able to afford a new home, car, or even a simple meal without feeling the financial pinch.
