Staff Reports
The Labor Department recently dropped the December Consumer Price Index (CPI) report, marking the last economic snapshot of the Biden era—and the results are as dismal as expected. While Biden makes his exit from the White House, the report reveals a sobering truth: the economy is still struggling under his policies, and American families are feeling the pinch more than ever.
In December, consumer prices surged by 0.4 percent compared to November, with an annual increase of 2.9 percent. This uptick in costs, the fastest month-over-month rise since February, has been driven by eye-watering increases in grocery prices, particularly eggs, which have skyrocketed over the past year. This isn’t just a blip on the radar; it’s a clear indication that the Federal Reserve’s battle against inflation is losing steam.
Bad news: @JoeBiden is delaying his retirement to clean up his legacy. But with the election lost and Biden out to pasture — Democrats are leaking like a busted sink. In a bombshell report, over 50 Biden insiders told the @WSJ that Joe was even worse than we thought… Biden… pic.twitter.com/GgC8Fu7n1M
— Jesse Watters (@JesseBWatters) December 20, 2024
The so-called “core” CPI, which excludes food and gas prices, offered a smidge of good news with a modest 3.2 percent increase compared to December 2023. However, many might wonder if it’s truly reassuring when the essentials—the very items Americans need week in and week out—are continuing to soar. Grocery prices that had shown some stability earlier are now on a rollercoaster ride, and fuel prices also jumped considerably, reflecting a chaotic market rather than a stable economy.
This comes fresh off the heels of the Federal Reserve’s quarter-percent interest rate cut just a month prior, an action that analysts had expected after a lukewarm CPI report from November. But what does it say about the state of the economy when cutting rates amid rising inflation is seen as the best course of action? It’s a clear sign that the economic team in charge is scrambling for solutions as prices creep up like an unwelcome guest.
With Donald Trump poised to take office again in just a few days, the impending shift from Bidenomics to a more conservative economic approach is on the horizon. And, not surprisingly, there was a conspicuous absence of celebration from the Biden camp regarding the new CPI report. Instead of touting accomplishments, all they could muster was a focus on the slowing growth of interest rates. For most Americans, that’s about as exciting as watching paint dry.
The Biden administration’s economic track record has left many constituents baffled and frustrated. As families prepare for a transition in leadership, they are undoubtedly hoping for a complete overhaul of the policies that resulted in this lackluster economic reality. With Biden’s tenure concluding, the American people seem ready to embrace a fresh start that prioritizes financial stability and prosperity over continued economic woes.
