Has Joe Biden really lowered inflation? Is that a fact, or another of his many, many lies?
Anthony B. Sanders, at confoundedinterest.net, has an excellent commentary that just might provide an answer to this question. Here is the key portion:
When mainstream economists and politicians cite “improvements” to the inflation problem in the US in recent months, what they are commonly referencing are changes to the Consumer Price Index (CPI). However, the CPI is not a measure of total inflation, rather, it is a median snapshot of prices at a particular point and time. True inflation is cumulative – A 10% increase one year and a 5% increase the next year is not a win, it means that you are now paying 15% more on average for everything you buy in the span of only two years.
When CPI falls this does not mean that prices on goods and services are going down, it only indicates that prices are rising slower than they were the month or the year before.
Overall food prices have soared by 25%-30% in only three years (again, this means that you are now paying 30% more this year for food than you were paying at the beginning of 2020). Chicken is up from $3 per pound to $4 per pound. Beef is up from $3.50 to $6 per pound. Corn is up from $3.50 per pound to $4.70 per pound. Wheat is up from $5 per pound to $7 per pound. In 2019 the average American household was spending $8100 on food annually; with a 30% increase, in 2023 Americans will be spending at least $10,500 per household.
By the end of 2019, the average rental price of a single family home was around $1450 per month. This year the price is around $2000 per month. At the beginning of 2020, the median cost of a home was $320,000; by 2023 the price skyrocketed to an average of $416,000.
For gasoline, the price in early 2020 was around $2.50 per gallon. The price has fluctuated dramatically due to Biden’s manipulation of the market using strategic reserves, but still remains high today at $3.80 per gallon.
The cost of electricity has risen swiftly, holding steady around .13 cents per kilowatt hour for a decade, then spiking to at least .17 cents per kilowatt hour by 2023.
There’s your “Bidenomics”. Your real Bidenomics.
And I’m betting body parts that it squares far more with your personal experience than the halcyon fantasies being presented to you by Biden & Co. – who seem to think you’re a blithering idiot who doesn’t notice that costs for just about all your everyday needs have gone up dramatically since he took office.
Agree? Disagree? Your call.
