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In a recent interview about food prices in the Biden era, Treasury Secretary Janet Yellen answered “no” when asked if she had experienced “price shock” on her weekly trips to the grocery store. Apparently, the economic expert who told us that the worst and most persistent inflation since the 1980s was “transitory” now wants American families to believe that food prices are actually not that bad, despite what they see at the grocery store every week. They should believe their eyes and ignore Yellen.
American Farm Bureau’s annual Fourth of July grocery basket survey for this year shows a 30% increase from 2019 in costs for staples for Fourth of July cookouts. No one who has ever been to a grocery store can ignore that. These are huge cost increases for families who are barely getting by and are already worried about putting food on the table.
According to the Food Industry Association's Food Prices and Consumer Outlook 2024 report, 70% of shoppers are concerned about rising supermarket prices and 39% are “extremely concerned”.
Democratic voters react favorably to Biden's economic record, while Republicans and independents tend to react in the opposite direction
Advantage's 2024 Shopper Outlook Survey found that more than half of shoppers “have reduced the amount they buy and a third say they have changed where they buy groceries to save money.” Most worryingly, “[t]”20 percent of shoppers surveyed say they skip meals to save money.”
Those celebrating the 4th of July might be the ones who end up being questioned this year thanks to Bidenflation. (iStock)
Obviously, the Treasury Secretary cannot be believed, either because she is so out of touch or because she is once again attempting to blur reality to support the Bidenomics narrative, no matter how disconnected that narrative is from reality.
Americans just want the truth. It might make a positive difference if Yellen said, “Yes, we know prices are out of control because we've engaged in an unprecedented level of government spending that, as Larry Summers rightly predicted, 'has unleashed inflationary pressures of a kind we haven't seen in a generation.' Sorry. So now that we've learned our lesson, here's our plan to get it under control.” Honesty could go a long way.
But he can’t say that because the Biden administration has no realistic plan to control inflation. None. Despite inflationary pressures, the Biden administration’s spending remains like a fire hose with the lid off. So inflation remains, as the Fed chair likes to say, “sticky,” keeping interest rates high and making home purchases — or anything for which a loan is needed — unaffordable. And Biden continues to spend like a drunken sailor.
That's actually an insult to drunken sailors. I apologize.
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The Biden administration’s deficit spending has reached a point where even the drunkest sailor would pause. Our national debt stands at about $35 trillion and is increasing by $1 trillion every three months. This is a staggering and economically suicidal figure.
Our interest payment obligations will already outstrip what we spend on national defense, as we confront our global adversaries on two fronts. Unless this is stopped, interest payments will absorb an ever-larger share of our federal resources.
Advantage's 2024 Shopper Outlook Survey found that more than half of shoppers “have reduced the amount they buy and a third say they have changed where they buy groceries to save money.” Most worryingly, “[t]”20 percent of shoppers surveyed say they skip meals to save money.”
Just a few years ago, the libertarian Reason Magazine criticized former President Donald Trump, claiming that his “nearly trillion-dollar deficit is worse than a broken promise.” This year, the deficit under Biden and Yellen will top $2 trillion, and we are no longer in a pandemic that requires spending at or near that level.
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Bidenomics spending is driving inflation, the economy, and the prosperity of American families into the financial abyss. Given how dire the situation is, one would be forgiven for believing that no one with common sense is in charge or that our economy is in the hands of a group of extremists determined to undermine the economy and America’s standing in the world.
Despite the Biden administration's efforts to obscure the reality, the pandemic continues to affect Fourth of July celebrations, barbecues, and the dinner tables of American families. The question is whether Americans will continue to endure this madness.
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