Since President Joe Biden took office, prices on many everyday items have skyrocketed. While the Biden administration has attempted to distract from this reality, Biden himself accidentally said the quiet part out loud on Thursday.
“I know many Americans are still struggling to make it through each and every day,” he said. “For too many, it’s harder and harder to pay the bills, food, gas, rent, health care.”
In a shocking turn of events, Biden is telling the truth. It is becoming too difficult for Americans to afford basic necessities.
The ironic part is that Biden has been in office for nearly eight months, and inflation has skyrocketed during that time.
According to The Wall Street Journal, the consumer price index rose a seasonally adjusted 0.3 percent from August to July. This follows a 0.5 percent increase in July and a 0.9 percent increase in June.
While inflation has admittedly slowed in the past two months, that could be explained by the fact that since it was so high in June, it had nowhere to go but down.
It isn’t like inflation is decreasing, either. It is still rising — just at a slower pace than the record-setting rate of two months ago.
Overall, the Journal said the CPI is up 5.3 percent from August 2020. The core price index, which excludes food and energy prices due to their volatile nature, is up 4 percent from last August.
When Biden was campaigning against Trump, rhetoric like this would have played well with his audience. Now he has been the president for eight months, and the burden of the economy falls on him.
By pointing out how life continues to get more difficult for Americans, he is essentially admitting to letting the American people down.
Many of the specific categories Biden cited are also seeing price increases. Restaurant prices and grocery prices rose 0.4 percent each in August, while gas prices surged an astounding 2.8 percent.
On Friday, grocery giant Kroger Co. said it expects prices to rise another 2 to 3 percent by the end of the year, Fox Business reported. CEO Gary Millerchip admitted the company is “passing along higher cost to the customer where it makes sense to do so.”
The Biden administration offered two explanations for rising grocery prices, neither of which involved them taking any responsibility. They said supply-chain disruptions due to COVID-19 and a lack of competition in meat processing have caused the increases.
“Just four large conglomerates control the majority of the market for each of these three products [beef, pork and poultry], and the data show that these companies have been raising prices while generating record profits during the pandemic,” National Economic Council Director Brian Deese said on Sept. 8.
Leave it to Democrats to blame capitalism for their own shortcomings.
While there are certainly multiple factors leading to increased inflation, the Biden administration’s economic incompetence is one of them.
In March, Biden signed a $1.9 trillion COVID relief bill that included direct payments to Americans and $300 per week unemployment boosts, CNBC reported. When you artificially insert billions of dollars into the economy like that, they start to become worthless.
Yet even as Biden admits Americans are struggling, he remains blind to his role in the problem. According to Reuters, Biden said Thursday that he is hopeful and confident Congress will pass both his $3.5 trillion spending bill and $1 trillion infrastructure bill.
Biden is absolutely right — Americans are struggling to afford many necessities. He just doesn’t realize that to solve the problem, he needs to look in the mirror.
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