If inflation is high during President Joe Biden’s term, voters will likely pay a significantly higher price when voting in the 2024 election.
Prices after November 2020 are increased Year-over-year inflation under the Biden administration peaked at about 9% in June 2022 and has slowed to its current annual rate of 2.4% as of September, according to Bureau of Labor Statistics data analyzed by The Daily Caller. There is. News Foundation. Price increases for many products, including household staples such as , have significantly outpaced overall price increases. egg and butterBetween November 2020 and September 2024, they increased by approximately 163% and 50%, respectively. (Related article: ‘Terrible bias’: New study finds Biden-Harris administration ‘significantly’ underestimated inflation since 2019)
Beef products have also been hit hard by Biden-era inflation, with raw meat prices soaring. beef roast Increased by more than 31%, uncooked Ground beef According to the BLS, sales of beef steaks increased by about 27% and raw beef steaks increased by about 28%. Meanwhile, the price bread has increased by more than 23%, bakery products It increased by about 27%.
“Inflation is one of the cruellest forces of pressure that everyday consumers have felt in recent years. Few are keeping up with cumulative price increases,” said Scott, executive director of Consumers Union of Arizona. Former Solicitor General O.H. Skinner told DCNF. “As headlines focus on individual inflation stories and annual inflation numbers, and as cumulative inflation reshapes the shopping experience, the prices staring consumers down from store shelves can be shocking. It’s very upsetting for a lot of people not to recognize that it’s brutal. ”
JCN CEO Alfredo Ortiz said, “The last numbers before the election showed that the consumer price index was higher than expected, the Biden-Harris administration was unable to control the problem, and the Federal Reserve “We made it clear that we were unable to return to the target interest rate.”https://t.co/5vjRkbMJ2i
— Job Creators Network (@JobCreatorsUSA) October 10, 2024
When Biden took over from former President Donald Trump, inflation was just 1.4%. cumulative inflation During Trump’s presidency, his approval rating was only about 8%. May ABC News/Ipsos public opinion poll The poll found that 44% of 2,200 potential voters trust Trump on inflation, compared to just 30% who trust Biden.
In order to counter rising prices, the Federal Reserve raised the federal funds rate to 5.25% and 5.50% in July 2023, the highest levels in 23 years, and held interest rates for eight consecutive meetings until announcing a 0.50% cut in September. was left unchanged. A combination of high inflation and rising interest rates is tightening Americans’ wallets, with delinquent credit card balances reaching their highest level in 12 years in the first quarter of 2024 and personal savings rates rising from more than 25% during the pandemic to now. It has declined to . 4.8% In August.
Some economists blame high inflation on wasteful government spending, with the national debt at $27.75 trillion when Biden took office on Jan. 20, 2021, but on Wednesday. has increased to $35.69 trillion.
price of non-alcoholic drinks Juices rose about 22.5%, supported by the frozen still subcategory. juice Beverage prices rose nearly 51%. Food and housing price increases together accounted for more than three-quarters of inflation. septemberthe food index recorded a 0.4% month-on-month increase, which is much higher than the previous month. August increase 0.1%.
“Inflation has risen 21% under the Biden-Harris Administration, resulting in lower real wages and a crisis in the cost of living for ordinary Americans,” Jobs Creators Network President Alfredo Ortiz said Thursday. said in a statement to DCNF after BLS. Report. “Only by electing conservatives who believe in a healthy dollar, economic growth, and deficit reduction can we finally make America affordable again.”
The White House did not respond to requests for comment.
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