Biden inflation

 I&I:

Despite farcical claims about the wonderful success of Bidenomics, Americans don’t buy the media and White House spin any longer, if they ever did. They know the economy’s going backward and that inflation remains a dire threat to our nation’s standard of living and its global economic leadership.

For those of a certain age, there’s a whiff of 1970s-style stagflation in the air. It was a period of high inflation, insufficient growth, and, to borrow a phrase, near-universal cultural and economic malaise. Everyone felt as if they were falling behind.

After a 40-year stretch of low inflation, solid growth and rising real incomes, the economy has returned to its dire ’70s-version. Inflation, in particular, is back, and much worse than the official numbers show.

Fed by soaring federal spending, surging interest rates, and a $30-trillion-plus pile of IOUs that has doubled our national debt payments in just a year, inflation has remained stubbornly high. Some fear it could suddenly revive again, as it did in 1980, when it took a second round of huge Fed rate hikes to quell the fire.

We’re not the only ones to notice. Wall Street giant JPMorgan Chase’s chief market strategist Marko Kolanovic wrote this week that “we believe that there is a risk of the narrative turning back from Goldilocks towards something like 1970s stagflation.”

This growing concern is a big reason why former President Donald Trump, who presided over tepid inflation, solid economic growth and low unemployment during his term in office, is now crushing all his Republican opponents in the primaries, and leads President Joe Biden in the polls.

Some eye-opening numbers gathered by economist Steve Moore show why inflation is such an issue in this election, even as Democrats falsely brag of vanquishing it as a threat.

Since the start of Biden’s time in office, a mere three years ago, overall consumer prices have surged 18%. That, Moore notes, is “the worst three-year performance since the Jimmy Carter years.”

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Who’s suffering most from these soaring costs? Well, everyone, but especially those on the lower rungs of the income ladder.

For Democrats scratching their heads over why significant numbers of African Americans and Hispanic Americans are contemplating voting for Trump, they need look no further than “Bidenomics Is Bad Economics“, posted on RealClearPolicy:

Black workers and Hispanic workers have also fared significantly worse in the Biden era. Black workers experienced $65.70 increase in real weekly earnings in the Trump era compared to $28.80 in the Biden era. Hispanic workers experienced $47.20 increase in real weekly earnings in the Trump era compared to $7.80 in the Biden era.

The authors conclude: “So, is Bidenomics working? For the millions of struggling Americans grappling with inflation, stagnant wages, and unattainable housing, the answer is a resounding no.”

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Whether you are at the grocery store are eating out you cannot avoid the higher food prices.  It actually feels like it is more than an 18 percent increase;