The high cost of the Biden-Harris economy
High inflation during President Joe Biden’s term will result in voters paying significantly higher prices as they cast their ballots in the 2024 election.
Prices since November 2020 have increased by roughly 21%, with year-over-year inflation under Biden peaking at about 9% in June 2022 and decelerating to its current annual rate of 2.4% as of September, according to data from the Bureau of Labor Statistics analyzed by the Daily Caller News Foundation. Price hikes for a slew of products have well-exceeded the overall price rise, including household staples like eggs and butter, which rose by approximately 163% and 50% between November 2020 and September 2024, respectively.
Beef products have also been hit hard by Biden-era inflation, with prices for uncooked beef roasts rising over 31%, uncooked ground beef climbing nearly 27% and uncooked beef steaks increasing approximately 28%, according to BLS. Meanwhile, the price of bread is up over 23% and bakery products up almost 27%.
“Inflation has been one of the most brutal drivers of the pressure being felt by everyday consumers in recent years. Almost nobody can keep up with the cumulative rise in prices,” O.H. Skinner, executive director of the Alliance for Consumers and the former solicitor general of Arizona, told the DCNF. “It’s deeply upsetting to many people when headlines focus on individual inflation prints or annual inflation numbers and don’t recognize that the prices staring at consumers from the store shelves are shocking because the inflation that has cumulatively built up has reshaped the shopping experience in a brutal way.”
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Inflation sat at just 1.4% when Biden took over from former President Donald Trump while cumulative inflation during Trump’s presidency was just around 8%. A May ABC News / Ipsos poll found 44% of 2,200 potential voters surveyed trusted Trump on inflation while just 30% trusted Biden.
The Federal Reserve raised its federal funds rate to a 23-year high range of 5.25% and 5.50% in July 2023 in a bid to combat price hikes, holding the rate steady for eight straight meetings before announcing a 0.50% cut in September. The combination of high inflation and elevated interest rates has dogged American wallets, with delinquent credit card balances reaching their highest level in twelve years in the first quarter of 2024 and the personal savings rate falling from over 25% during the pandemic to 4.8% in August.
Some economists attribute elevated inflation to profligate government spending, with the national debt growing from $27.75 trillion when Biden took office on Jan. 20, 2021, to $35.69 trillion on Wednesday.
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Indeed reckless spending by the Biden-Harris regime exploded in their first year in office. They also engaged in other negative activity by opening the border to millions of illegals. Democrats had little to no bipartisan support for this spending. The Democrats own the responsibility for this inflation and they should be held accountable by voters. In fact, it is one of the reasons why they are trailing in current polling. Current polls indicate that Trump should win the presidency and Republicans are likely to retake control of Congress.
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Republicans are on track to gain control of the Senate next year, with GOP candidate Tim Sheehy leading by eight percentage points in the race to flip one of Montana’s two Senate seats, according to a recent poll.
A New York Times/Siena College poll, released Thursday, reveals Sheehy is ahead of the Democratic incumbent Jon Tester, capturing 52% of the likely voters compared to Tester’s 44%.
Alongside this, Republicans are widely expected to claim West Virginia’s Senate seat, currently held by retiring Democratic Sen. Joe Manchin. If these two seats flip, it would give Republicans a 51-49 majority in the Senate, barring any surprising upsets within their ranks.
According to the same poll, two other Republican senators, Ted Cruz of Texas and Rick Scott of Florida, are ahead in their races. Cruz holds a slim 48%-44% lead over Rep. Colin Allred (D-Texas), within the poll’s margin of error, while Scott has a more comfortable 49%-40% advantage over former Democratic Rep. Debbie Mucarsel-Powell.
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And:
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Kamala Harris' only hopes are that: 1) women voters overperform so dramatically that their numbers offset the substantial loss of support in union voters, men, minorities, and generally sane people; and 2) that just enough people cannot stomach a return of Donald Trump to the Oval Office that they will hold their nose and vote for her despite her manifest flaws.
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And:
New Poll Suggests Kamala Totally Committed Political Suicide
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