Biden’s Economy is Hurting Low and Middle-Income Families the Most
The Biden administration is either intentionally causing prices to rise or is cluelessly making it happen. Either way, the massive price increases in basic goods and manufactured items are hurting the working class most of all – and the president doesn’t seem to believe it’s actually happening.
Year-over-year inflation rose more in June than in previous months and it appears to be escalating.
Consumer prices were up 5.4% in June, the biggest jump in annual inflation in nearly 13 years.cnn.com/videos/business/2021/07/22/inflation-prices-used-cars-gas-groceries.cnnbusiness
Price increases in used cars, car rentals — as well as a rebound in airfares, lodging and food — are behind the biggest inflation surge since 2008 as the U.S. economy reopens.https://www.cnbc.com/2021/07/13/surging-prices-for-used-cars-gasoline-food-and-airfares-are-driving-the-jump-in-inflation.html
The rise has made some vehicles once coveted by consumers for their good value markedly less affordable. For instance, a 2017 Nissan Maxima with nearly 125,000 miles at the Dream Auto Group dealership in Woodlands,Texas, is listed for over $20,500. The dealership also has a pre-owned Dodge Ram pickup truck with 61,000 miles for just over $31,000.https://www.cbsnews.com/news/used-car-market-pricing-inflation/
EVERYTHING is more expensive and the experts say it isn’t slowing anytime soon.
During his CNN propaganda’ish town hall, Biden answered a question on inflation as though it isn’t happening and that any price hikes people may be seeing will diminish soon. Economists and the general public disagree:
“The vast majority of the experts, including Wall Street, are suggesting that it’s highly unlikely that it’s going to be long-term inflation that’s going to get out of hand,”CNN Town Hall – July 2021
While the president thinks everything is hunky-dory, absolutely no experts agree with him.
Maglan Capital President David Tawil argued on “Mornings with Maria” on Thursday that “with respect to oil supply, the rush for the exit doors is getting really serious” amid “strong demand” with the reopening of economies, which could soon lead to “a serious oil crisis in this world.”https://www.msn.com/en-us/money/markets/energy-expert-warns-of-e2-80-98serious-oil-crisis-e2-80-99-within-next-five-years/ar-AAMrp80
While we can’t know for certain, Catsimatidis said rising costs could mean an astounding 10 to 14 percent specific increase in grocery prices by October. That’s truly a shocking amount. But this warning offers more than insight into the grocery industry. It’s a painful reminder of how price inflation hurts everyday Americans.https://www.conservativedailynews.com/2021/07/grocery-prices-could-have-risen-10-to-14-percent-by-october-grocery-chain-ceo-warns/
Grocery prices are expected to increase 10-14% in the short term. Used car prices are rising to new car price levels and there is an oil crisis on the horizon.
Expensive groceries, cars only the rich can afford, and a gas shortage not too far off. Is this the Carter presidency all over again?
When the totality of this economic crisis is taken in, it’s easy to see who gets hurt the most – working families.
Working families spend a huge percentage of their incomes on groceries and gas. Also, those families tend to buy used cars because buying a new car only to watch 40% of its value get flushed down the gutter when driven off the lot only works for those with money to burn.
Biden’s economy is structured for those that don’t care what basic necessities cost.
Unfortunately for the rest of us, his economy doesn’t work.
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