Under Biden, Families And Businesses Are Already Feeling The Pinch Of Rising Prices, And His Policies Will Only Make Things Worse
WITH LOOMING INFLATION, BIDEN WANTS TRILLIONS IN NEW SPENDING
- April’s “disappointing” jobs report showed Biden is squandering the recovery he inherited.
- In addition to his $1.9 trillion stimulus, Biden now wants to dump even more money into the economy.
- In total, Biden has now proposed $6 trillion in spending as part of his plan to bankrupt America.
- This would be the largest government expansion in decades.
- Economists warn that trillions in new federal spending is a recipe for inflation.
- Under Biden and Democrats’ policies, American families, businesses, and workers are facing higher prices for many of the products they need.
AMERICAN WORKERS AND FAMILIES ARE FACING RISING PRICES
- Americans are already seeing higher prices for the goods and products they need.
- American workers and families are seeing spiking costs for consumer goods, with increased prices for toilet paper, diapers, soft drinks, and plane tickets.
- Gas prices have surged, and experts predict they are going to keep going up.
- Whirlpool is raising prices of some of its appliances by up to 12 percent.
- Home prices have gone through the roof, up by an annual 17.2 percent in March and likely to go up further.
- Grocery bills are rising.
- The Consumer Price Index for food rose 3.5 percent over the past year.
- Since February, the CPI for fruits and vegetables has risen by nearly 2 percent.
- Prices for kitchen staples like cereal are also increasing due to higher ingredient prices.
RISING COSTS ARE STARTING TO SQUEEZE BUSINESSES AS WELL
- Manufacturers and builders are facing skyrocketing prices for raw materials, with steel prices tripling and lumber futures increasing by more than 500 percent.
- The Bloomberg Commodity Spot Index, which tracks the price movements of physical commodities, is at its highest level in nearly a decade.
- Restaurants are raising prices due to higher ingredient prices and higher prices for takeaway containers and coolers.
- Many companies are passing higher costs onto customers, announcing price increases due to a jump in expenses for ingredients, manufacturing, packaging, and transportation.
ECONOMISTS – EVEN LEFT-WING ONES – HAVE SOUNDED THE ALARM ON INFLATION
- Former Obama economic adviser and Clinton Treasury Secretary Larry Summers said inflation indicators were “flashing red alarm,” laying the blame on Biden’s partisan $1.9 trillion stimulus bill.
- Former IMF chief economist Olivier Blanchard warned that the stimulus could “overheat the economy so badly as to be counterproductive.”
- Former president of the Federal Reserve Bank of New York Bill Dudley cautioned that the combination of post-pandemic demand and federal stimulus would lead to a “nasty” spike in inflation.
