newYou can listen to the Fox News article!
In a recent interview about food prices in the Biden Administration, Treasury Secretary Janet Yellen responded “no” when asked if she was ever “surprised by the prices” during her weekly trip to the grocery store. Apparently the same economists who told us the worst and most persistent inflation since the 1980s was “temporary” are trying to convince American families that food costs aren’t actually that bad, despite what they see at the grocery store every week. They should believe their eyes and ignore Yellen.
According to the American Agriculture Association’s annual Fourth of July Market Basket Survey this year, the price of Fourth of July barbecue staples has increased by 30% since 2019. If you’ve ever been to a grocery store, it’s hard to ignore that number. For families struggling to get by on food budgets, that’s a big increase in costs.
According to the Food Industry Association’s 2024 Food Prices and Consumer Report, 70% of shoppers are concerned about rising prices at grocery stores, with 39% saying they are “very concerned.”
Democrats respond favorably to Biden’s economic performance, while Republicans and independents tend to respond in the opposite direction.
According to the Advantage 2024 Shopper Outlook Survey, more than half of shoppers are buying less and one-third are changing where they shop for groceries to save money. Most worryingly,[t]Twenty percent of shoppers surveyed said they skip meals to save money.”
Biden Inflation may mean Fourth of July revellers get some serious pressure this year. (iStock)
Clearly the Treasury Secretary cannot be trusted, either because she is out of touch with reality, or because she is once again trying to blur reality to support the Biden economics narrative, no matter how far that narrative may be.
Americans just want to know the truth. It might make a difference if Yellen said, “Yes, we know prices are out of control because, as Larry Summers correctly predicted, we embarked on unprecedented levels of government spending, which has led to inflationary pressures of a kind the likes of which we’ve not seen in a generation. Sorry. So we’ve learned our lesson, and here’s our plan to get prices under control.” Honesty would go a long way.
But she can’t say that, because the Biden Administration has no real plan to curb inflation. Despite inflationary pressures, the Biden Administration’s spending continues like an uncapped fire hose. So, in the Fed Chairman’s favorite phrase, inflation remains “sticky,” interest rates remain high, and home buying and all other mortgage-related needs remain unaffordable. And Biden continues to spend like a drunk sailor.
Actually, that’s an insult to drunk sailors. Sorry.
Click here to read more FOX News Opinion
The Biden administration’s budget deficit is now at a level that would stop even the most drunken sailor in his tracks: Our national debt is about $35 trillion and is growing by $1 trillion every three months, a staggering, economically suicidal figure.
As we face a global enemy on two fronts, our interest obligations are already on track to exceed our defense spending, and unless this trend is stopped, interest payments will consume an ever-increasing share of the Federal government’s resources.
According to the Advantage 2024 Shopper Outlook Survey, more than half of shoppers are buying less and one-third are changing where they shop for groceries to save money. Most worryingly,[t]Twenty percent of shoppers surveyed said they skip meals to save money.”
Just a few years ago, the libertarian magazine Reason criticized former President Donald Trump for arguing that a nearly $1 trillion deficit would be worse than broken promises. This year, under a Biden-Yellen administration, the deficit will exceed $2 trillion. And we are no longer in a pandemic that requires spending at or near that level.
Click here to get the FOX News app
Biden economic spending is driving inflation, the economy, and the prosperity of American families over a fiscal cliff. Given how bad the situation is, it would be reasonable to believe that either no sensible person is in charge, or that our economy is in the hands of extremist groups determined to undermine our economy and our standing in the world.
Despite the Biden administration’s efforts to obfuscate reality, Fourth of July celebrations, barbecues, and dinner tables across the U.S. are being affected. The question is, will Americans continue to tolerate this madness?
Click here to read more articles by ANDY PUZDER
