Commentary: Biden’s inflation, how screwed are we?

I don’t have to tell you that the dollar today does not come close to being able to buy what it did two years ago. Inflation continues to rise, prices continue to rise, and wages are stagnant. Meanwhile, President Joe Biden never misses an opportunity to tout a falsehood that his economy is the best that it has ever been.

“We have the fastest-growing economy in the world,” Biden reiterated during his Thursday night appearance on Jimmy Kimmel.

This is nothing new. His administration continues to gloss over the fact with a spoon full of lies meant to placate the weak-minded and convince them that the pain that they are feeling as the world crashes down around them as they struggle to pay the bills, put food on the table, and fuel their vehicles, is not that bad… its a good thing.

In July 2021, Biden stated, “Another prediction — that is my favorite one, I must add — is that if I got elected, I’d bring the end to capitalism.  (Laughs.)  I never understood that one, but we’ve heard — we’ve heard it an awful lot.  Well, in six months into my administration, the U.S. economy has experienced the highest economic growth rate in nearly 40 years.”

I have a serious question. Is it possible that Biden is not truly aware of how his actions and policies are affecting everyday Americans? Is his cognitive decline to a point where he honestly does not understand how bad Americans are suffering?

What are the numbers?

The cost of living jumped 1% in May on the back of higher rents, gas, and food prices, pushing the rate of U.S. inflation to a 40-year high of 8.6% and making it harder for Americans to afford everyday staples.

CPI jumped one percent compared to April, far higher than expected by analysts.

Market Watch reports, “The big worry on Wall Street is that inflation is shifting to services from goods. That’s because rising prices in services — think rent, hotel rates and plane tickets — tends to be harder to reverse and is often a sign inflation is becoming embedded in the economy.”

In May, services inflation excluding energy jumped 0.6% and it’s climbed 5.2% over the past year — double the increase compared to last summer.

“Inflation is hitting not only the volatile food and energy categories, which themselves look to persist at high levels, especially food, but has moved deeply into services and shelter costs, while remaining high in goods categories we thought were cooling off,” said Robert Frick, chief corporate economist at Navy Federal Credit Union, in a Friday analysis.

Rising prices for shelter, gasoline, and food is a major factor in the higher-than-expected inflation. Energy prices rose 3.9 percent last month alone after falling 2.7 percent in April, with gasoline prices rising 4.1 percent in May. Gasoline prices are now almost 50 percent higher than they were in May 2021.

Food prices also rose 1.2 percent last month alone and 10.1 percent over the past year—the fastest annual pace since March 1981.

Inflation for groceries rose even higher as prices climbed 1.2 percent in May and 12.3 percent over the past year, marking the steepest annual rise in grocery prices since April 1979.

Energy has soared 34.6 percent over the past year, the fastest since September 2005, while food jumped 10.1 percent — the first increase of more than 10 percent since March 1981, the report said.

What does it mean?

It means that Americans are struggling, and the road ahead is fraught with hard times.

Author G. Michael Hopf famously said, “Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”

I pray that he is correct because I fear we are at the point where strong men are being created.

Some say that the inflation that we are facing is a manufactured crisis. Created to inflict pain and policy changes.

Gas is too high? Can’t afford to drive? Here, buy an expensive electric vehicle.

I personally live in a 1,800-square-foot house. My electric bill for the past four months is averaging $650.00 a month. There is no way that I will be running to my nearest Tesla dealership saying, “give me a car I can’t afford that will use even more electricity at my house.”

I am not paying for additional electricity at my house, and yet, one has to question the agenda.

On more than one occasion, the Biden administration has stated that the easiest way to get around high gas prices is to switch to electric vehicles.

Last month, we reported Biden’s top economic advisor Jared Bernstein appeared on CNN to say that the American public should judge the president on his efforts and not the results when it comes to the economy.

So which matters more to you, the effort or the results?

Buckle up, and may the “odds be ever in your favor.”