Recent economic data shows that American consumers are continuing to get hit with sky-high grocery costs, posing a significant strain on household budgets. Per the Department of Labor, grocery prices rose for the second consecutive month in August.
The ‘food at home’ metric within the consumer price index increased approximately 0.2 percent last month following a 0.3 percent increase in July. Since the beginning of Joe Biden’s presidency, food prices have been one of the biggest drivers of inflation.
According to Breitbart, there have only been three months of Joe Biden’s entire presidency where food prices didn’t increase. This follows nearly a decade of relatively stable grocery prices. The cost of food isn’t showing much sign of declining as it remains significantly elevated, even with cooling inflation data since last year.
According to the latest report, inflation saw a spike in August, breaking a cooling streak many hoped would lead to interest rate cuts from the Federal Reserve. Headline inflation, a view of all domestic prices, jumped more than expected, rising 3.7 percent year-over-year.
Core inflation, which strips out more volatile prices such as food and energy, increased 4.3 percent year-over-year, matching expectations. Furthermore, supercore inflation, which excludes food, energy, and housing, rose 4.05 percent year-over-year.
It doesn’t take a degree in economics to observe that the state of the American consumer has been dire over the past few years. The American Tribune reported on the opinion of one economist who claimed the “American Dream” has morphed into a “nightmare” largely because of the impact of Bidenomics.
E.J. Antoni, a research fellow in regional economics with the Heritage Foundation, slammed Biden’s economic agenda after the president claimed that his plan was “restoring the American dream.”
“The way I look at it, Bidenomics is just another way of saying ‘restoring the American Dream,’” Biden said on Tuesday. He also alleged that Americans “aren’t just finding more jobs,” but they’re getting “higher-paying jobs.”
“Restoring the American Dream?” Antoni questioned. “That’s an utterly appalling claim for an American president to make right now, given the state of the housing market. The American Dream is owning your own home, and the policies of this administration have made that all but impossible for nearly an entire generation of Americans.”
Former President and 2024 challenger Donald Trump weighed in on the disaster of Bidenomics, stating it is leading the United States into a “Great Depression.”
“If you took the five worst presidents in the history of the United States and added them up, they would not have done near the destruction to our country as Joe Biden and the Biden administration have done in a few short years,” Trump stated. “And no damage has been worse than the disaster known as Bidenomics.
“We’re heading into a great depression,” Trump said. “The only question is whether or not it will be during the remaining months of the Biden administration, or will the next president have to bear the brunt of what Biden has done to our country? I don’t want to be the next Herbert Hoover — and I won’t let that happen.”
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