Bidenflation Is This Thanksgiving’s Unwelcome Guest
Americans can expect to pay more this Thanksgiving for just about every aspect of their Thanksgiving meal because of Joe Biden and Bidenomics, as Bidenflation “remains well above the Federal Reserve’s target.”
The Consumer Price Index (CPI), a key inflation index, rose at an increased annual rate of 3.2% in October. This report comes just days after the October Jobs report showed the U.S. economy added a measly 150,000 jobs in October, falling well short of economists' expectationsand highlighting how Bidenomics continues to fail the American people.
MAKE NO MISTAKE: Since Joe Biden took office, prices have risen 17.1.%. America’s surging inflation is a direct result of Joe Biden and Extreme Democrats’ reckless spending, which House Republicans are committed to reining in.
BIDENOMICS BY THE NUMBERS:
• Inflation is a tax on ALL Americans.
• Americans are paying more for just about everything because of inflation.
◦ Frozen noncarbonated juices and drinks are UP 22.1%
◦ Motor vehicle insurance is UP 19.2%
◦ Frozen vegetables are UP 10.7%
◦ Uncooked beef steaks are UP 10.6%
◦ Transportation services is UP 9.2%
◦ Sugar and sugar substitutes are UP 8.8%
◦ Baby food and formula are UP 8.3%
◦ Frozen fruits and vegetables are UP 8.0%
◦ Sauces and gravies are UP 7.5%
◦ Rent of primary residence is UP 7.2%
◦ Uncooked turkey is UP 7.2%
◦ White bread is UP 7.1%
◦ Shelter is UP 6.7%
◦ Crackers are UP 6.0%
◦ Rolls are UP 5.7%
◦ Food away from home is UP 5.4%
◦ Flour is UP 3.2%
◦ Frozen pies are UP 2.7%
• When Joe Biden took office, inflation was at just 1.4%.
• Prices have risen by 17.1% since Biden took office.
• When more volatile food and energy prices are factored out, so called ‘core inflation’ is at 4.0%; far above what the Fed considers stable prices.
• Americans’ real average hourly earnings decreased 0.1% from September to October.
• Under Joe Biden’s failed economic agenda, Americans are spending $709 more per month to buy the exact same goods and services than they did just two years ago.
• According to a recent AP/NORC poll:
◦ “About two-thirds of adults say their household expenses have risen over the last year.”
◦ 73% describe the national economy as poor.
• According to a recent survey published by Bankrate just 21% think their financial situation has improved since Joe Biden became President.
◦ The unemployment rate increased to 3.9%
◦ 6.5 million Americans remain unemployed.
◦ Manufacturing LOST 35,000 jobs.
◦ Transportation and warehousing LOST 12,000 jobs.
◦ Information employment LOST 9,000 jobs.
◦ Motion picture and sound recording LOST 5,000 jobs.
• In October, Labor Force Participation Rates decreased for the following demographics:
◦ The total population
◦ Black of African American men, 20 years and over
◦ Black of African American teenagers
◦ Asian Americans
◦ Hispanic or Latino Americans
◦ Hispanic or Latino American men, 20 years and over
◦ Hispanic or Latino American women, 20 years and over
• Eight of the last nine jobs reports have been revised lower. Consistent downward revisions are never a good sign for the future of the economy.
For more current state-level economic information, courtesy of the Joint Economic Committee Republicans, click HERE.