There is spin, most politicians do it, but then there is “gimme a break” when they say something so tone deaf it’s off the charts stupid. Of course this isn’t a good thing. It only took Democrats seven months to put us right back into the economic malaise of Jimmy Carter.
Jimmy Carter had “stagflation.” Joe Biden has “Bidenflation.”
Supply chain shortages and government spending has taken a toll Americans’ wallets, with households on average having to shell out an additional $175 on average for essentials like food, fuel, and housing, and analysts have no prediction to when prices will stabilize.
Chief economist at Moody’s Analytics, Mark Zandi, told the New York Post that households earning the US median annual income of about $70,000 are having to spend $175 more due to the current inflation rate, which surged 5.3 percent in August compared to the same month last year. “That’s the equivalent of a full grocery, electric or cellphone bill,” Zandi said.
Despite the inflation being called “transitory” by government officials, the rate is running at a 30-year high, and has been for months.
Gordon Haskett analyst Chuck Grom predicts that “price increases will continue until the middle of next year,” pointing to a recent PepsiCo announcement that consumers should expect another surge in pricing of their items early next year.
Grom noted that a 10-ounce bag of Lay’s potato chips, produced under the company Frito-Lay which is owned by PepsiCo, cost $3.75 in August, 50 cents more than last year earlier at Dollar General stores in the Southwest.
Other items at the discount chain have creeped up in price, with a dozen 12 ounce cans of Coca-Cola costing $5.75, 50 cents more than last year. Half a gallon of store brand 2 percent milk costs $4.49, 74 cents more than last year, according to Grom.
In the Northeast at Family Dollar stores, a 12-pack of Coke cost $6.90 in August, up $1.50 from last year, and a can of Folger’s coffee costs $8.80, 85 cents more.
“In the Big Apple, grocery chains Gristedes and D’Agostino’s have increased prices by as much as 15 percent on chicken wings and beef, 10 percent on milk and 5 percent on eggs, while non-food-related items have gone up by about 10 percent, according to owner John Catsimatidis,” wrote the New York Post.