Our focus is on recent remarks made by President Joe Biden during his speech at the South Carolina’s First in the Nation Dinner in Columbia, South Carolina. It appears that Biden has a new scapegoat because he’s taking heat for food costs.
President Biden has been vocal about the state of inflation, asserting that it’s now lower in America than in any other major economy worldwide. He highlighted that the prices of essentials like eggs, milk, chicken, gas, and many other items have seen a reduction.
“Inflation is coming down. It’s now lower in America than any other major economy in the world,” Biden said. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
What he leaves out is that the reduction is from records highs.
So who is Biden blaming? The grocery stores.
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” the president continued.
According to President Biden, despite the strides made in controlling inflation (yes try not to laugh), there’s a pervasive issue with corporations in America exploiting the situation through price gouging, junk fees, greedflation, and shrinkflation. He expressed a strong sentiment that Americans are weary of being “played for suckers” by grocery stores, a statement that resonated with many, evidenced by the applause it received during his speech.
Funny how he left out things didn’t spike until he took office.
But what does this mean for the average American heading to the grocery store? Recent surveys, like the Axios Vibes, indicate a significant portion of the population feels “angry, anxious, or resigned” while shopping for groceries. The survey highlighted that groceries are where most Americans feel the brunt of inflation, with 72% of respondents echoing this sentiment.
While it’s true that inflation rates have seen a decline from their peak in 2022, prices remain considerably higher than pre-2020 levels. This economic pressure is further compounded by the Federal Reserve’s decision to maintain interest rates at a range of 5.25% to 5.5%, the highest in 22 years. The Fed’s cautious approach to adjusting interest rates underscores the delicate balance required to steer the economy towards sustainable growth and inflation control.
Not to mention diesel fuel costs.
The impact on the average American’s wallet is significant, with food prices, shelter costs, and energy prices experiencing steep increases since the start of 2021 (who took office in 2021?). Reports suggest that Americans are now spending on average $1,020 more each month compared to two years ago, a stark indicator of the inflationary pressures still at play.