Inflation is a “hidden tax” that doesn’t discriminate – it hurts everyone alike, rich and poor. But it is particularly devastating to the poorest and most vulnerable members of society who spend a greater proportion of their income on necessities and have no way to counter its impact.

Inflation is also a phenomenon with “Made in Washington D.C.” stamped all over it, and this bout is no exception. Bidenomics has contributed mightily to the historic spike in inflation – particularly by adding another $5.5 trillion in new spending to an already bloated federal budget.

IMPACT OF INFLATION ON ORDINARY PEOPLE

The results of the President’s fiscal folly were predictable. Since Joe Biden took office, overall prices are up almost 18%, and it costs American families $11,400 more per year just to maintain the quality-of-life they had in January 2021.

The high cost of living is even forcing one in eight retirees to reenter the job market, according to a recent survey. As a retired nurse told Fox News, “If I want to continue to live my lifestyle, I needed to probably add a few more dollars to my budget. And so I felt like I had to go back to work.”

Here is how much more Bidenomics is costing families in a few selected states:

• Colorado: $15,000 more annually 
• California: $13,282 more annually
• Florida: $12,939 more annually
• Arizona: $13,329 more annually
• Nevada: $12,859 more annually

Everything costs more because of Bidenomics, particularly a trip to the grocery store. As the old joke goes, with the price of food these days, it’s almost cheaper to eat money. But for working Americans, it’s no laughing matter. According to figures from the Bureau of Labor Statistics (BLS), since Joe Biden came into office, Americans are paying 25% more for chicken, 18% more for American cheese, 31% more for ground beef, 71%(!) more for eggs, 16% more for whole milk, 14% more for fruits and vegetables, and 23% more for potatoes.

Between his inflationary fiscal policies and his regulatory war on fossil fuels, Joe Biden’s energy policies have hit Americans hard. The day after he was inaugurated, the average price of a regular gallon of gas was $2.38. By June 14, 2022, the average price was $5 per gallon. Even as that has since declined back down to $3.28 per gallon as of February 19, 2024, it is still 38% higher than when the President took office! The Bidenomics gas prices are also well above the levels under President Trump.

The cost of other energy has likewise soared.  Since he came into office, home heating oil is up 44% and electricity and natural gas are both up 29%.

The President was repeatedly warned his reckless spending plans would trigger inflation, but he ignored those warnings. Here is former Obama Administration economist Larry Summers on the President’s $1.9 trillion Covid spending bill: “There is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation.” Summers was right.

A BAD HABIT

The President also has a habit of creating major problems and then trying to take credit when things improve even just a little bit. He sent inflation to a historic high of more than 9% but now wants to take a victory lap because the inflation rate – not prices, but the rate of price growth – has come down some (though still well above the Federal Reserve’s target).

“We’re bringing down prices across the board,” the President brags. But he has done nothing to lower prices – including enacting the misnamed Inflation Reduction Act. In fact, before that law was passed, the Congressional Budget Office made this hilarious projection about the IRA’s impact on inflation: “In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law.”

THE BUCK STOPS WHERE?

Harry Truman had a sign on his desk that read, “The buck stops here.” But with President Biden, the buck needs a travel agent.

If you listen to the President, the cost-of-living crisis has nothing to do with him. He blames shrinkflation, price gouging, and greedy businesses – the buck stops anywhere but the Resolute Desk in the White House. 

But Americans aren’t fooled by the President’s blame-shifting. They know where the responsibility lies. The buck — as inflated as it is — stops with Bidenomics.