Inflation remains a crippling economic burden on America’s working families, but it’s transitory. Do you remember that line from the Biden White House that we all knew was a lie? Then, it shifted to inflation could be good for the working class and bad for the rich. Sure, the rich, the class that can soak up the rising costs, will feel the pinch. And ABC News’ latest inflation piece declares that inflation is down, but prices are up. Black is white in the newsroom over there, and it’s not just odd items that have seen price spikes, though some stuff, like men’s and women’s underwear, has, and these experts can’t explain why. It’s common goods, like bread, which saw a near-12 percent price increase from last year (via ABC News):
The price of bread jumped 11.5% in June compared to a year prior, marking a cost increase nearly four times higher than overall inflation, according to government data. https://t.co/F8GMvJVLH6
— ABC News (@ABC) July 18, 2023
A better-than-expected inflation report last week bolstered hopes that a prolonged bout of severe price hikes is near its end -- but the costs of some staple items continue to soar.
Consumer prices rose 3% last month compared to a year ago, marking a significant slowdown from a peak last summer of more than 9%, government data showed.
The aftereffects of pandemic-induced supply chain blockages and the Russia-Ukraine war, however, have kept price hikes elevated for some crucial goods, such as bread and frozen vegetables, experts told ABC News.
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The price of bread jumped 11.5% in June compared to a year prior, marking a cost increase nearly four times higher than overall inflation. The cost of cookies jumped 8.8% over that period, while the price of beer leapt 5.4%, according to government data.
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Frozen vegetable prices soared more than 17% in June compared to a year prior, which makes for an inflation rate nearly six times higher than the overall pace. The cost of canned fruits jumped more than 8% over that period, meanwhile, and the price of canned vegetables rose more than 5%, government data showed.
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Price hikes also remain sky high for some apparel goods. The prices for women's underwear and swimwear jumped more than 7% in June compared to a year ago; the price of men's underwear climbed over 4% during that period.
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Price hikes also remain sky high for some apparel goods. The prices for women's underwear and swimwear jumped more than 7% in June compared to a year ago; the price of men's underwear climbed over 4% during that period.
"I did purchase underwear myself recently and literally made a comment to the store clerk saying it's getting expensive to wear underwear these days but there's no alternative," said [Mark] Hamrick, of Bankrate.com.
In general, such price spikes result from a "mismatch between supply and demand," Hamrick added, noting that he did not know the exact cause of the rise in underwear prices.
First, stop with the Ukraine war; the increase in the price of goods was soaring well before Kiev got subjected to Russian airstrikes. Second, the supply and demand mismatch might be attributed to the supply chain crisis, which also happened on Biden’s watch. The kicker is that ABC News delved into why so many Americans are not sold on “Bidenomics.” It’s because inflation remains inexcusably high, though they just told us it was falling:
One major reason why voters may not be giving Biden credit, economists said, is that inflation is still uncomfortably high and wages have only just started to keep up with price hikes. Powell said last week the target inflation rate of 2% is not expected to be reached until 2025, and more interest rate hikes could be in store to bring that data point down.
"It's painfully high," [Mark] Zandi said of inflation. "It's moderating but still people are having to shell out more of their income to maintain their purchasing power."
Political observers also noted bad economic news, such as when gas prices rose to over $5 a gallon or inflation reached a 40-year high, is often more salient in the news and to voters than good economic news.
The ABC News’ inflation piece headline read, “Inflation has plummeted, but these prices are still soaring.” And yet, eleven days ago, they reported, “inflation is still uncomfortably high.”
Americans don’t need to read this to know they’re being lied to—they feel it while paying the bills and every time they venture into the grocery store. The lack of respect Biden and the Democrats hold for voters, which usually presents itself contemptuously, reared its head in June when experts couldn’t explain what caused the inflation crisis.
After two years of surging prices, economists still can’t agree on what has caused the world’s worst inflation crisis in decades. https://t.co/9gcBEl5Szg
— CNN (@CNN) June 9, 2023
Whatever you do just don’t blame the trillions in printed money https://t.co/ApJQ6T5Ucw
— Tom Elliott (@tomselliott) June 10, 2023
Is the Inflation Reduction Act not working? https://t.co/EnSdLpfwHY
— Vanessa (@Nessakins_) June 10, 2023
I have two words: Joe. Biden.
Oh, and the trillions in spending, too. Printing all that cash might not be good if you want to curb inflation rates.
Good Lord, people.
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