Bidenomics: Americans See Massive Jump in Inflation

Spencer Brown | July 13, 2021 9:45 AM

Inflation is again hitting Americans' wallets harder than it has in years as the U.S. saw its third straight month of rising prices, up 5.4 percent from last year in data released Tuesday — a larger surge than the 5 percent experts predicted. As even Morning Joe and the Associated Press note, that is the "sharpest 12-month inflation spike since June 2008."

The Biden-Harris economy:

"Inflation jumped 5.4% in June - that's the biggest rise since 2008"

"Inflation is something Americans are going to be worrying about for quite some time" pic.twitter.com/hhoiDVN4RK
— Chris Martin (@chrisjdmartin) July 13, 2021

Some Democrats and their media allies say increasing inflation is a sign that President Biden's "build back better" recovery plan is working, but when looking at the items driving inflation, their justification — that Americans are back to normal and active in parts of the economy for the first time since Wuhan coronavirus restrictions hit causing demand do outstrip supply — does not add up.

Love how the media are spinning inflation as a wonderful sign of economic progress under Biden pic.twitter.com/APNj3Kopub
— Joel Pollak (@joelpollak) July 13, 2021

Millions of Americans traveled for the Fourth of July weekend, but that wasn't the first time Americans were on the go this year. Furniture, bacon, fruit, TVs, shoes, milk, and rent were all still being paid for during the pandemic, and are not new post-pandemic activities that entirely validate what Biden's allies claim.

Here are the items really driving up inflation:

Car rental 87.7% (y/y change)
Used cars 45.2%
Gas 45.1%
Laundry machines 29.4%
Airfare 24.6%
Moving 17.3%
Hotels 16.9%
Furniture 8.6%
Bacon 8.4%
TVs 7.6%
Fruit 7.3%
Shoes 6.5%
Fresh fish 6.4%
New cars 5.3%
Milk 5.6%
Rent (OER) 2.3%
— Heather Long (@byHeatherLong) July 13, 2021

Republicans on Capitol Hill responded with criticism for the Biden economic agenda and measures "rammed through" by Democrats, pointing out the apparent justification of their previous concerns about inflation.

It’s not a coincidence that Democrats took charge of the government, rammed through the largest so-called “relief” package in American history and now we’re bracing for the highest inflation in decades.

And they want to spend more! No thanks.https://t.co/KGkduXmKOk
— Jim Banks (@RepJimBanks) July 12, 2021

As Townhall has previously reported, Americans experienced the most expensive Independence Day weekend in years earlier this month, despite the White House cherry-picking data to herald a $0.16 cheaper Fourth of July BBQ.