While then-candidate Joe Biden campaigned on a promise to return hope to America, he has instead presided over a steep rise in inflation since taking office. What’s more, the president apparently has no idea what to do about it.
The New York Post recently published a report detailing how Americans are being affected by escalating prices — and it spoke with at least one expert who said they don’t expect inflation to slow any time soon.
For its report, the Post interviewed a Chicago woman named Allison who works in education. “I used to spend $70 a week, but all of sudden this summer, I noticed that I couldn’t leave the store without spending at least $120,” Allison explained.
The spiraling costs have left Allison and her family with little to spare. “There are no more splurges like going to Home Depot to buy an extra plant or eating out,” she said.
Prices going up
Allison’s experience is far from unique. Chuck Grom works as an analyst with the investment research firm Gordon Haskett, and he told the Post plainly that “price increases will continue until the middle of next year.”
He pointed to an announcement from PepsiCo that stated the company will be again raising prices on its products in 2022. He also cited increases in the cost of milk, meat, eggs, and other products at grocery stores.
Mark Zandi, a chief economist at Moody’s Analytics, agrees that the situation is becoming dire.
He said that the average household earning around $70,000 a year will have to pay an additional $175 per month on necessities. “That’s the equivalent of a full grocery, electric, or cell phone bill,” he told the Post.
What’s more, the Post reports that the U.S. Census Bureau’s latest Household Pulse Survey found the number of households who say it is “very difficult” to pay their expenses has climbed 8% since August.
Biden tanking in the polls
Despite the growing number of Americans facing financial hardship, the Biden administration seems to be downplaying the growing fears about America’s economic recovery post-pandemic. When asked about high gas prices this week, White House Press Secretary Jen Psaki said that the issue has to be balanced against concerns over climate change.
“Certainly, we all want to keep gasoline prices low, but the threat of the crisis — the climate crisis — certainly can’t wait any longer,” Psaki stated, according to the Daily Caller.
That could explain, at least in part, why the president has tanked in the polls. A Quinnipiac survey published this week showed that only 39% of Americans approve of how Biden has handled the economy — and as prices continue to rise, the numbers are only going to get worse for him.