The Biden administration would have us believe that the current squeeze on American wallets from rising costs is simply “transitory.” In July, the President stated, “I want to be clear: my administration understands that were we ever to experience unchecked inflation in the long term, that would pose a real challenge for our economy.” He further denied the idea that inflation would prove persistent and promised that his administration would address supply chain issues and other contributing factors to the rise in consumer prices.
Fast forward now to November with the holiday season looming and inflation still rising. Biden’s Transportation Secretary recently stated that the supply chain crisis “will continue into next year,” perpetuating inflation further. Data released from the Labor Department yesterday revealed rates of inflation that exceeded estimates. The Consumer Price Index rose 6.2% since last October, reaching its highest level in 30 years. Fuel prices are up 59.1% in the last year. Even President Biden offered acknowledgment of the price of gas at the pumps this week: “Did you ever think you’d be paying this much for a gallon of gas? In some parts of California, they’re paying $4.50 a gallon.” Grab those frozen turkeys and cans of pumpkin early if you can, before prices continue to rise even further.
If you’re wondering about the driving factors behind this year’s extravagantly expensive Thanksgiving meal, the Wall Street Journal’s opinion piece from this week provides a damning review and breakdown of Biden’s economic policies and their role:
Step 1: Pump the economy with $1.9 trillion of new spending (March 2021), even after the $4 trillion in Covid relief from last year, leading to increased demand.
Step 2: Prolong incentives not to work through extended unemployment benefits. Watch as consumer demand grows, outpacing supply, both in products and workforce.
Step 3: Kill U.S. drilling jobs and create energy dependence on the oil cartel known as OPEC, resulting in increased fuel prices.
Step 4: Enact a vaccine mandate that will see more Americans out of work and the labor shortage growing.
As the President prepares to sign his prized $1 trillion infrastructure bill on Monday, Americans look to pay more for nearly every component of their Thanksgiving Day celebration, from the turkey and pumpkin to the gas they use to drive to family and friends.