The cost of energy has risen at 32 percent in the past 12 months–a bit shocking but not a bit surprising. Food prices continue to increase, too.
Some highlights: Ground beef up 13.8 percent, steak up 16.4 percent, bacon up 18.2 percent, pork chops up 13.8 percent, chicken up 13.4 percent, fresh fish up 11.3 percent, fresh whole milk up 14.5 percent, coffee up 11.2 percent, fresh fruit up 10.1 percent, lettuce up 12.0 percent, soup up 10.3 percent, baby food up 10.8 percent, breakfast cereal up 9.2 percent, biscuits and muffins up 10.8 percent, lunch meat up 12.7 percent.
To top it off, the price of housing has increased by 5 percent over 12 months ago, the highest increase in more than 30 years.
Indeed, Americans are quickly becoming worse off, particularly more economically deprived Americans. And the discontent is evident to Democrat politicians. In the end, Biden did suggest last December that inflation was approaching its highest point. However, it appears that there's no sign of a reduction in inflation coming.
“The Federal Reserve and the Administration failed to act fast enough, and today's data is a snapshot in time of the consequences being felt across the country,” Senator Joe Manchin (D-WV) announced today.
Maybe Manchin is right that the Fed did not do everything it could to stay ahead of the imminent crisis; however, President Joe Biden didn't merely fail to curb inflation, he deliberately caused it to rise. In injecting billions into the economy and restricting our energy sector, the rate of inflation got worse due to the decisions he made. To make matters worse, he has no clear plan for addressing the supply-chain issues that affect Americans as well as our consumer markets daily. Recent examples are empty shelves in the aisle for baby formula of local supermarkets and rationing being introduced by pharmacists.
In an attempt to tackle the issue of the rising cost of gas, the president (Big Joey) announced that he would lift the restriction on sales of gasoline with higher ethanol content that normally takes effect during the summer season. This is not going to have an immediate impact on the current plight at the pump.