Marc Abear: Biden claims responsibility for inflation coming down

To The Daily Sun,

Mr. Joe Biden claims inflation is coming down as a result of his economic policies. He points to Build Back Better, the Inflation Reduction Act and more recently Bidenomics. Yet the prices of goods and services continue to be up this year over last.

The Bureau of Labor Statistics released the May Consumer Price Index showing no month-over-month change in inflation. The CPI hit a "new all-time high" of 314.069. Prices are up 3.3% in the last year.

May's CPI report shows, over the last 12 months, shelter costs up 5.4%, motor vehicle insurance up 20.3%, medical care up 3.1%, and personal care costs up 2.9%. In May, the cost of shelter increased 0.4%.

Core CPI inflation excludes food and energy prices. How many of us don’t eat or use energy?

The change in cost of goods and services since Biden took office creates the picture:

Gas: +55.3%, Groceries: +21.2%, Eating out: +22.2%, Baby food: +28.4%, K-12 food: +65.1%, Pet food: +23%, Rent: +21.2%, Electricity: +29%, Natural gas: +22.2%, Used cars: +20.9%, Airfare: +39.9%, Public transportation: +27.2%

Real average weekly earnings: -3.9%

In May core CPI increased 0.2% making the 12-month increase 3.4%. That inflation rate is well above the Federal Reserve's published target of 2.0%.

The uncontrolled CPI is above the Federal Reserve's target rate meaning the task of controlling inflation is incomplete. The Fed is unlikely to lower interest rates until inflation is on target and under control; it’s neither.

Stubbornly high inflation continues to wreak havoc on small business owners and ordinary Americans. We are reminded of Bidenflation every day, with every purchase.

The way to bring prices back under control and raise living standards is by electing conservative candidates who will stop the reckless spending and anti-energy policies fueling inflation.

Marc Abear

Meredith