(TheConservativeNews.org) – When Biden took office, we saw a sharp increase in prices on everything from groceries to ammo to building supplies. Of course, the White House denies having anything to do with it. However, some people are calling the increase “Bidinflation.”
Bidinflation
The term combines President Biden’s name with “inflation,” or a general rise in prices. Bidinflation gained traction as inflation through the spring continued to rise. There was a 0.3% increase in January, 0.4% in February, and 0.6% for March — all before a whopping 0.8% rise in May.
The Culprit
Prices for everything increased, but people had less money to spend on it all. Grocery prices skyrocketed even further, most of which Brian Deese, director of the National Economic Council (NEC), attributes to spikes in beef, poultry and pork. According to Deese, if you take away those three products, the inflation on other groceries is in line with historical norms. The director added that fruit has actually decreased in price compared to last year.
The NEC director noted that the reason behind the large increase in meat prices is largely due to the fact that there are four companies in that market controlling each respective area. The lack of competition has allowed these companies to continue driving up the prices of their products because they know people will pay for them.
President Biden asserts the inflation is only temporary, while many people blame him for the increased prices. During the September 8 press conference, Jen Psaki, President Biden’s press secretary, admitted inflation is a problem.
Impact on Americans
Rising prices alongside rising wages is a sign of good inflation and a healthy economy. Even so, when wages are at a standstill and prices continue to increase, it spells trouble, especially for people on tight budgets. Countless families all across the country are struggling every day just to stay fed and off the streets.
When companies start raising the prices of food on these people, the poorest of them are going to skip out on eating meals or paying their rent, both of which hurt not only them but also the economy. Companies increase prices even more to make up for what they’ve lost, further stressing people; it’s a downward spiral the United States cannot afford.
The Biden administration needs to get control over the inflation and make changes before the economy collapses. Just like anything else, it will only be able to handle so much.
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