Ah, inflation—the gift that keeps on taking. While the headlines may scream “progress” as the consumer price index (CPI) clocks in at a 2.7% annual rate in November, the reality feels a lot less rosy. Sure, we’re not at the panic-inducing peaks of 2022, but for households staring down higher grocery bills and steep rents, the celebration feels a little premature. But hey, President Biden’s here to tell us everything’s fine, right?
According to the Bureau of Labor Statistics, inflation’s slight uptick from October to November is all par for the course. The core CPI—excluding volatile food and energy costs—held steady at 3.3%. Translation: the stuff you buy every week is still too expensive, and no, that “deal” on eggs doesn’t make up for your skyrocketing rent. But don’t worry, the Federal Reserve is expected to shave another quarter-point off interest rates next week, hoping that will magically fix everything. Because nothing says stability like the Fed playing economic Whack-a-Mole.
Meanwhile, Biden gave what might be his swan song on the economy at the Brookings Institution, patting himself on the back for what he calls a historic economic record. Historic? Maybe—for all the wrong reasons. He touted his “middle-out and bottom-up” strategy, which sounds lovely until you realize the middle class is getting squeezed from every angle. Jobs have been created, sure, but inflation has chewed away at paychecks faster than you can say “Bidenomics.” And housing prices? Forget about it—unless you’re willing to sell a kidney for a down payment.
Up until 1983, home prices were included in the CPI calculation
Those who say, “inflation today isn’t nearly as bad as the 1970s” are comparing apples to oranges
If we put home prices back into today’s CPI, we’re running closer to 6% pic.twitter.com/VRBH5cmgUT
— Amy Nixon (@texasrunnerDFW) June 22, 2024
Biden had the audacity to take a victory lap on closing the racial wealth gap and record-low unemployment while glossing over the obvious: voters are furious. Democrats got walloped in the last election, with concerns about inflation leading the charge. Maybe that’s because a 9% peak inflation rate during his tenure isn’t exactly a badge of honor. Sure, it’s dropped to 2.7%, but voters don’t care about percentages; they care about what’s left in their wallets after a trip to the gas station or grocery store. Spoiler alert: it’s not much.
But Biden didn’t stop there. Oh no. He threw in some jabs at Donald Trump, warning against a return to “trickle-down economics.” His claims about Republicans offshoring jobs and slashing taxes might carry more weight if voters hadn’t just handed the GOP control of both chambers of Congress and the White House. That’s what happens when people lose faith in your leadership—they try the other guy, even if they’re unsure about him, too.
Biden went on to warn about Trump’s tariff plans, which he believes could reignite inflationary pressures. But considering Biden’s own policies haven’t exactly tamed costs or addressed the ballooning deficit, it’s a little rich to hear him wagging his finger about fiscal responsibility. And let’s not forget: the same tariffs he criticizes have often benefited states run by his Democratic allies. Funny how that works.
Joe Biden tries to spin his administration’s failed economic record, falsely claiming inflation is down.
Reality check: Inflation has soared to 20.5% under the Biden-Harris administration. pic.twitter.com/ypQex2rfq1
— Advancing American Freedom (@AmericanFreedom) December 10, 2024
So, here we are: inflation is still stubborn, housing costs are through the roof, and the economy feels anything but steady for everyday Americans. Biden’s optimistic spin isn’t fooling anyone, and voters made that crystal clear at the polls.
Now, with Trump poised for a comeback, the economic landscape is bracing for yet another shake-up. Whether that means more growth or another inflationary mess is anyone’s guess, but one thing’s for sure: the American people are done with empty reassurances. Let’s hope someone in Washington is actually paying attention.
