Making Americans pay: Another first for Biden as durable goods prices hit nearly 50-year high

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WASHINGTON, DC – The U.S. Department of Commerce has announced that prices of big-ticket consumer goods rose over the past 12 months at a pace not seen in nearly 50 years.

Data shows that the personal consumption expenditures price index for durable goods, defined as products intended to last three years or more, increased one percent in January from a month earlier, the Commerce Department announced Friday.

That mirrored the December increase and, without last year’s drastic price rises, would have been the largest gain since 1980.

Making Americans pay: Another first for Biden as durable goods prices hit nearly 50-year high
President Joe Biden. YouTube screen grab

Compared with January 2021, prices of durable goods were up 11.6 percent, marking a 47-year high, the largest annual increase since 1975.

After a 25 year-pattern of prices consistently falling from one year to the next, American consumers are learning a few old terms, such as sticker shock, as they grapple with inflation. President Joe Biden has insisted, though, that inflation is temporary, despite the numbers consistently heading up.

In the nondurable goods category, prices rose 7.2 percent compared with the year before. Prices in the service sector, such as airline tickets and hotel rooms, were up by 4.6 percent in an area of the economy that has not yet recovered from the pandemic.

In an interview with leftist podcaster Brian Tyler Cohen, Biden recently claimed that COVID-19 has made Americans so psychologically unstable they can’t understand that his economy is wonderful.

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“Bidenflation” destroying consumer confidence, drops it to ‘stunning’ 10-year low

February 17, 2022

The editorial comments in this article are brought to you by a United States veteran and current staff writer for Law Enforcement Today.

ANN ARBOR, MI – The University of Michigan recently released their monthly report measuring consumer confidence.

The initial February rankings dropped to 61.7, a five and one-half point drop from the January. Economists were anticipating the number to remain relatively close to last month’s survey findings.

The 61.7 is the lowest number recorded by the UM survey since October 2011, less than 3 years into Obama’s first term. It was nearly 20 points down from the same time last year.

As reported by Breitbart:

“The component of the index that measures consumers’ views of current conditions dropped to 68.5 in February from 72 in January. The gauge of expectations fell to 57.4 from 64.1.”

All of these numbers come in the midst of the highest level of inflation 40 years.

And it all points to a “sustained downturn in consumer spending.”

“The depth of the slump, however, is subject to several caveats that have not been present in prior downturns: the impact of unspent stimulus funds, the partisan distortion of expectations, and the pandemic’s disruption of spending and work patterns,” chief economist of the survey Richard Curtin said.

Wait, you mean government lockdowns and other pandemic policies have had an impact on Americans and their financial stability?

And politicians are playing a partisan game? Makes you wonder if the media is also playing a part.

Looks like they are.

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In a Valentine’s Day 2022 article, the AP’s Josh Boak wrote an article discussing inflation and voter confidence. The opening statement read:

“President Joe Biden came into office with a plan to fix inflation — just not the particular inflationary problem that the country now faces.”

Exactly which inflation crisis he was planning to fix is unclear.

When Biden took office, the inflation rate was at 1.4%, which was 1.1% lower than Trump inherited when he took office.

In fact, over the last 12 months of Trump’s economic policy, the inflation rate averaged 1.14%. Over the first 12 months of Biden’s administration, the average has been 5.2%.

Both of those years saw a President trying to navigate our nation through a pandemic.

Yet, somehow Biden, Pelosi and the rest of the Democrat party is busy trying to convince the American people that their strategies are in our best interests. The truth is, since 2000, no president has averaged more inflation growth over any 12-month span of their administration than Joe Biden.

Under the current administration, it has gone up 5.33%. The previous four administrations worst 12-month average, in descending order from Trump to Clinton (Clinton’s final 12 months), averaged 2.45%, 3.3%, 3.8% and 3.5%.

Biden and team have also created the largest 1-year average increase from what they inherited. In fact, the breakdowns since Clinton left office until today look like this by presidential administration:

George W. Bush inherited 3.7% but left Obama 0% growth. Obama in turn took that and left Trump 2.5%. Trump policies, both foreign and domestic, reduced the hand-off by 1.1%.

But what does all this mean to the American consumer? The buying power of the dollar has been impacted tremendously.

Assuming that the average inflation during Biden’s four years in office remained the same, it would cost an additional $205.19 per $1000 spent to purchase the same things being purchased before he took office.

A $30,000 vehicle purchased in 2020, would cost $36,155 in 2024. Assuming a 5% interest rate on a 5-year auto loan and 5% sales tax, that 2020 purchase would total $36,526 and a monthly payment of $507.

Biden’s failed economics would cost the American consumer $101 more per month and a total of $7,305 over the life of the loan.

So, while the White House claims that Biden’s economic plan is working and celebrates the fact that a 4th of July Cookout was down $0.16 from the previous year, the average American is not feeling overly festive at the moment.

So, how do we stop this rapid ascent we currently find ourselves in?

That answer is simple.

Stop voting for progressives that believe the government has the ability to simply print more money and then just give it away. Stop voting for individuals that believe things like Build Back Better work.

These particular politicians believe that they can simply conjure up trillions of dollars in government spending, claim that no one will have a tax increase (except for those who make more than $400,000), and that it is completely funded.

These are merely empty talking points. The reality is progressives are treating the Federal Reserve as their personal ATM and running under the assumption that it has unlimited funds available for withdrawal.

And Joe Biden is plugging away at enabling this spending spree. But hey, at least there are no more mean tweets.

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