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Spiking inflation, supply shortages and a shipping crisis: Will Biden’s economic nightmare ever end?

Nov 18, 2021

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Americans are facing an expensive holiday season. Record-high inflation means everything from new cars to hot dogs have become more costly. Beef prices prices soared 20 percent since last year, and furniture prices are up an average of 12 percent. President Joe Biden blames the pandemic and says the inflation is temporary.

“The pandemic has been calling the shots for the economy and for inflation,” Treasury Secretary Janet Yellen said. “And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do.”

But frustration for consumers has extended past the price tags. Supply shortages and a shipping crisis mean empty shelves and higher demand.

Senate Republicans, like Mitch McConnell (R-KY), have been skeptical of the President’s economic strategy.

There’s no relief in sight,” McConnell said.

However, President Biden promises that his newly signed infrastructure bill will help modernize ports and ease future supply chain issues.

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Gwen Baumgardner: The U.S. FACES RECORD-HIGH INFLATION, WITH PRICES SOARING MORE THAN 6% IN THE PAST YEAR. 

THAT’S DOUBLE THE AVERAGE RATE, AND ACCORDING TO THE LABOR DEPARTMENT, A 31-YEAR HIGH.

BETWEEN HIGHER PRICES, LESS SUPPLY AND A SHIPPING CRISIS, PRESIDENT BIDEN IS DEALING WITH AN ECONOMIC NIGHTMARE. Is there an end in sight? 

LET’S GET THIS STRAIGHT.

SINCE LAST YEAR, BEEF PRICES ARE UP 20 PERCENT, FURNITURE AND BEDDING ARE UP 12 PERCENT. AND NEW CARS ALMOST 10 PERCENT.

REPUBLICANS SAY YOU HAVE THE PRESIDENT’S STIMULUS PACKAGE TO BLAME FOR THAT.

Sen. Mitch McConnell: “There’s no relief in sight. It’s a direct result of flooding the country with money. The American Rescue Plan… produced raging inflation.”

Baumgardner: PRESIDENT BIDEN BLAMES THE PANDEMIC AND SAYS THE INFLATION IS TEMPORARY.

President Joe Biden: “WE GOT HIGHER DEMAND FOR GOODS AT THE SAME TIME WE ARE FACING DISRUPTIONS IN THE SUPPLIES TO MAKE THOSE GOODS.”

Baumgardner: ECONOMICS ONE-O-ONE… SUPPLY AND DEMAND.

THE PANDEMIC CURBED PRODUCTION IN A VARIETY OF SECTORS, INCLUDING MEAT PACKING PLANTS WHICH IS IN PART WHY THE COST OF CHEAPER CUTS LIKE HOT DOGS AND HAMBURGERS ARE ON THE RISE.

WITHOUT ENOUGH MERCHANDISE COMING TO STORES SHELVES AND DEALER LOTS, THE PRICE IS GOING TO KEEP GOING UP.

DESPITE RUNNING 24/7, SOME AMERICAN PORTS ARE STILL FACING BOTTLENECK ISSUES. 

BUT BIDEN CONTINUES TO TOUT HIS INFRASTRUCTURE BILL, PROMISING THAT 17 BILLION OF IT WILL HELP MODERNIZE PORTS AND EASE INFLATION.  

IN THE INTERIM… A BIT OF GOOD NEWS.

WHILE YOUR CHRISTMAS GIFTS ARE NOT GUARANTEED, ALCOHOL AND AIRLINE PRICES ACTUALLY DECREASED LAST MONTH. 

BUT I WANT TO HEAR FROM YOU. WHAT HAVE YOU PURCHASED LATELY THAT’S GIVEN YOU STICKER SHOCK?

LET ME KNOW IN THE COMMENTS BELOW.