Newt Gingrich

Former House Speaker; Chairman of Gingrich 360

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Opinion

‘Bidenflation’ will be the top concern for voters in November

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Newt Gingrich

Former House Speaker; Chairman of Gingrich 360

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The United States has one of the lowest inflation rates in the world today. The latest U.S. Consumer Price Index Summary, released on Wednesday, June 12, showed that inflation cooled slightly more in May, increasing by only 3.3% year over year, compared to the 3.4% expected by economists. While this is all good news for the economy, many Americans still say they are concerned about higher prices.

Watch the video above to hear why Straight Arrow News contributor Newt Gingrich says “Bidenflation” will be a key factor for Americans voting in November.


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The following is an excerpt from the above video:

Meghan McCain said the other night in a program I was in, she has several children now, and they spend something like $2,500 a month at the grocery store. Now they obviously buy pretty good food, and it’s pretty high quality, but she was stunned. And she didn’t particularly like Trump. But at the same time, she can’t afford Biden.

And I think this notion which I watched, and I lived through, I was a freshman congressman when Jimmy Carter lost control of inflation, and all of a sudden prices began to shoot up, and people found they couldn’t afford to fill up their gas tank, they couldn’t afford to go to the grocery store, they certainly couldn’t afford to eat out. I saw one recent article that says something like 80% of the American people now regard going to fast foods as a luxury, because the price, of course, keeps going up. Big Mac’s a lot more today than it was five years ago.

And that’s true across the board. So whether you’re buying furniture, or you’re buying groceries, or you’re trying to rent a house, or buy a house, or buy a car, every time you turn around, things are more expensive. And I think that Bidenflation, in that sense, will probably become, in the end, the biggest single issue in September and October. And I frankly don’t see how they’re going to get away from it.

With all the talk and all the focus on trials, whether it’s President Trump’s trials, or Hunter Biden’s trials, and all the effort to understand what it means politically, I’m going to go out on a limb and suggest to you that what really is going to matter in the end, is Biden inflation. I saw one column by Maureen Dowd in the New York Times, where she said that her sister, who had always voted Democrat, had decided she wouldn’t vote for Biden again. And she had three reasons. First, he was too old, she didn’t think he could serve four more years. Second, and this is the key that she went to the grocery store, bought 10 items, and it came to $100. And she simply couldn’t afford four more years of Biden inflation. And third, she was really offended, by the way that the Biden team had broken the law to try to get Donald Trump. But it was the middle one that caught me. And I talked to people again and again, going to the grocery store now is painful. Meghan McCain said the other night in a program I was in that she spent she had several children now. And they spend something like $2,500 a month at the grocery store. Now they obviously buy a pretty good food. And it’s pretty high quality. But she was stunned. And she didn’t click the like Trump. But at the same time, she can’t afford Biden. And I think this notion which I watched, and I lived through, I was a freshman Congressman, when Jimmy Carter lost control of inflation, and all of a sudden prices began to shoot up. And people found they couldn’t afford to fill up their gas tank, they couldn’t afford to go to the grocery store, they certainly couldn’t afford to eat out. I saw one recent article that says something like 80% of the American people now regard going to fast foods as a luxury, because the price, of course, keeps going up a Big Macs a lot more today than it was five years ago. And that’s true across the board. So whether you’re buying furniture, or you’re buying groceries, or you’re trying to rent a house, or buy a house, or buy a car, every time you turn around, things are more expensive. And I think that Biden inflation in that sense, will probably become in the end, the biggest single issue in September and October. And I frankly don’t see how they’re going to get away from it. It’s not about this month’s inflation rate. It’s about the last three and a half years. And the fact that if you measure from the beginning of the Trump presidency to the end, and then you measure from the beginning of the Biden presidency to the end, there was massively greater price increases. Under Biden, part of the reason is that everything the Federal Reserve System has done to slow down the rate of inflation by contracting the availability of money by raising interest rates, all those things have an effect on the private sector. But if at the same time, the Biden administration is spending trillions of dollars in spending, that isn’t covered, and therefore increases the deficit. That is an increased inflationary pressure. So the result is, prices keep going up. People keep hurting, and I think that’ll be the biggest single issue thus far.

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