American consumers continue to see prices rise on goods and services, which hurts their pocketbooks, and is hurting Joe Biden’s approval rating.
The price of gas was up 1.2 percent in September and is up 42.1 percent compared to a year ago.
Winter is coming soon to many areas of the country, which is going to cause further headaches for consumers who live in cold areas. The fuel oil used to heat many homes is already up 42.6 percent compared to last year.
And anyone that has been to a grocery store has likely noticed that prices are much higher on many goods, including meat, which has seen a 12.6 percent increase from this time last year.
Although wages have been rising, they have been rising at a rate lower than that of inflation, which is placing a further burden on American consumers.
After first sounding bearish on the prospects of rising inflation, Federal Reserve Chairman Jerome Powell has changed his tune.
On Sept. 22, Powell told reporters, “As the reopening continues, bottlenecks, hiring difficulties, and other constraints could again prove to be greater and longer-lasting than anticipated, posing upside risks to inflation.”
In response, the Biden administration has faced backlash for appearing to be out of touch with the plight that inflation is causing everyday Americans.
Last month, Biden’s Chief of Staff Ron Klain retweeted a tweet from Harvard economist Jason Furman, which referred to inflation as a “high-class problem.”
Similarly, when asked about how inflation impacts the financial decisions Americans make, Press Secretary Jen Psaki drew criticism for her explanation of how inflation is impacting Americans.
At an Oct. 13 White House Press Briefing, Psaki said: “And also because we all understand the American people are not looking at the cost to cost comparisons from this year to two years ago, they’re looking at the cost to cost comparisons to their checkbooks from eight months ago or twelve months ago and even though factually, if you look back to years ago things may be comparative, that’s not how people look at things.”
It is comments like those, and the Biden administration’s handling of the economy, that have drawn the ire of Florida Senator Rick Scott.
Appearing on “Fox News Sunday” Sen. Scott said: “If you look at what they’re talking about with this — name whatever the bill is — all it’s going to do is cause more inflation,” he said. “Look at what it’s doing to poor families in this country, with gas prices up 55%. Go to the grocery store, food prices are up. It’s all caused by government spending.”
It appears that at least in the near term, “Bidenflation” is here to stay.