It's hard for Mr. and Mrs. America to feel good about the Biden economy
The new inflation report was released, and it's full of numbers:
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment.
Increases in the shelter, food, and medical care indexes were the largest of manycontributors to the broad-based monthly all items increase. These increases were mostly offset by a 10.6-percent decline in the gasoline index. The food index continued to rise, increasing 0.8 percent over the month as the food at home index rose 0.7 percent. The energy index fell 5.0 percent over the month as the gasoline index declined, but the electricity and natural gas indexes increased.
So Mr. and Mrs. America somewhere in a suburb understand that food prices will continue to increase, electricity costs will hit the family budget between the eyes soon, and gas prices are going up, according to Treasury. As a side note, my wife and I are volunteers in a Catholic charity that helps people with money problems. Our telephone line is constantly ringing, and voicemails make it clear that paying electricity bills is a problem for many people. It's not a pretty situation, and one that we have not seen in our long involvement with this group. Our church food pantry is also helping many families every day.
It's hard for Mr. and Mrs. America to feel good about the Biden economy, especially with the White House boasting about the Inflation Reduction Act. The deadly combination of rampant inflation and the loss of buying power are major problems for Biden ahead of the November. It does not help that many polls show that Americans blame Biden for the price spike.
So whom is the White House going to blame this time? I'm sure that they will blame somebody, or want to talk about abortion rights, but the public is not buying any of that right now.
Image: A Mclin.