Biden’s Biggest Problem? Prices Soaring Faster Than Earnings

A bunch of big stories today. President Biden says Israel is losing support. Senator Schumer and the Democrats still won’t come to their senses on closing the border, even as tens of thousands of illegal migrants are streaming into America. And President Trump appears to be fighting Jack Smith and the Supreme Court. First, though, a few quick points illustrating why President Biden is so unpopular. Consumer inflation jumped slightly in November, marking the 32nd straight month with annual inflation rising significantly faster than the 2 percent Federal Reserve target. Hat tip to Breitbart’s John Carney for nagging all of us about this key point: inflation has slowed, but it’s still rising and it’s still well above the Fed’s own target. Yet here’s Mr. Biden’s problem: since February 2021, his first month as President, consumer prices are up 17 percent. Yet average weekly earnings are up only 12.8 percent. So that’s a drop in take-home pay of over 4 percent. That’s a killer for Joe Bidenomics. Meanwhile, grocery prices are up 21 percent. That’s another killer for Joe Bidenomics. Energy prices, which have come down a bit, are still up over 30 percent. Gasoline prices have come off their highs but are still at $3.13 — they were $2 last Christmas. Ouch. Another killer for Joe Bidenomics. Eating at home? Chicken is up 24 percent. Beef up 22 percent. Cereals and bakery up 25 percent. You gotta eat your veggies, and have some fruit too, but that’s up 13.5 percent. Milk for the babies? Dairy’s up over 16 percent. And here’s another one you might not think of — fertilizer is up nearly 36 percent. Why is that important? Because it affects farm prices, big time. And why is fertilizer up 36 percent? Because of the Bidenomics Green New Deal war on fossil fuels. Even with all these economic and political killers, Mr. Biden still hasn’t wised up. He just intensified his war on natural gas, by issuing a regulation to abolish methane. As Steve Moore points out, this is truly preposterous, because natural gas — a clean-burning fuel — is the biggest reason that carbon emissions have declined in recent years. Joe Bidenomics wants to abolish coal and natural gas, which is 60 percent of our electric power. And, of course, natural gas comes from oil. So that closes the fossil fuels circle. This is crazy. Killing electricity. Jacking up farm and food prices. Sinking family wages. You know, I’d really like to meet the Emirati Sultan Ahmed Al Jaber, who said: “Please, help me, show me the roadmap for a phase-out of fossil fuel that will allow for sustainable socioeconomic development, unless you want to take the world back into caves.”From Mr. Kudlow’s broadcast on Fox Business Network.

Biden’s Biggest Problem? Prices Soaring Faster Than Earnings

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