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In article <t1nhe4$35dh9$9@news.freedyn.de>
<governor.swill@gmail.com> wrote:

Inflation has skyrocketed throughout Biden’s first year in office

Inflation has soared during President Biden's time in office,
leaving many Americans paying more for essential items.

Inflation rose to 8.54% in March from 7.57% in February, having
skyrocketed throughout Biden’s first year in office. Economists
have pointed to Biden's signature multi-trillion dollar spending
package as one of the drivers of inflation.

Inflation is the rate at which prices for goods and services
increase over time. In other words, it is the rate of how much
more a person has to spend to get the same amount of a good or
service.

Biden and the Democrats have been pointing their fingers at
Putin as the reason for the price hike, but Republicans are
looking to the West Wing as the source of the economic troubles.

"Inflation is substantially outpacing wage growth, which means
Americans have taken a pay cut under the Biden presidency,"
Republican Study Committee chairman Jim Banks, R-Ind., told Fox
News Digital.

"Liberal, Obama White House economists warned the Democrats’
reckless spending would hurt working families, but Joe Biden and
Nancy Pelosi simply don’t care and want to spend even more,"
Banks continued.

Government policies heavily impact inflation, as the federal
government is the steward of the market, meaning an increase in
government spending or the introduction of more dollars into the
market by the government would drastically affect the value of
the dollar.

Americans are already seeing the crimson signs of their dollar
not going as far as it used to: gas prices are skyrocketing,
rent costs are rising, and food is becoming more expensive.

Groceries
Food costs across the board are expected to continue rising,
with a warning of global food shortages coming from Biden last
month. The president cited his sanctions of Russia for their war
in Ukraine as a factor in the expected shortages.

Rep. Kevin Hern, R-Ok., a House Ways and Means Committee member
and co-chair of the Small Business Caucus, told Fox News Digital
that businesses "rely on stability in the market and consistency
from their government."

"From the farms that grow our food to the factories that process
it to the truck drivers to who deliver it to grocery stores and
restaurants – everyone is experiencing volatility in the
aftermath of pandemic restrictions and conflicting messages from
their government," Hern said.

The Oklahoma Republican said that speaking "from experience as a
restaurant owner, even a delay of a few hours on a shipment
could mean shortages on the menu" and that the "delays we’re
looking at now will be much more substantial, and they’ll impact
grocery stores and restaurants of all sizes."

"It’s probably too late to prevent a food shortage crisis
entirely, but it’s not too late to take action to limit the
damage by incentivizing employment, restoring stability, and
strengthening our supply chain," Hern added.

Fuel and gas
Georgia Rep. Austin Scott agreed with his fellow Republican,
saying that no "American should have to choose between filling
their gas tanks or their stomachs, but that's the reality for
many under this administration."

"Biden’s irresponsible policies and the Left’s overspending are
to blame," Scott continued, adding that "Biden’s gas crisis
makes food more expensive."

"Fuel prices contribute to rising food costs because farmers and
truckers need diesel to operate and transport supplies," Scott
said. "Our reliance on foreign oil directly impacts our grocery
bills."

The average gas price in the U.S. currently sits over $4 a
gallon, and the hefty fuel prices are making workers reconsider
going into the office to work as businesses resume normal
operations after the pandemic.

The war in Ukraine has put a strain on the global oil supply,
but the Democrats have also largely targeted fossil fuels in
their aim to transition America to a green energy economy.

Republicans have also hammered Biden over his decision to nix
the Keystone XL pipeline in America while previously lifting
sanctions on Russia’s Nord Stream 2 pipeline.

The Biden administration’s messaging to Americans encouraging
them to buy electric vehicles to deal with the rising fuel
prices has also drawn criticism from Republicans.

Not just the gas, the whole car
Additionally, car prices are up in the U.S. due to chip
shortages and supply chain issues that have made buying a new
car, including electric vehicles, difficult for many Americans.

In fact, people who bought new cars in January 2022 were paying
12.2 percent more than they would if they bought the car a year
earlier. Market analyst Stephanie Brinley told CarAndDriver.com
she does not "see MSRPs going down" but that the price
volatility could calm down once supply meets demand, predicting
that to happen in "late 2023, early 2024." Used car prices
haven’t escaped inflation, either, with them being up 28%,
according to Kelley Blue Book.

Rising fuel prices have put heavy strain on the supply chain,
making it more difficult for car manufacturers to keep up with
demand as Americans get back to work.

Home energy costs
Food, fuel, and transportation are just three necessities for
everyday American life, but inflation doesn’t just stop at the
pump or grocery store: people are feeling it at home, too.

Utility prices have jumped from inflation, too, with electricity
costs up nine percent in February and piped gas up 24 percent.
Typically, utility costs go up in the winter, but the rising
prices have been steadily increasing for the past year.

Not just heating, the whole home
Rent prices are up, as well, with the average cost of a two-
bedroom apartment in February 2022 costing $1,295 per month — up
nearly $200 from the $1,100 average price in February 2021.

Reuters reported last week that the average rate for a 30-year
fixed-rate mortgage hit a 12-year high of 5.2 percent. This
comes coupled with a cooling housing market as more potential
buyers aren’t purchasing homes.

Additionally, as high inflation rates make it harder for
individuals to buy homes, investment firms are buying up
properties, including entire neighborhoods.

Republicans also slammed the administration for pointing their
finger at Putin for the rising prices when inflation has been
going up since Biden took office last year.

"I’m tired of the administration blaming the war in Ukraine on
inflation when prices skyrocketed day one Biden took office,"
Scott said. "We had intelligence in December that Russia was
going to invade Ukraine, and Biden should have imposed sanctions
last year to defund the Russian war machine and reduce our
reliance on foreign oil."

The rising prices could spell trouble for Democrats as they head
into a tough re-election year that is predicted to see heavy
Republican gains.

https://www.foxbusiness.com/politics/five-things-cost-more- inflation-biden-policies

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