New Economic Numbers Deal Crushing Blow To Biden-Harris
Democrat presidential nominee, Vice President Kamala Harris, has acknowledged the reality of rising prices, and the data backs up her concerns. Following her nomination, she delivered a speech highlighting the soaring costs of essential goods, a sentiment shared by former President Donald Trump, who blamed the current administration, including Harris, for the worsening economic situation.
The numbers are even more troubling than what Harris disclosed, according to The Daily Caller.
“Prices have surged by approximately 21% since November 2020, with inflation peaking at 9% year-over-year under Biden in June 2022. Although inflation has slowed to 2.4% as of September 2024, certain household staples have seen disproportionate price hikes,” the report explains. Essential items like eggs and butter, for instance, have skyrocketed by 163% and 50%, respectively, during this period.
The inflationary pressure has hit other products hard as well. Prices for uncooked beef products have increased significantly: roasts are up over 31%, ground beef by nearly 27%, and beef steaks by 28%. Additionally, bread prices have risen more than 23%, while bakery products are up nearly 27%, according to the Bureau of Labor Statistics (BLS).
O.H. Skinner, executive director of the Alliance for Consumers and former Arizona solicitor general, emphasized how inflation has hurt everyday Americans. “Inflation has been one of the most brutal drivers of pressure on consumers in recent years. Almost nobody can keep up with the cumulative rise in prices,” Skinner said. He added that cumulative inflation is reshaping the shopping experience in a "brutal way."
When President Joe Biden took office, inflation stood at 1.4%, with a cumulative rate of around 8%. But now, as Democrats look to retain the White House, the inflation rate has increased by 21% under the Biden-Harris administration, creating a cost-of-living crisis and declining real wages for average Americans. Alfredo Ortiz, president of the Job Creators Network, stressed the severity of the situation. “Only by electing conservatives who believe in a sound dollar, economic growth, and deficit reduction can we finally make America affordable again,” Ortiz said.
The economic impact of inflation has also shifted voter sentiments. After the debate between Trump and Harris, a CNN poll revealed that more voters trust Trump over Harris on the economy. Before the debate, Trump had a 16-point lead (53%–37%) in economic trust, which increased to 20% (55%–35%) after the event.
During the debate, Trump spoke at length about the current economic difficulties. “We’ve had a terrible economy because of inflation — it’s really known as a country buster. We have inflation like very few people have ever seen before. Probably the worst in our nation’s history,” Trump said. He also promised to cut taxes and restore the economy to its former strength, claiming, “We had the greatest economy.”
As the race for the White House intensifies, the economic debate will likely play a significant role in shaping the final outcome.