JIM “PAPPY” MOORE: Biden/Harris Inflation Stole Your Future
By Jim “Pappy” Moore
FACT: During Biden’s three years and six months, inflation has pushed your costs of everything UP by about 25%. And what’s more, it has eaten into the buying power for your savings. If you had $50,000 in savings when Biden took office, today its buying power is $37,500. That shrinkage of $12,500 in buying power is the worst “tax” of all.
If you were living on $2500 take home a month when Biden took office, you need take home income of at least $3125 per month now to get by. People on fixed incomes, like retirees, are hardest hit, as their savings are reduced in buying value. Costs of most necessities have increased significantly. Rent, gasoline, food, electricity, medical, dental, automobile insurance – all have risen faster than incomes.
For Social Security recipients, there have been several Cost-of-Living Increases required by law, but they have been measured in such a way that they do not cover the actual Costs of Living seniors have faced. Without a doubt, if you’re retired you have watched the buying power of your monthly income drop. You have seen your savings take a huge hit. Those have dwindled before your eyes.
The biggest problem with inflation is it means a permanent increase in costs – this year, the next, and beyond. Most of those prices are unlikely to drop. We do have some hope that energy costs could drop, however, if Trump implements his “drill, baby, drill” policies.
We could see gasoline drop below $2 a gallon again. We could see the cost of cooling and heating homes drop, as well. If we maximize production of oil, gas, diesel, and coal, we could see drops in those categories for many Americans. We cannot do it with Biden’s Green policies, with his war on natural gas, with his war on fracking, with his hobbling of drilling.
Inflation is the year over year change in the Price Level computed by the Bureau of Labor Statistics based upon a hypothetical “basket of goods” purchased by the average American consumer. The Price level is the cumulative sum of all of the year over year changes over some period of time. It represents the actual cost of the basket of goods i.e., what people actually pay.
At the end of Trump’s term inflation was 1.23%. During Biden’s term inflation has been: 2021 (4.7%); 2022 (8.0%); 2023 (6.4%); 2024 (3.0% for half the year). The result is the Price Level (what people actually pay at the store) is already 22.1% higher than when Biden took office in January 2021. And there are six more months before he leaves office. A cumulative increase of 25% over his 4 years is a reasonable projection.
The Price Level rarely goes down. Even if inflation went to zero (it won’t), because of the Biden administration’s extravagant spending consumers are stuck forever paying 25% more for everything they purchase. What a terrible legacy to leave to the American people.
Vote your pocketbook. Vote for politicians who can and will make your dollars go further, make gasoline, and food, and power return to more reasonable levels. You cannot afford four more years of wild spending and throwing money at every imaginary ill the Biden and Harris types love to spend your money on. Vote for what is best for YOU.
Copyright 2024, Jim “Pappy” Moore. All rights reserved.