Struggling to fill your pantry? Well, the Congressional Budget Office (CBO) has confirmed that food prices will not be slowing down any time soon, thanks to the policies of the Biden administration.
The CBO is a nonpartisan agency, and its latest report expects the consumer price index (CPI) to climb by 6.1 percent this year alone and it also expected (but well shall see) that inflation should start to slow down by next year, but the CBO predicts CPI will continue to rise uncontrollably until the end of 2023 – expected to reach 3.1 percent.
“Can you imagine paying $1 per egg, $12 a dozen?” said Glenn Beck during his radio show, “The Glenn Beck Program,” to his audience. “If you can’t imagine it, wait a few months because this is what is happening.”
The Department of Agriculture (USDA), as Beck points out, has raised the estimated food price forecast from 6.5 to 7.5 percent.
“[This is] the highest predicted change in food costs in well over 40 years,” noted Beck. “The USDA is now warning in their revised May Food Price Outlook that things are grim.”
“Two months ago, USDA had egg inflation at 2.5 or 3.5 [percent] year over year. They’ve moved it from the high of 3.5 [percent] to a forward outlook of 20.5 percent [year over year].”
Grocery store prices are also expected to rise by another seven or eight percent, higher than the initial predictions of five or six percent – the highest grocery prices since 1980, when prices began to rise 8.1 percent year over year.
“There is no reason to think that the forecast will not rise again,” warned Beck. “If you look at the prices at the supermarket, and how it’s increased in the last six months, the USDA is now saying prices will likely double again during the fall.”
During the pandemic, stimulus checks were given to citizens to “help” them make it through the lockdowns – when Joe Biden took office, he gave further stimulus checks and according to the CBO, this is the reason we are now feeling the inflation effects.
The Washington Examiner wrote: “But there’s more, by paying workers not to work, Biden’s COVID stimulus artificially ‘slowed the recovery of labor force participation.’”
Because Joe Biden is a dementia riddled puppet, his plan of raising taxes to “fix” inflation, is only going to make the situation far worse and Biden plans to repeal the 2017 Tax Cuts and Jobs Act, which was passed by the Republicans under the former Trump administration.
The Democrats claimed that Trump’s bill would somehow deprive the government of tax revenue, but data shows that is not true – in 2017 the federal corporate income tax collections brought in around $297 billion and in 2021, the government was paid $372 billion – a 25 percent increase.
“Far from starving the government … the entire bill had apparently paid for itself, even after controlling for other economic factors that may have played a role,” wrote the Washington Examiner. “The CBO says that even with lower rates, total revenues in 2022 ‘are projected to equal 19.6 percent of the nation’s gross domestic product – the largest annual revenues relative to the size of the economy since 2000.’”
The outlet further noted that axing the tax cuts will do nothing if the government continues to spend how they do.
The government wastes a huge amount of taxpayer money, and it is ironic that they have increased the coffers with hard working Americans blood, sweat and tears – to waste on helping foreign nations with their foreign wars.
American families will be the people who suffer most, not those working in government.