The White House has long said that inflation is “transitory” but is, at the same time, quietly signaling a shift in approach as it becomes increasingly clear that the cost of goods and services will continue to rise for the foreseeable future.
President Joe Biden’s Council of Economic Advisors recently published a little-noticed white paper comparing the current inflationary run to the three-year-long inflationary episode immediately following World War 2. What’s more, the President’s top economic advisors have met with Larry Summers, former Treasury Secretary under President Bill Clinton, a surprising move given the fact that Mr. Summers has long warned of inflation and spoken against President Biden’s massive infrastructure spending plans.
While the White House quietly seeks to prepare itself for long-term inflation, President Biden continues to tell the masses that inflation is “temporary” as “the economy is recovering.” Ironically, at the same time, he announced at a recent CNN town hall that the reason individuals in the hospitality industry are having a hard time finding workers is that they are not “willing” (or able) to pay these workers more money. The statement is an odd one disconnected from the reality of how the economy works.
Companies that incur additional expenses due to paying extra money to workers will naturally pass the costs to consumers. Thus, the price of goods and service will rise, and inflation will continue on as workers demand even more money to pay for the increased cost of living.
It’s quite clear to the average person that inflation is here, and it’s set to be around for the foreseeable future. Consumer prices have increased at a 9.5% annualized rate since President Biden took office in January. John Catsimatidis, CEO of NYC supermarket chain Gristedes, is warning that grocery prices will rise by 10% to 14% by October 2021.
The situation is sure to be exacerbated by the current drought in California and the surrounding states, as this region produces a great deal of the food people eat on a daily basis.
What’s more, used car prices have spiked by over 10% in the last month alone, and the cost of real estate has risen by a whopping 23% in the last year alone. One would hope that the current state of affairs would cause the President to rethink his plan to inject trillions more into the economy. Sadly, President Biden seems far more concerned with pleasing the left-wing of his party than meeting the needs of the American people.
I wish Joe Biden could be made to experience what it is like to try to survive on a Social Security check for everything! He would not be able to survive. Yet, seniors are always his last priority. I try to live on $549 a month, pay medical copays, buy food, indulge in the luxury of toilet tissue, wear the same clothes for the last 10 years ( I did treat myself to some new socks about a year ago) and pretend I don’t have chronic medical conditions that need to be addressed. And I have to worry about how my funeral expenses will be paid when I die because the government only pays $250 for funeral expenses.
That amount has NEVER been increased over the years. So now it is like a joke with a bad punchline! I know you have a reputation for being an enemy to the elderly. You feel no compassion for seniors and do NOTHING to improve our situation. I have no respect for you. You are ruining this country and your sleazy cohorts keep pulling your puppet strings and telling you what to say and do. SHAME ON YOU!!! Walk a mile in my shoes — never mind a mile, just 20 steps would be enough for you to realize that the people you care the least about (who should be able to enjoy their well- earned retirement) are not revered, as they should be, but treated like refuse to be disposed of as soon as possible.
Instead of hoping for a future where I can enjoy my children and grandchildren ( instead of being a burden on them) I am resigned to a life where I leave my home only for doctors’ appointments, trips to the pharmacy for medications, and what’s left of my check goes for groceries.
So, at least you could pay the bill for disposal of my remains when I die so my family isn’t burdened with that expense; and in the future they will be paying for all your “pork” filled bills that you have been pushing through Congress that they will be paying for until they die (and their children after them).
If there is a God in Heaven, you will have to answer for all of your greed, your lack of compassion and your abuse of those you were sworn to serve and protect.