In the midst of the ongoing blame game on inflation, Vice President Joe Biden took responsibility for grocery retailers, accusing them of “ripping people off” with their high prices.South Carolina’s First in the Nation Dinner was held in Columbia, South Carolina, where President Biden delivered his words during a speech that he delivered at the event.The rate of inflation is decreasing. According to Biden, it is currently lower in the United States than it is in any other large economy in the world. “The cost of eggs, milk, chicken, gas, and so many other essential items have come down.”
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation,” the president continued to say.According to the president, the people of the United States are “tired” of being “played for suckers” by supermarket stores located all over the country.”All right, it’s going to terminate. In response to the loud applause, Vice President Biden stated, “Americans, we are tired of being played for suckers.” “And that’s why we’re going to keep these guys — keep on them and get the prices down.
“The statements made by the president come at a time when inflation continues to be a concern for a significant number of Americans as they go to the grocery shop.Anxiety was the most prevalent feeling among respondents to a recent poll conducted by Axios Vibes, which indicated that 59% of respondents had feelings of “angry, anxious, or resigned” when they were out grocery shopping. Additionally, seventy-two percent of respondents stated that the area in which they experience the most affects of inflation is in the grocery store.Price levels are still much higher than they were before the year 2020, despite the fact that inflation has significantly decreased from record highs in 2022.
According to information provided by the Bureau of Labor Statistics, the average cost of groceries for an American in December 2019 is roughly $125.51, which is much higher than the previous price of $100.A range of 5.25% to 5.5% was maintained by the Federal Reserve on Wednesday, marking the highest level of interest rates in the past 22 years. This was the fourth consecutive time that the Federal Reserve has maintained interest rates at their current level.
According to a statement released by the Federal Open Market Committee, “The Committee will carefully assess incoming data, the evolving outlook, and the balance of risks” while deciding whether or not to make any adjustments to the target range for the federal funds rate. “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
According to calculations conducted by Fox Business, ever since the beginning of the year 2021, the cost of food has climbed by 33.7%, the cost of housing has increased by 18.7%, and the cost of energy has increased by 32.8%. When compared to the same period of time the previous year, Moody’s Analytics found that the average monthly expenditure of Americans was $211 higher.
The average monthly cost of living for Americans has increased by $1,020 over the same time two years ago. This represents a significant increase.Many times, Vice President Biden has referred to “Bidenomics” and cited the data for December as evidence that the economy is getting better.
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