The skyrocketing costs could impact the 2024 election, as the soaring inflation under President Joe Biden reflects poorly on his economic plan of so-called “Bidenomics.”
The Big Mac Value Meal’s price increase is just one example of continued inflation, the New York Post’s editorial board reported:
- Those [“President Biden’s terrible economic policies”] have driven prices overall about 15% higher since Biden came in; on essentials like food and energy, they’re up closer to 25%.
- Equivalently, think of it as having slashed the income of a typical family by close to $5,000.
- Mortgage rates are cruising toward 8% as the median home price hovers near $420,000.
Over half of voters in key swing states said grocery prices are the top way inflation impacted their budget, Bloomberg reported Monday, according to a Bloomberg News/Morning Consult poll:
- A pound of ground beef now costs $5.23 on average, up from $3.89 in January 2020.
- Coffee is up some $2 a pound. Prices for fresh fruits and vegetables are nearly 14% higher.
- At one point, the price of a carton of eggs was triple its pre-pandemic price.
Biden appears oblivious to the soaring costs. During a speech on Monday he bragged about the prices of turkey, gas, and air travel after the cost of the items actually increased under his leadership. “You know, from turkey, to air travel, to a tank of gas, costs went down,” he said.
The average price per pound for whole frozen turkeys increased by 12 cents, according to the U.S. Department of Agriculture:
The average airline fare increased by about $50, according to the FED’s CPI:
The nationwide average for a gallon of gas increased by about 90 cents, according to AAA: