The Democrats and their media allies are whistling past the graveyard on the state of our economy.
They keep selling the lie that “Bidenomics” is going swimmingly.
But one shocking figure exposes just how terrible Biden’s economy really is.
Americans are experiencing a 40-year-high inflation rate on consumer goods – all on Joe Biden’s watch.
But the 8% inflation increase widely touted has been misleading.
The Consumer Price Index (CPI) used to track inflation was skewed to hide the real inflation numbers.
For example, the goods used to track the CPI in 1982 were different from the goods used to calculate the price figure today.
But when comparing the same goods, the actual inflation rate is dramatically higher.
One person went viral after going into Costco and comparing the current prices of specific goods from what the prices were a year ago.
“So I’m walking around Costco here and I’m noticing these prices. For example, these Madras Lentils, $15.99. I bought those a year ago for $6.99. I keep getting told that we got…6-7% inflation. You gotta be kidding me. Let’s look at what else we got going on here. We literally bought this chicken broth [for] $5.69 two months ago. Dang, this is the flower we were buying for $5.99 last year,” the shopper says in his video.
Prices compared to one year ago are up at a minimum 50% on all products at my local grocery stores and Costco #inflation #prices #costco #2023 #fyp #expensive #groceryshopping pic.twitter.com/xzQyaMZDBZ
— ЯΞD ᕈILL LΞD 𝕏/ (@Red_Pill_Led) October 17, 2023
The economics website truflation.com did its analysis and calculated that the actual inflation rate from January 30, 2020, to today is a whopping 23.94%.
That means the purchasing power of $1 is just over .76¢ today.
Joe Biden’s “genius” plan to reduce inflation was to spend more money.
Now the United States is $33 trillion in debt, so in turn, the interest on the national debt takes a bigger and bigger chunk of the tax receipts coming in.
The current trajectory is unsustainable, but Democrats have bought into the foolish “Modern Monetary Theory” which suggests America can continue to spend without repercussion because other countries will endlessly buy U.S. debt.
This type of thinking has led to crippling hyperinflation and economic collapse.
Meanwhile, so-called mainstream outlets are advising people to combat inflation by spending their money before prices increase even further.
In a 2021 article about South America’s hyperinflation, Bloomberg reported:
“In a high-inflation economy, money that sits in the bank is losing value. Each day, those $100 on deposit buy a little bit less. As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks’ worth of groceries in a single shopping trip, even if some of it — excess meat, chicken, fish — will sit in the freezer for months…And don’t hesitate to borrow money to finance some of those big purchases. If you can get a loan at a rate below inflation — something that’s possible for many Americans today — go for it. Inflation will make it easier to repay the loan in coming months and years.”
Telling people to spend their entire paycheck and take out loans is disastrous advice.
Meanwhile, the Biden administration and its cronies in the Democrat-controlled media are telling people the Inflation Reduction Act is here to save the day.