President Biden’s cruel economy is no day at the beach for families struggling to keep up with food prices, as fast food chains, New York bodegas, and ice cream trucks are now having to increase what they charge in order to stay in business.
- With Biden-Flation, ice cream prices lick consumers. “Owning an ice cream truck used to be a lucrative proposition, but for some, the expenses have become untenable: The diesel that powers the trucks has topped $7 a gallon, vanilla ice cream costs $13 a gallon and a 25-pound box of sprinkles now goes for about $60, double what it cost a year ago.” (“Melting Profits Threaten the Ice Cream Man,” New York Times)
- Breakfast is becoming the most expensive meal of the day. “‘Bacon, egg and cheese — you can’t take that sandwich away,’ said Francisco Marte, who owns a bodega in the Bronx. ‘That’s the favorite sandwich for the New Yorkers.’ Marte has had to increase prices on everything from sugar to potato chips — and the cost of his bacon, egg and cheese sandwich is up from $2.50 to $4.50. (“Inflation hits NYC’s bodega favorite: Bacon, egg and cheese,” Associated Press)
- Guac isn’t the only thing costing extra. “Starting around mid-May, Chipotle said on Tuesday that low-income customers were visiting its restaurants less frequently, leading to slowing traffic. Earlier in the day, McDonald’s executives also said some low-income customers have been switching to its value menu or opting out of combo meals to save money.” (“McDonald’s and Chipotle say customers are trading down, visiting less often as inflation hits budgets,” CNBC)
Consumer optimism has reached record-lows.
- From May to June, consumer confidence fell nearly eight points to a record-low.
- A majority of Americans report feeling “uneasy about the state of the country,” say things in America are “going badly,” and feel that the economy is “bad,” as prices continue to rise and optimism plummets in an economy damaged by the Biden Administration.
Americans are struggling as Biden-Flation accelerates.
- Under President Biden, workers’ wages have dropped nearly four percent, prompting a majority of Americans to take up bargain-hunting.
- At least 53 percent of Americans report spending anywhere between $101 to $500 more per month on groceries.
- For a majority of low-income households, rising prices have become a source of “major financial stress” as a new report confirms that inflation has wiped out 26 million low-income households’ savings since President Biden took office.
- For six months in a row, Main Street businesses have faced double-digit inflation and have lost jobs three out of the last four months.
- More than 60 percent of job creators fear inflation will drive them out of business.
Democrats’ $2 trillion so-called COVID stimulus fueled the inflation fire.
- Even former Obama-Biden Administration officials like former Director of the National Economic Council Larry Summers and former Chairman of the Council of Economic Advisers Jason Furman warned against Democrats’ $2 trillion so-called “stimulus.”
- Analysis from the San Francisco Federal Reserve finds that U.S. core inflation is higher than other nations – and attributes a part of it to Democrats’ policies. These findings were echoed in a report from the nonpartisan Congressional Budget Office (CBO).