Tommy Sadler, owner of Tommy’s Bakery & Café, joined Fox & Friends First to discuss how inflation and supply chain shortages have affected his company.
Inflation rose during President Biden’s rule, leaving many Americans to pay more for basic things.
inflation rose to 8.54% in March from 7.57% in February after jumping to the skies in the first year of Biden’s rule. Economists point to Biden’s typical multi-trillion-dollar spending package as one of the drivers of inflation.
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Gas pump shows current fuel prices, along with a sticker of President Joe Biden, at a gas station in Arlington, Virginia, on March 16, 2022 (SAUL LOEB / AFP via Getty Images / Getty Images)
Inflation is the rate at which prices of goods and services increase over time. In other words, this is the percentage of how much more a person has to spend to receive the same amount of goods or services.
Biden and the Democrats were pointing out their own fingers Putin as the reason for the rise in prices, but Republicans see the West Wing as a source of economic problems.
“Inflation is well ahead of wage growth, which means Americans have cut wages during Biden’s presidency,” Republican Research Commission Chairman Jim Banks, R-Ind., Told Fox News Digital.
“Obama’s liberal economists in the White House have warned that reckless spending by Democrats will hurt working families, but Joe Biden and Nancy Pelosi just don’t care and want to spend more,” Banks said.
Government policies have a strong impact on inflation, as the federal government dominates the market, which means that increasing government spending or introducing more dollars to the market by the government would drastically affect the value of the dollar.
Americans are already seeing purple signs that their dollar is not going as far as before: gas prices are skyrocketing, rental costs are rising and food is becoming more expensive.
Representative Jim Banks, R-Ind., Center, and representative Jim Jordan, R-Ohio, left, swap podiums during a news conference. (AP Photo / J. Scott Applewhite / AP Newsroom)
Groceries
Food costs everywhere are expected to continue to rise with a warning of global food shortages coming from Biden last month. The president cited sanctions against Russia over their war in Ukraine as a factor in the expected shortage.
Kevin Hearn, R-Ok.
“From the farms that grow our food, to the factories that process it, to the truck drivers who deliver it to grocery stores and restaurants, everyone is experiencing instability after pandemic restrictions and conflicting messages from their government,” Hearn said.
The Oklahoma Republican said that speaking “from experience as a restaurant owner, even a delay of several hours per shipment could mean a shortage of menus” and that the delays we are considering now will be much greater and will affect grocery stores. and restaurants of all sizes. “
Representative Kevin Hearn, R-Okla., Leaves the Republican Conference meeting at the Capitol Hill Club on Tuesday, October 22, 2019. Hearn leads a letter signed by nearly half of Republicans in the House of Representatives who say they will not vote for any increase in the debt ceiling. (Bill Clark / CQ-Roll Call, Inc. via Getty Images / Getty Images)
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“It is probably too late to completely prevent the food shortage crisis, but it is not too late to take action to reduce the damage by boosting employment, restoring stability and strengthening our supply chain,” Hearn added.
Fuel and gas
Georgia spokesman Austin Scott agreed with his Republican counterpart, saying that “no American should choose between full gas tanks or stomachs, but this is the reality for many in this administration.”
“Biden’s irresponsible policies and left-wing overspending are to blame,” Scott continued, adding that “Biden’s gas crisis is making food more expensive.”
“Fuel prices are contributing to rising food costs because farmers and truck drivers need diesel to operate and transport supplies,” Scott said. “Our dependence on foreign oil directly affects our food bills.
Representative Austin Scott, R-Ga., During a committee hearing. (Photo courtesy of Representative Scott.) (Photo courtesy of Representative Scott / Fox News)
IN average gas price in the US it currently exceeds $ 4 a gallon, and huge fuel prices make workers review entering the office to work while businesses resume normal operations after the pandemic.
The war in Ukraine has put pressure on global oil supplies, but Democrats have also largely turned to fossil fuels to shift America to a green energy economy.
Republicans also blamed Biden for his decision to shut down the Keystone XL pipeline in the United States, before lifting sanctions on Russia’s Nord Stream 2 pipeline.
The Biden Administration messages encouraging Americans to buy electric vehicles to cope with rising fuel prices has also drawn criticism from Republicans.
Not just the gas, the whole car
In addition, car prices are rising in the United States due to a shortage of chips and supply chain problems that have made buying a new car, including electric vehicles, difficult for many Americans.
US Secretary of Transportation Pete Buttigig speaks to the media after a tour of the ports of Los Angeles and Long Beach on January 11, 2022 (Mario Tama / Getty Images / Getty Images)
In fact, people WHO bought new cars in January 2022 paid 12.2% more than they would have paid if they had bought the car a year earlier. Market analyst Stephanie Brinley told CarAndDriver.com that she did not “see MSRPs fall” but that price volatility could ease as supply meets demand, predicting it would happen at the end of the year. 2023, early 2024. ” Second-hand car prices have also not escaped inflation, rising by 28% According to to Kelly’s Blue Book.
Rising fuel prices have strained the supply chain, making it harder for carmakers to keep up with demand when Americans return to work.
Energy costs for the home
Food, fuel, and transportation are just three things Americans need to live, but inflation doesn’t just stop at the pump or the grocery store: people feel it at home.
Utility prices also jumped from inflation, with electricity spending rising nine percent in February and gas spending up 24 percent. Utility costs usually rise in the winter, but rising prices have been steadily rising over the past year.
Democratic nominee, former Vice President Joe Biden speaks to reporters before boarding his plane for the New Castle Airport, Del., Campaign on Thursday, October 22, 2020, on his way to Nashville, Tennessee (AP Photo / Carolyn Kaster / AP Images)
Not just the heating, the whole house
Rental prices are also rising, with the average price of a two-bedroom apartment in February 2022 costing $ 1,295 per month – up to almost $ 200 from the average price of $ 1,100 in February 2021.
Reuters reported last week that the average interest rate on a 30-year fixed-rate mortgage reached a 12-year high of 5.2%. This comes combined with cooling in the housing market, as more potential buyers do not buy housing.
President Joe Biden (AP Photo / Evan Vucci / AP Newsroom)
In addition, as high inflation makes it difficult for individuals to buy housing, investment firms are buying propertyincluding entire neighborhoods.
Republicans have also criticized the administration for pointing the finger at rising prices as inflation rises since Biden took office last year.
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“I’m tired of the administration blaming the war in Ukraine for inflation when prices skyrocketed on the day Biden took office,” Scott said. “In December, we had intelligence that Russia would invade Ukraine, and Biden had to impose sanctions last year to de-finance the Russian military machine and reduce our dependence on foreign oil.
Rising prices could create problems for Democrats as they move into a difficult year of re-election, which is expected to bring serious gains to Republicans.
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