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August 30, 2023
Another Bidenomics Epic Fail: Food Prices Expected To Rise Through 2024
Recently released federal pricing analysis from the U.S. Department of Agriculture projects that food prices will continue to rise through 2024 as President Joe Biden continues to praise his record on “Bidenomics.”
“Bidenomics is just another way of restoring the American Dream,” Biden said.
That's funny, I have a different interpretation of the American Dream and it has nothing to do with ‘Bidenomics.’
In 2023, all food prices are predicted to increase by 5.9 percent, with a prediction interval of 5.3 to 6.5 percent. In 2024, all food prices are predicted to increase by 2.8 percent, with a prediction interval of -2.0 to 7.9 percent, according to the report.
Prices are expected to continue rising for many food categories. In 2023, prices are predicted to increase for beef and veal (4.2%), other meats (4.8%), poultry (3.0%), dairy products (4.1%), fats and oils (9.6%), processed fruits and vegetables (9.2%), sugar and sweets (9.3%), cereals and bakery products (9.0%), nonalcoholic beverages (7.6%), and other foods (7.4%).
We all know that Biden’s Inflation Reduction Act was never meant to reduce inflation.
“We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective,” Federal Reserve Chair Jerome Powell said Friday.
Supermarket prices have shot up to unprecedented levels and we should all thank Biden’s food stamp expansion.
"In 2021, the Biden administration rushed through the largest permanent increase in food stamp benefits since the program was created, hiking benefits by an average of 27 percent.1 The U.S. Department of Agriculture (USDA) violated internal control standards, canceled formal peer-review processes, and even ignored its chief economist to expedite the expansion," according to the Foundation for Government Accountability. “This unlawful expansion—which bypassed Congress—will cost taxpayers $250 billion over the next decade and has heavily contributed to soaring grocery prices.”
The Inflation Reduction Act, which is more about wasting money on climate change rather than fixing inflation, will only make things much worse since the entire economy runs on energy.