Bidenflation

 

The phrase "as American as mom and apple pie" became popular during the Second World War, but the connection between patriotism and apple pie goes back even further, according to the folks at Smithsonian Magazine. In 1924, an advertisement in the Gettysburg Times marketed suits that were "As American as Apple Pie" to gentlemen who "wouldn't give a fig to look like the Prince of Wales."

Apple pie, however, is becoming a victim of Bidenflation. According to the Consumer Price Index for September, the price of apples rose 3.8 percent compared with the prior month. Compared with the previous September, apple prices are up 7.8 percent. The price of flour is up 4.1 percent from a year ago. Eggs are up a shocking 12.6 percent. Salt and other seasonings, a category that includes nutmeg and cinnamon, are up 4.2 percent. Sugar's up 3.9 percent. You can, however, catch a break on butter—prices are down 1.3 percent.

The Consumer Price Index overall rose by 5.4 percent annually and 0.4 percent over the prior month. That means inflation accelerated in September from August's 5.3 percent annual and 0.3 percent monthly rise. Food prices jumped 0.9 percent for the month, with food at home rising 1.2 percent. Compared with a year ago, food at home costs 4.5 percent more. The Department of Labor helpfully notes that prices are up in all 12 of its grocery store categories.

It's no wonder that the New York Fed's survey of consumers showed inflation expectations hitting a new record high. Consumers expect higher inflation because they are seeing it with their own eyes and feeling it in their lightening wallets. It's not just grocery stores, of course. The prices of clothes, shoes, furniture, appliances, and cars all have seen serious rises year over year.

President Joe Biden made a big show of trying to arrest the congestion at the Ports of Los Angeles and Long Beach, which have become major bottlenecks for goods coming into the U.S. Keeping the ports open for longer may help a bit, but do not expect too much. The problems extend from ports oceans away through our trains and trucks and even into warehouses struggling to hire workers.

Fundamentally, a big problem is that the American left and the Biden administration, in particular, appear to take the supply side of the economy for granted. So they are pushing policies that depress investments that could actually provide relief. Who wants to invest in a new truck or even a trucking license when the Biden administration is threatening to kill anything that runs on fossil fuels? What America is rediscovering now is that the supply of goods and services cannot be taken for granted, and adopting policies aimed solely at pumping demand threatens to make even apple pie unaffordable.

– Alex Marlow & John Carney
Breitbart News Network