Throughout the Biden administration, Americans have endured the harsh reality of historically high inflation in the United States economy. The failure of Bidenomics has strained the household budgets of many and turned the American dream upside down.
In June 2022, inflation peaked with the Consumer Price Index (CPI), a preferred measure of inflation used by the Federal Reserve and economists, reaching over 9 percent. According to the U.S. Bureau of Labor Statistics, this was the largest 12-month increase in over four decades.
News headlines in recent months have celebrated declining inflation, which is still above the Federal Reserve’s target inflation rate of around 2 percent. However, some Americans are criticizing the indexed measures of inflation that have been reported, as they feel their actual cost of living has risen more than it suggests.
Wall Street Silver posted a video on X showing a man walking around Costco, sharing his anecdotes on the exorbitant price increases and how they don’t reflect the supposed reality of officially reported inflation statistics.
“This guy walking around Costco shares examples of food inflation that are WAY higher than the numbers reported for food inflation by the government. … Overall, many people know intuitively that food inflation is way higher than the official number of 4.3% from August 2022 thru August 2023. This video shows some of the examples he is seeing,” the account posted.
This guy walking around Costco shares examples of food inflation that are WAY higher than the numbers reported for food inflation by the government.
🔊 … 😡
Overall, many people know intuitively that food inflation is way higher than the official number of 4.3% from August… pic.twitter.com/QpRneUveaZ
— Wall Street Silver (@WallStreetSilv) October 4, 2023
“So I’m walking around Costco here and I’m noticing these prices. For example, He’s Madras lentils 15.99 I bought those a year ago for 6.99,”
A major complaint against CPI is its indexed nature, only representing a specific “basket of goods” and not the full scope of consumption and production throughout the economy. For example, the true cost of living might feel much more expensive when the prices of volatile goods like shelter, energy, and food are in the double digits, while CPI might read in the single digits.
Former President Donald Trump has slammed the state of Joe Biden’s economy, claiming it could even lead America into a ‘Great Depression.’ “If you took the five worst presidents in the history of the United States and added them up, they would not have done near the destruction to our country as Joe Biden and the Biden administration have done in a few short years,” Trump stated. “And no damage has been worse than the disaster known as Bidenomics.”
“We’re heading into a great depression,” Trump continued. “The only question is whether or not it will be during the remaining months of the Biden administration, or will the next president have to bear the brunt of what Biden has done to our country? I don’t want to be the next Herbert Hoover — and I won’t let that happen.”
Note: Featured Image is a Screenshot from the Embedded Video.