The United States has one of the lowest inflation rates in the world today. The latest U.S. Consumer Price Index Summary, released on Wednesday, June 12, showed that inflation cooled slightly more in May, increasing by only 3.3% year over year, compared to the 3.4% expected by economists. While this is all good news for the economy, many Americans still say they are concerned about higher prices.
Watch the video above to hear why Straight Arrow News contributor Newt Gingrich says “Bidenflation” will be a key factor for Americans voting in November.
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The following is an excerpt from the above video:
Meghan McCain said the other night in a program I was in, she has several children now, and they spend something like $2,500 a month at the grocery store. Now they obviously buy pretty good food, and it’s pretty high quality, but she was stunned. And she didn’t particularly like Trump. But at the same time, she can’t afford Biden.
And I think this notion which I watched, and I lived through, I was a freshman congressman when Jimmy Carter lost control of inflation, and all of a sudden prices began to shoot up, and people found they couldn’t afford to fill up their gas tank, they couldn’t afford to go to the grocery store, they certainly couldn’t afford to eat out. I saw one recent article that says something like 80% of the American people now regard going to fast foods as a luxury, because the price, of course, keeps going up. Big Mac’s a lot more today than it was five years ago.
And that’s true across the board. So whether you’re buying furniture, or you’re buying groceries, or you’re trying to rent a house, or buy a house, or buy a car, every time you turn around, things are more expensive. And I think that Bidenflation, in that sense, will probably become, in the end, the biggest single issue in September and October. And I frankly don’t see how they’re going to get away from it.