Biden is out there on the campaign trail trying to make the case for “Bidenomics,” and in the meantime his domestic policy is actively and significantly driving up food costs for you and me:
A push by the Biden administration to increase food stamp benefits to the tune of $1 trillion could be responsible for a 15% rise in prices at the grocery store, according to a government watchdog report.
The Foundation for Government Accountability in its study noted that “food stamp spending reached a record-high $119 billion in 2022,” judging from the Biden administration’s 2021 decision to “rus[h] through the largest permanent increase in food stamp benefits since the program was created.”
All in all, the food stamp program could cost the U.S. more than $1 trillion over the next decade.
That figure is likely going to cost Americans big time at the grocery store, at least if past data are any example:
[World Bank] research found that a one percent increase in per-capita food stamp benefits increased grocery store prices by 0.08 percent. Put another way: Food prices increase by one percent for every 12.5 percent increase in food stamp spending.
So in other words, the surge in food stamp spending is helping significantly to drive these budget-busting, wallet-breaking prices for eggs, milk, and other essentials.
Approved ~ MJM