1. With Biden in the White House, we’ve had a three-year inflation rate of 20 percent.
When inflation goes up, the value of the dollar goes down. That means people have less money to buy things, and the things they buy become more expensive.
2. Speaking of inflation, producer prices have risen 17.9 percent since Biden took office, according to the Bureau of Labor Statistics.
This is the most significant increase since 12-month data were first calculated in November 2010. Producers are forced to increase the cost of the goods they make to keep up with rising inflation and stay profitable.
3. Rising inflation has real-world consequences. Sixty percent of Americans currently struggle to afford groceries.
This fact may be shocking, but it shouldn’t be surprising. Between January 2022 and January 2023, food prices rose over 10 percent, and the prices of staple foods like eggs and milk have increased dramatically since Biden took office.
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Article URL : https://thenationalpulse.com/2024/02/14/9-things-to-know-and-share-about-joe-bidens-economy/