July Fourth fireworks: Biden's inflation means everything is sky-high for Americans this year
To cope with Biden's inflation this July 4th, Americans dipping into savings
In the history of Twitter, few tweets have aged as poorly as the White House’s infamous post celebrating a supposed 16-cent savings on July 4th barbecues. One year later, skyrocketing inflation is set to make this year’s Independence Day cookouts the costliest on record.
The Farm Bureau just reported that the average Fourth of July meal this year costs 17% more than last year. But pricier barbecues are just a sign of much bigger issues. Thanks to the Biden administration’s reckless economic policies, the American dream is becoming further out of reach for many Americans.
The numbers don’t lie. Inflation has hit a new 40-year high and it’s showing in prices for even the most basic items. Hot dogs are up 10%. Chicken and hamburgers have surged 17% and nearly 14%, respectively. Ice cream will cost you roughly 10% more. And the cost of, propane, kerosene and firewood has increased by 28%.
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But it’s not just cookout costs that are going up. Gas prices have more than doubled since Biden took office. With average U.S. gas prices soaring to roughly $5 a gallon, driving to work and school now costs a small fortune. One estimate says the average American family could be handing over an additional $2,000 to pay for gas just this year.
Even kitchen staples like milk are up almost 16% and eggs have surged by an astounding 32%. In fact, Bidenflation cost the average American household an estimated $635 last month alone. That’ll be more than $7,600 over the next year, even if prices stop increasing altogether.
To cope with rising prices, millions of Americans are dipping into their savings to make ends meet. Eight percent have "completely drained their savings" and 23% have "depleted a substantial amount" of their savings account, according to a Forbes Advisor survey. Inflation is hitting young Americans particularly hard; just 20% of Americans aged 26-41 say they haven’t touched their savings, and 60% of 18-34 year-olds report having "reduce[d] contributions to their savings."
As a result, hallmarks of the American dream like buying a home are becoming harder to achieve. Mortgage payments have increased 38% since last year due to rising home prices and higher interest rates. The average 30-year fixed mortgage rate has more than doubled from January 2021 to June 2022, rising by an astonishing three percentage points since Biden took office. Higher rates and payments pose a serious obstacle to homebuyers, squeezing many out of the market.
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Meanwhile, older Americans are finding their retirement plans derailed by Biden’s price hikes. A quarter of Americans report delaying their retirement because of "increased prices," while 21% of Americans have "reduced their retirement savings." Some have even come out of retirement to help pay the bills; 1.5 million retirees have recently re-entered the workforce.
The worst part about all of this is that it didn’t have to be this way. Not only did Biden squander the economic recovery he inherited, he’s used every opportunity to double down.
Biden and Democrats’ $1.9 trillion "stimulus" is responsible for skyrocketing inflation, and his irresponsible $1.75 trillion Build Back Broke agenda, which he tried to ram through Congress, would have only made it worse.
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Now, 87% of Americans say Bidenflation is causing their families financial stress, according to a recent Washington Post poll. Rising prices have eaten up wage growth, meaning a dollar doesn’t stretch as far as it used to. Working-class Americans are feeling the pinch the most. But apparently the White House considers inflation a "high class" problem.
Americans know who to blame for rising prices. Thanks to Biden, fireworks aren’t the only thing that’s sky-high this Fourth of July.
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