America Faces No Greater Threat Than Joe Biden and the Democrat Party. Their Assault to Our Borders Is As Great As Their Assault to Free Speech and Free Elections
Tuesday, March 21, 2023
BIDENOMICS - HUNGER SPREADS ACROSS AMERICA - Study: Joe Biden’s Inflation Fueling American Hunger
Food prices have increased under President Joe Biden’s leadership, fueling American hunger, as nearly a quarter of Americans sometimes don’t get enough to eat, an Urban Institute study revealed Tuesday.
When Biden assumed office in 2021, 20 percent of Americans sometimes cannot afford enough food. That number spiked to 24.6 percent at the end of 2022, a 23 percent increase in a single year.
The study also revealed that 63.2 percent of adults reported their household grocery costs increased “a lot” last year. The adults most impacted under Biden’s leadership were hispanic and black adults.
Those whose food costs spiked “a lot” were nearly twice as likely as other adults to sometimes not afford enough food (29.0 percent -16.5 percent).
Biden has claimed inflation is going down. Despite his claims, American households have not received any relief in the grocery store aisles. In the past year, prices have spiked for eggs (70.1 percent), dairy (14.0 percent), cereals (15.6 percent), and cookies (16.3 percent). Overall, food prices increased by 10.4 percent between December 2021 and December 2022, hitting a 40-year high for inflation.
WATCH: Fmr. Obama Econ. Adviser Furman–‘Nothing’ About CPI Is Comforting, Inflation Is ‘a Lot Higher’ than We Thought It Would Be
0 seconds of 12 minutes, 24 secondsVolume 90%
Food prices were among the most impacted by Biden’s price hikes. Next to food costs, 55.5 percent felt the pain of gasoline price hikes, 26.4 percent were impacted by heating costs, 26.2 percent child care, 12.5 percent health insurance, and 8.1 percent mortgage payments.
“Because of recent price increases, 62.0 percent of adults whose grocery costs increased a lot reported either reducing the amount of food they bought or not buying the kinds of foods they wanted, 43.3 percent withdrew money from savings, and 36.3 percent increased credit card debt,” the study found. “About 16.5 percent received charitable food.”
The study sampled 8,142 adults ages 18 to 64 in December 2021, and in December 2022, 7,881 participated.
The study’s revelations come as 41 percent of American families say their financial position has worsened since Biden assumed office — the worst result in 37 years, according to a February SundayABC News/Washington Post survey. Just 16 percent said their financial health was “better off” under Biden.
The car market crisis is far more complex than people realize. With car prices crashing down, some would assume that the cost of auto payments would go down too, but the exact opposite is happening right now. Buyers are seeing the value of their vehicles plummeting while they’re stuck with some of the most expensive auto payments ever seen. And that’s occurring at a time when jobs are at risk and inflation is pushing the cost of daily necessities to record highs. Millions of workers are falling behind their loan obligations, getting in danger of losing their vehicles while still carrying massive amounts of car debt. This is especially true for young Americans. Right now, Gen Z and Millenials are being economically destroyed by the auto loan crisis as they can’t afford their car payments and are about to face dire consequences that can impact their financial future for decades. We have never had a messier outlook for the auto sector than we have now in 2023. The ripple effects will be quite disastrous, and it looks like a major collapse is already underway.
Over the past three years, people have taken significantly more debt to buy vehicles. This a trend that has been particularly predominant for Gen Z and Millenials, who the Federal Reserve believes may have borrowed way beyond their means. New data shows that young Americans’ finances have started buckling under the weight of car expensive loans — one more worry to contend with in this precarious economic environment. Although it’s somewhat normal that this group actually has higher car debt rates because many of them are buying their first car, data compiled by VisualCapitalist.com shows that for Americans under the age of 40, vehicle related-debt has grown by 31% since the pandemic, almost three times faster than for other age groups.
No wonder why right now Millenials and Gen Zs say that car payments account for over 20% of their after-tax income, according to Cox Automotive. And of course, the amount of auto debt transitioning into serious delinquency is much higher for Gen Z and Millennials who carry elevated levels of credit card and student loan debt and have less stable jobs. Last year alone, these generations saw $20 billion in auto debt fall 90+ days behind.
With auto loan delinquency rates still spiraling amongst this group, the consequences for young Americans can be more devastating than they realize. On a personal level, the financial distress caused by unaffordable payments, and the delinquent status can impact their access to credit for years to come. On top of that, their vehicle remains at risk of being repossessed, and that’s already happening at alarming numbers.
And if the lender sells your repossessed vehicle for less than your loan default balance, this means delinquent young Americans will still have to pay the difference. To make things even worse, their remaining auto loan debt can be sent to a third-party collection agency. So if they don’t cover the deficiency balance in an appropriate time frame, the agency will likely sue them for repayment, only adding to their financial woes.
"It looks like young Americans just can't afford to drive," outlines Matt Moore, vice president of the Highway Loss Data Institute. "Paying for their own cars, gas, and insurance is hard if they can't find a good-paying job," he emphasized. That’s what a broken system looks like. And these are just the very first chapters of a much larger economic and financial meltdown that will continue to shake our country to the core.
bal Central Bankers Are Panicking& Invoke Crisis Era Swap Lines as the Liquidity Crisis
They are desperately trying to plug one leak in the system after another, but what happens if the entire system suddenly comes crashing down all around them? Back on January 4th, I specifically warned that our problems would “greatly accelerate over the next 12 months”, and that is precisely what has happened. We are now in the midst of the most severe banking crisis since 2008, and it could soon get a whole lot worse. We have already witnessed the second and third largest bank failures in the entire history of our nation, and now it is being reported that 186 more banks “are at risk of failure”…
On the heels of Silicon Valley Bank’s collapse earlier this month, 186 more banks are at risk of failure even if only half of their depositors decide to withdraw their funds, a new study has found.
The collapse this month of Silicon Valley Bank and Signature Bank prompted a flood of deposits out of regional lenders and into the nation’s largest banks, including JPMorgan Chase & Co. and Bank of America Corp. Customers spooked by the bank failures were taking refuge in firms seen as too big to fail.
If every bank account in America is suddenly fully guaranteed by the federal government, there will be a giant sucking sound as wealthy individuals pull their money out of European banks where large balances are not fully insured.
The European banking system is already teetering on the brink of collapse. In fact, we just learned that Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.
Our economy runs on mortgages, auto loans, credit cards and debit cards.
If a bank gets into trouble, the flow of credit from that bank is restricted.
And if a bank fails, the flow of credit from that bank completely stops.
If lots of banks start going under in this country, economic activity will shrink substantially and we really will be facing “another great depression”.
Hopefully a way can be found to stabilize the banking system, because economic conditions are certainly bad enough already.
Dollar Tree Pulls Eggs from Shelves as Prices Soar in Joe Biden’s Economy
Dollar Tree has pulled eggs from its shelves as prices skyrocketed approximately 60 percent since the fall, the news coming as people struggle to make ends meet in President Joe Biden’s (D) economy.
“The chain, which is increasingly a go-to grocery destination for cash strapped shoppers, has roughly 8,000 Dollar Tree stores across the United States and Canada. Its spokesperson said it does not anticipate being able to bring eggs back into its stores for sale until later this fall,” Reuters reported Tuesday.
The price for eggs hit an average of $5 a dozen during the first month of this year, and the price hike was due to a global outbreak of the avian flu.
One social media user commenting on the news wrote, “Going to have to rename it 5 dollar tree at this rate.”
“Build back better,” another person commented in what appeared to be a reference to Biden’s so-called plan to “rebuild the middle class.”
Meanwhile, consumer pricing data from the government reportedly said egg prices dropped 6.7 percent last month.
“Our primary price point at Dollar Tree is $1.25. The cost of eggs is currently very high,” the company’s spokesperson, Randy Guiler, told reporters, adding the store will begin selling eggs again when “costs are more in line with historical levels,” per the Washington Examiner.
Joe Biden: ‘Main Driver of Food Prices’ Is Packaged Goods
0 seconds of 5 minutes, 20 secondsVolume 90%
The outlet noted the price for eggs may jump again in April due to the Easter holiday.
In February, Breitbart News reported that data showed egg prices rose by 70 percent in January:
With many consumer categories still being hit hard by inflation, new data from the Bureau of Labor Statistics revealed on Tuesday that inflation for eggs had jumped 8.5 percent from December to January and a total of 70.1 percent year over year (since last January).
…
Besides the prices of eggs rising like the rest of food products, CNBC noted that the higher egg prices are largely due to the deadly outbreak of bird flu in the U.S. CNBC further noted that the disease, a highly pathogenic avian influenza, has killed a record number of birds throughout 2022 and has continued into this year — which also coincided with the winter holidays where eggs are in high demand for all the seasonal cooking and baking.
When asked in January if customers were upset over the high cost of eggs, Morton Williams Supermarket Manager Danny Cowan told Inside Edition, “I think they’re concerned.”
The outlet said Eileen’s Special Cheesecake in New York City was also hurting over the issue because eggs are an essential ingredient in its offerings. According to an employee, the business uses thousands of eggs on an average day:
She said there were things they could do to save and cut corners, but they were not going to resort to those options because it would have an affect on their product.
“We did raise our prices a little bit,” she explained. The outlet noted that since 2022, the average cost of a dozen eggs went from $1.47 to $3.60, per the outlet’s January report.
No comments:
Post a Comment