06.29.22

Biden’s Inflation Brings Americans ‘The Most Expensive July Fourth’ In Years

One Year After President Joe Biden’s White House Embarrassingly Boasted That Inflation Wasn’t Something To Worry About Because Independence Day Cookouts Would Cost 16 Cents Less, Americans ‘Have Literally Become Poorer, By Any Concept, Over The Last Year,’ And Will Be Paying Significantly More For Everything This Fourth Of July, From Cookouts To Travel

 

According To The American Farm Bureau Federation, Americans Will Pay 17% More Overall For Their Fourth Of July Cookout Than Last Year

(American Farm Bureau Federation, Press Release, 6/27/2022; American Farm Bureau Federation, Press Release, 6/29/2021)

“U.S. consumers will pay $69.68 for their favorite Independence Day cookout foods, including cheeseburgers, pork chops, chicken breasts, homemade potato salad, strawberries and ice cream, based on a new American Farm Bureau Federation marketbasket survey. The average cost of a summer cookout for 10 people is $69.68, which breaks down to less than $7 per person. The overall cost for the cookout is up 17% or about $10 from last year, a result of ongoing supply chain disruptions, inflation and the war in Ukraine.” (American Farm Bureau Federation, Press Release, 6/27/2022)

 

‘Some Might Remember A Much-Derided White House Tweet From 2021, Boasting That Americans Would Save A Whopping 16 Cents On Their Families’ Fourth Of July Cookouts’

“Some might remember a much-derided White House tweet from 2021, boasting that Americans would save a whopping 16 cents on their families’ Fourth of July cookouts compared with 2020. The source for that tweet was the American Farm Bureau, which does an annual survey of how the costs of the cookout change from year to year. The bureau released its 2022 report today, and the cost of an Independence Day cookout rose more than ten dollars from last year. Americans’ parties will cost them $69.68 this year, rather than the 2021 total of $59.50, a 17 percent increase.” (Charles Hilu, “White House’s 2021 Fourth of July Cookout Tweet Did Not Age Well,” National Review’s The Corner, 6/27/2022)

 

And For Americans Who Plan To Travel, ‘The Upcoming Fourth Of July Weekend … Is Also On Track To Be The Most Expensive July Fourth In The Past Five Years’

“Hotel, food, alcohol and recreation prices have shot up compared to last year and pre-pandemic times. Gas prices soared to a high earlier this month before falling slightly to a national average of $4.88 a gallon, according to AAA. That is nearly 58 percent higher than a year ago. Travelers shouldn’t expect a reprieve anytime soon…. [T]he weekend is also on track to be the most expensive July Fourth in the past five years, according to travel booking app Hopper, which said average domestic airfare is up 45 percent compared to 2019.” (“Welcome To Summer Travel. It’s Hell.,” The Washington Post, 6/29/2022)

Soaring Gas Prices Have Over Half Of Americans Changing Their Summer Vacation Plans

“More than six in 10 Americans say the price of gas has caused them to drive less this summer than they might have otherwise. This exceeds the percentages reporting they were curtailing their driving at other times of high gas prices, including in 2000, 2001, 2004, 2005 and 2018…. Fifty-five percent of Americans also say the price of gas is causing them to alter their summer vacation plans. The one time Gallup asked this previously, in May 2005, 46% reported altering their plans.” (“Gas Prices Squeezing Americans as More Rate Economy ‘Poor,’” Gallup, 6/28/2022)

 

Altogether, Americans Are Facing A ‘Bummer Summer’ Because ‘Prices Are Up Nearly Across The Board For A Lot Of Things We Love To Do In The Summer’

“This is the least pandemic-y summer in two years, but inflation is dragging down the celebration. Most Americans are now getting their first taste of living in a high-inflation environment — and they don’t like it. Prices are up nearly across the board for a lot of things we love to do in the summer, including: Flying on a plane. Sending kids to camp. Booking a hotel room. Lighting fireworks. Renting a car. Buying food for your backyard barbecue. Regular gas prices now average $5/gallon, per AAA — and well over that in some parts of the country. Even if your pay has kept up with inflation (and not everyone’s has), the sticker shock can be demoralizing. … Dining out: For those who’ve taken a two-year break, there’s a bit of a Rip Van Winkle effect when it comes to eating at restaurants. Menu prices are eye-popping, and there’s more sticker shock when the check arrives — restaurants are adding ‘service fees’ and tacking on extra charges…” (“Caution: Bummer Summer Ahead,” Axios, 6/20/2022)

Small Wonder, Then, That Significant Majorities Of Americans Say Economic Conditions Are ‘Poor’ While 69% Disapprove Of Biden’s Handling Of The Economy

JASON FURMAN, Former Obama White House Council of Economic Advisors Chairman: “[P]eople have literally become poorer, by any concept, over the last year. Over the last 12-month period, just about everything has moved in the wrong direction. It should not be a mystery why people are worried.” (“The Comedown: After Stimulus Boom, Americans Face A Darkening Economy,” The Washington Post, 6/21/2022)

• “In recent weeks, Americans have endured even more bad economic news, with inflation continuing to rise, interest rates increasing dramatically and the S&P 500 entering a bear market as many serious economists predict a recession.” (“Most Say Nation On Wrong Track, Including Dems: AP-NORC Poll,” The Associated Press, 6/29/2022)

AP-NORC Poll: ‘Eighty-Five Percent Of U.S. Adults Say The Country Is On The Wrong Track, And 79% Describe The Economy As Poor’

“An overwhelming and growing majority of Americans say the U.S. is heading in the wrong direction, including nearly 8 in 10 Democrats, according to a new poll that finds deep pessimism about the economy plaguing President Joe Biden. Eighty-five percent of U.S. adults say the country is on the wrong track, and 79% describe the economy as poor, according to a new survey from The Associated Press-NORC Center for Public Affairs Research…. The poll shows only 39% of Americans approve of Biden’s leadership overall, while 60% disapprove. His approval rating fell to its lowest point of his presidency last month and remains at that level. The Democratic president gets hit even harder on the economy, with 69% saying they disapprove of him on the issue. Among Democrats, 43% disapprove of Biden’s handling of the economy.” (“Most Say Nation On Wrong Track, Including Dems: AP-NORC Poll,” The Associated Press, 6/29/2022)

Gallup: ‘A Striking 85% In June Say The Economy Is Getting Worse, Up From 77% In May And Only Two Points Shy Of The Record High’

“The percentage of Americans calling current conditions ‘poor’ has risen eight percentage points in June to 54% -- the first time a majority has called conditions poor since 2009. Just 11% say conditions are ‘good’ and 34% ‘only fair.’ Less than 1% describe them as ‘excellent.’ A striking 85% in June say the economy is getting worse, up from 77% in May and only two points shy of the record high on this, from June 2008.” (“Gas Prices Squeezing Americans as More Rate Economy ‘Poor,’” Gallup, 6/28/2022)

‘Two-Thirds Of Americans Say Recent Increases In The Price Of Gas Are Causing Them Hardship,’ ‘Among The Highest Levels Gallup Has Found’

“Two-thirds of Americans say recent increases in the price of gas are causing them hardship, which is up from 52% feeling this financial pinch in April…. The 67% experiencing hardship is among the highest levels Gallup has found when asking this question at other times of rising gas prices since 2000. The last time it was at this level was in May 2011. Americans' reaction to gas prices reflects the relatively sharp increase in pump prices this year, rising by nearly a dollar a gallon in recent months and now averaging close to $5.00 per gallon nationally. Americans were paying just over $2.00 a gallon, on average, at the start of 2021.” (“Gas Prices Squeezing Americans as More Rate Economy ‘Poor,’” Gallup, 6/28/2022)

 

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SENATE REPUBLICAN COMMUNICATIONS CENTER

Related Issues: Inflation, Energy, Economy

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