Every Day, Americans Pay The High Price For Kamala Harris’ Inflation

Prices Rose Again In July, As Inflation Remains Above The Fed’s Target Rate

“Overall inflation was 2.9 percent in July on a yearly basis, the Bureau of Labor Statistics reported on Wednesday … [P]rice increases are still quicker than the 2 percent pace that was normal before the coronavirus pandemic …” (The New York Times, 8/14/2024)

·       “Fed policymakers aim for 2 percent annual inflation …” (The New York Times, 8/14/2024)

‘Prices Are Still Rising Sharply For Some Services’ While ‘Housing Continued To Dominate The Inflation Snapshot’

“Prices are still rising sharply for some services, including auto insurance and health care. Auto insurance costs have shot up as the value of new and used vehicles has soared compared with three years ago. They jumped 1.2% just from June to July, defying expectations for a smaller gain.” (The Associated Press, 8/14/2024)

“Housing continued to dominate the inflation snapshot, with shelter costs accounting for nearly 90 percent of the monthly increase.” (The Washington Post, 8/14/2024)

·        “For two years, high interest rates have been an added strain for those also struggling under the weight of high prices, especially for basics like food and gas.” (The Washington Post, 8/14/2024)

“Nationwide, prices for all goods and services have jumped about 20% over the last four years. And it’s been an especially startling jolt to many consumers because the vast majority of them had never experienced anything like it in their adult lives. The last time inflation was at or near double-digits was in the early 1980s, and for most of the last 30 years it’s been close to the Federal Reserve’s 2% target.” (“Why Biden Is Getting Little Credit For The Economy, Especially In California,” Los Angeles Times, 4/10/2024)

·       “Inflation routinely polls as a top reason many Americans don’t think the economy is working for them …” (The Washington Post, 8/14/2024)

The Cumulative Effect Of Inflation Since President Biden And Vice President Harris Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And More

Since President Biden and Vice President Harris took office, inflation has increased 20.25%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Grocery (food at home) prices have increased 21.63%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Prices for food away from home have increased 23%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Energy prices have increased 40.24%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Prices for fuel oil have increased 49%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Gasoline (all types) prices have increased 50%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Natural gas prices have increased 24.7%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Electricity prices have increased 31.7%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Rental prices for a primary residence have increased 22%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Prices for used cars and trucks have increased 20%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Prices for new vehicles have increased 19%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Furniture prices have increased 12.17%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Apparel prices have increased 10%. (Bureau of Labor Statistics, Accessed 8/14/2024)

·       Airline fares have increased 22.6%. (Bureau of Labor Statistics, Accessed 8/14/2024)

‘Americans Are Still Struggling With Food Prices, Which Remain 21% Above Where They Were Three Years Ago’

“[M]any Americans are still struggling with food prices, which remain 21% above where they were three years ago …” (The Associated Press, 8/14/2024)

·       “Some food prices, including for meat, fish and eggs, are still increasing faster than before the pandemic.” (The Associated Press, 8/14/2024)

“Many consumers might not be feeling relief, though, because food prices overall have not fallen but have continued to increase, albeit at a slower rate. Compared with four years ago, grocery prices are up about 20 percent.” (“How Food Prices Have Changed Over the Past Four Years,” The New York Times, 8/13/2024)

·       “The average price for a dozen large eggs, for example, has nearly doubled from four years ago, to $2.72 from $1.55. Prices for cereals and bakery products have climbed about 25 percent over the same period, while fruits and vegetables were up about 14 percent.” (“How Food Prices Have Changed Over the Past Four Years,” The New York Times, 8/13/2024)

·       “Some categories have seen higher than normal inflation recently … For instance, beef and veal prices were up 5.1 percent in the year through June.” (“How Food Prices Have Changed Over the Past Four Years,” The New York Times, 8/13/2024)

“Polls have consistently found that inflation remains a top concern for voters, who have seen their budgets squeezed. A YouGov poll published last month found that 64 percent of Americans said inflation was a ‘very serious problem.’ And when it comes to inflation, several surveys suggested that Americans were most concerned about grocery prices.” (“How Food Prices Have Changed Over the Past Four Years,” The New York Times, 8/13/2024)

While Grocery Prices Have Gone Up Over 20%, Electricity Prices Have Increased Even More Over The Last Three Years

ELECTRICITY TRANSMISSION COMPETITION COALITION: “Electricity price inflation rose on an annual basis by 4.9%, well in excess of comparable rises in the average American grocery bill of 1.1% as measured by the Consumer Price Index (CPI). Electricity price inflation continued to exceed the broader CPI, which increased by 2.9% on an annual basis.” (Electricity Transmission Competition Coalition, Press Release, 8/14/2024)

The Biden-Harris Inflation Has Hurt Many Seniors Whose Social Security Benefits Can’t Keep Pace With The Rise In Prices

“Many other senior citizens are also feeling the inflation squeeze. Social Security benefits have lost 20% of their buying power since 2010, according to a recent analysis by The Senior Citizens League, an advocacy group. Those who retired that year would need a boost of $370 a month, or $4,440 a year, on average, to regain the lost value. Put another way, every $100 a household spent in 2010 would only purchase $80 today.” (“‘I’m Down To Eating Ramen’: Social Security Benefits Aren’t Keeping Up With Inflation,” CNN, 8/14/2024)

·       “Social Security benefits have risen by 58% between 2010 and 2024, but the cost of goods and services purchased by typical retirees jumped 73% during that time, the league said. The prices of bread and ground beef, for instance, have shot up nearly 147% and 73%, respectively, over that period.” (“‘I’m Down To Eating Ramen’: Social Security Benefits Aren’t Keeping Up With Inflation,” CNN, 8/14/2024)

·       “Every January, Social Security recipients get an annual cost-of-living adjustment, known as a COLA, but the increases often don’t keep up with the actual rise in prices – hurting senior citizens, many of whom live on fixed incomes and depend heavily on their Social Security benefits. Eight of the last 15 adjustments have come in lower than inflation for that year…. [O]ver the past five years, only the 2023 adjustment has beaten the rate of inflation, the league said.” (“‘I’m Down To Eating Ramen’: Social Security Benefits Aren’t Keeping Up With Inflation,” CNN, 8/14/2024)

Vice President Harris Is Desperately Trying To Mislead Voters About Her Economic Record, Even Though ‘She’s Been Part Of These Policy Proposals For The Last Four Years’

“Vice President Kamala Harris, hoping to distance herself from President Biden’s unpopularity on the economy, plans a new focus on middle-class worries and woes…. Harris won’t say it this bluntly in public, but her advisers do so privately: She wants to break with Biden on issues on which he’s unpopular. First up: rising prices…. Harris doesn’t want to be completely defined by the Biden-Harris record, advisers tell us.” (“Behind The Curtain: The Harris Plan To Redefine Herself,” Axios, 8/14/2024)

‘As Vice President, Harris Has Largely Moved In Lockstep With President Biden On Economic Issues’

“As vice president, Harris has largely moved in lockstep with President Biden on economic issues, and some analysts see this record as a road map. ‘In general, we think she’ll pick up the Biden-Harris mantle,’ policy analysts at Evercore ISI said in a note Tuesday.” (“What Would a Harris Presidency Mean for the Economy?” The Wall Street Journal, 7/24/2024)

“During an economy-focused speech on Friday in Raleigh, N.C., Ms. Harris will outline a sort of reboot of the administration’s economic agenda, according to four people familiar with Ms. Harris’s plans. She will lay out an approach relatively light on details, they said…. [I]t will rarely break from Mr. Biden on substance.” (“Harris Is Set to Lay Out an Economic Message Light on Detail,” The New York Times, 8/14/2024)

‘Kamala Harris Has Been An Integral Architect And Executor Of The Policies Of The Biden-Harris Administration’

FORMER BIDEN WHITE HOUSE DOMESTIC POLICY ADVISER SUSAN RICE: “I think it’s very important to remember that this has been the Biden-Harris agenda. Kamala Harris has been an integral architect and executor of the policies of the Biden-Harris administration.” (“Former Biden Adviser Susan Rice Says Harris Has Been An 'Integral Architect' Of The Administration's Agenda,” Fox News, 8/14/2024)

“Karine Jean-Pierre, the White House press secretary, said on Monday that Mr. Biden and Ms. Harris were ‘on the same page’ on policy. ‘I don’t think we should overstate the mystery here — she’s been part of these policy proposals for the last four years,’ said Michael Linden, a former staff member in the White House budget office under Mr. Biden.” (“Harris Is Set to Lay Out an Economic Message Light on Detail,” The New York Times, 8/14/2024)

·       “Many of the formal and informal economic advisers to Ms. Harris’s campaign, including Mike Pyle, Gene Sperling, Bharat Ramamurti and Brian Deese, previously held senior posts in the Biden administration. Mr. Deese was Mr. Biden’s first director of the National Economic Council and helped develop much of his vast legislative agenda. Mr. Pyle was chief economist to Ms. Harris as vice president and later a top economic aide on Mr. Biden’s National Security Council.” (“Harris Is Set to Lay Out an Economic Message Light on Detail,” The New York Times, 8/14/2024)

Americans Know That Vice President Harris Cast The Tiebreaking Votes To Pass Democrats’ Reckless Taxing And Spending Sprees That Led To The Highest Inflation Since The 1980s

March 4, 2021: Vice President Kamala Harris cast the tiebreaking vote on the motion to proceed to H.R.1319, the so-called American Rescue Plan Act. (H..R. 1319, Roll Call Vote #73: Passed 51-50 With Vice President Vote: D 48-0; R 0-50; I 2-0, 3/04/2021; VP Harris Voted Yea)

August 6, 2022: Vice President Harris cast the tiebreaking vote on the motion to proceed to H.R. 5376, the so-called Inflation Reduction Act. (H.R. 5376, Roll Call Vote #287: Passed 51-50 With Vice President Vote: D 48-0; R 0-50; I 2-0, 8/06/2022; VP Harris Voted Yea)

August 7, 2022: Vice President Harris cast the tiebreaking vote to pass the so-called Inflation Reduction Act. (H.R. 5376, Roll Call Vote #325: Passed 51-50 With Vice President Vote: D 48-0; R 0-50; I 2-0, 8/07/2022; VP Harris Voted Yea)

HARRIS: ‘That Is Called Bidenomics, And We Are Very Proud Of Bidenomics’

VICE PRESIDENT KAMALA HARRIS: “[T]hat, my friends, is called Bidenomics. (Laughs.) … And Bidenomics is working.” (Vice President Harris, Remarks, Seattle, WA, 8/15/2023)

·       VICE PRESIDENT HARRIS: “All that, ladies and gentlemen and everyone else — that is called ‘Bidenomics.’ That is called Bidenomics, and we are very proud of Bidenomics.” (Vice President Harris, Remarks, Washington, DC, 8/04/2023)

‘The Original Sin Was The $1.9 Trillion American Rescue Plan’

“Economists largely agree that the pandemic stimulus and other spending bills Mr. Biden signed over the past two years have added to inflation …” (“An Inflation-Driven Midterm Will Not Change Biden’s Economic Focus,” The New York Times, 11/10/2022)

·       “Many economists have suggested that President Joe Biden’s stimulus package in March 2021 intensified the inflation surge.” (The Associated Press, 7/12/2023)

·       STEVEN RATTNER, Former Obama Administration Counselor to the Treasury Secretary: “The original sin was the $1.9 trillion American Rescue Plan, passed in March [2021]. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today’s inflation levels.” (Steven Rattner, Op-Ed, “I Warned the Democrats About Inflation,” The New York Times, 11/16/2021)

·       FORMER TREASURY SECRETARY LARRY SUMMERS: “I’m not sure that we would have the inflation if there had never been a pandemic and, even if there had been a pandemic, without the overwhelming stimulus that was applied well into recovery — during 2021.” (“Summers Says Pandemic Only Partly To Blame For Record Inflation,” The Harvard Gazette, 2/04/2022)

·       “‘The United States has had much more inflation than almost any other advanced economy in the world,’ said Jason Furman, an economist at Harvard University and former Obama administration economic adviser, who used comparable methodologies to look across areas and concluded that U.S. price increases have been consistently faster. The difference, he said, comes because ‘the United States’ stimulus is in a category of its own.’” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)

·       THE WASHINGTON POST’s FACT CHECKER: “[I]t’s generally believed that some inflation can be attributed to [Biden’s] covid relief bill.” (“Fact-Checking Biden’s Claims As He Seeks To Save His Candidacy,” The Washington Post, 7/10/2024)

In States Like Pennsylvania, Wisconsin, Arizona, Nevada, North Carolina, Georgia, And Michigan, ‘Inflation And Soaring Housing Costs Hit Household Budgets Hard’

“Most battleground states more acutely felt the recent surge in the cost of living. States like Pennsylvania and Wisconsin have lagged the nation in their recoveries from the 2020 recession. All but one of the battlegrounds have seen slower annual real per capita growth since 2019 than they did in the two years prior …” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

·       “The seven swing states have a disproportionate share of their population living in counties that had not yet recovered to their pre-pandemic GDP by the end of 2022, according to the latest available data. A fifth of the US population lived in such counties. In battleground states, it was closer to one-fourth.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

“According to a measure devised by Bloomberg Economics to capture the cumulative effect of price increases, Georgia is one of five swing states whose residents have experienced worse inflation than the country overall. The Misery 2.0 Index combines price rises over four-year periods with the unemployment rate in each state. It builds on what’s known as the Misery Index, a measure used for decades by economists to track consumer distress.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

“In Arizona … inflation and soaring housing costs hit household budgets hard, much as they have in Nevada and North Carolina.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

‘Erie County, Pennsylvania, Is One Place Where It Feels To Many Voters Like The Economy Is Standing Still — Or Worse’

“Erie County, Pennsylvania, is one place where it feels to many voters like the economy is standing still — or worse. Its inflation-adjusted GDP per capita was 3.2% smaller by the end of 2022 than it was in 2019, making its bounce back from the pandemic recession slower than in most parts of the US.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

·       “Erie’s economic malaise is not uncommon in Pennsylvania. In that state, 40% of the population lives in a county that had not recovered to its pre-pandemic GDP by the end of 2022.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

‘Housing Affordability Is A National Issue … But In Nevada It’s Become A Dominant Concern’

“In 2019, a typical household in Nevada could expect to spend almost 20% of its income on mortgage payments if they purchased a median-priced home. That rose to almost 37% in 2023, according to calculations by Bloomberg Economics.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

·       “Housing affordability is a national issue. In June the median sales price of an existing home reached a record $426,900 even with mortgage costs near two-decade highs. But in Nevada it’s become a dominant concern in races up and down the ballot.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

·       “To Taylor Adams, president and chief executive officer of the Economic Development Authority of Western Nevada, the housing strain is just one symptom of the burden that high interest rates — and the extended wait for the Federal Reserve to start cutting them — are placing on the local economy. The increased cost of capital has put new industrial projects in the Reno area on hold, he says. Higher mortgage costs also are affecting decisions to relocate by potential new workers. ‘We are certainly feeling the effects of higher for longer,’ Adams says.” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

·       “The housing crisis in Reno is just one part of a ‘silent tidal wave’ that has hit many of the city’s residents … says Marie Baxter, who runs Catholic Charities of Northern Nevada. The young Californians moving in … caused rents to skyrocket, leaving even people making $20–$25 per hour in warehouse jobs struggling to make ends meet. ‘I’m still seeing 100 people a day walking through the door of Catholic Charities, the majority of whom are going to get evicted or lose their housing for a variety of reasons. And mostly it’s because their rents are going up,’ Baxter says, adding that many of them are employed and working hard. ‘We’re talking about people who are absolutely doing everything right.’” (“The Swing-State Economic Realities Shaping the US Election,” Bloomberg Businessweek, 8/08/2024)

Wisconsin: ‘I Really Can’t Afford Anything Beyond The Necessities,’ ‘If It’s Not Marked Down, I Just Don’t Eat It’

“Jerlyn Heisz, 79, a retired nursing assistant in Platteville, Wis., said her monthly grocery costs had increased to as much as $150, up from about $100 before the pandemic. At the same time, her rent and electricity bills have also increased in recent years. ‘I really can’t afford anything beyond the necessities,’ she said. Ms. Heisz, who lives on a $1,500 monthly income, said she had noticed that her money did not go as far as it used to, even as she has cut back on buying fresh fruits and vegetables. She said it had been about two years since she last bought a steak.” (“How Food Prices Have Changed Over the Past Four Years,” The New York Times, 8/13/2024)

“Until last year, Janet Albrecht could afford to eat roast beef sandwiches or tuna salad for lunch. But the widowed 78-year-old now has to skimp on her meals because her Social Security benefits haven’t kept up with the rising costs for food, housing and health care in recent years.” (“‘I’m Down To Eating Ramen’: Social Security Benefits Aren’t Keeping Up With Inflation,” CNN, 8/14/2024)

·       “A retired graphic designer, Albrecht estimates she’s paying $100 more a month at the supermarket than she was before inflation started skyrocketing in 2021. Her landlord increased the monthly rent by a total of $65 over the past two years, her utility bills are larger and some of the seven medications she takes daily after suffering a heart attack have gotten more expensive. She hasn’t had a haircut in more than a year, though she doesn’t like to wear her hair so long. ‘I’m down to eating ramen for lunch, which I never ate in my life until recently,’ said Albrecht, an Indiana, Pennsylvania, resident, who relies primarily on $1,163 in monthly Social Security payments. ‘If it’s not marked down, I just don’t eat it. I haven’t eaten beef since I don’t know when. I can’t afford it.’” (“‘I’m Down To Eating Ramen’: Social Security Benefits Aren’t Keeping Up With Inflation,” CNN, 8/14/2024)

Minnesotans Are Also Suffering From High Prices And Tepid Economic Growth

‘It’s Become Increasingly Difficult For Many People To Keep A Roof Over Their Heads’ In Minnesota

“Newly released data in Minnesota underscores what housing assistance groups have been preaching—it’s become increasingly difficult for many people to keep a roof over their heads. Minnesota Housing Partnership is out with its latest edition of the State of the State’s Housing report. It says statewide, median rent increased by 8% in just one year—the largest year-to-year increase in the past decade. The group’s Executive Director, Anne Mavity, pointed out that 50% of renters pay more for housing than they can afford. That means that in some cases, other basic necessities fall by the wayside. ‘And trying to maintain that housing,’ said Mavity, ‘means that families are making really hard choices.’ Regionally, according to the report, Central Minnesota has the highest cost-burden rate for homeowners…. Many areas have seen declines in permits for new housing. Mavity noted that market conditions, namely building costs, are pretty tough right now.” (“Report Reveals Increase In Rental Costs, Housing Insecurity In Minnesota,” Minnesota Spokesman-Recorder, 7/24/2024)

‘Owning And Protecting A Home Or A Car In Minnesota Is Getting More Expensive’

“Owning and protecting a home or a car in Minnesota is getting more expensive. Over the last year, the cost to insure your car jumped by 22%. Home rates are up almost 5%. ‘I have seen increases anywhere from a few hundred dollars to thousands of dollars, depending upon the risk, the age of the roof, the number of claims,’ said Roberta Gibbons with Dyste Williams Agency…. Inflation has also played a factor in making more claims more costly.” (“Many Minnesotans Are Seeing A Hike In Insurance Rates. Here’s Why.,” CBS Minnesota, 5/07/2024)

·       “Any good news about inflation is quickly dampened when you ask people about their car insurance. Premiums have been causing sticker shock to drivers renewing their coverage…. Aaron Cocking, president of the Insurance Federation of Minnesota, says the rate increases being seen now are from the impact of the last two years of inflation, which hit everything auto insurance covers: parts, labor and even medical bills covered in collisions…. The cost of covering and replacing cars was also more expensive for insurers as auto thefts in some cities hit new records.” (“What’s Driving Up Car Insurance Prices?,” CBS Minnesota, 6/12/2024)

High Electricity Costs Forced A Minnesota Foundry To Close Earlier This Year

“Northern Foundry in Hibbing is shutting down and laying off 91 employees at the Iron Range manufacturing plant this spring. Parent company Metal Technologies Inc. (MTI) specifically cited Minnesota Power utility rates as one factor leading to the shutdown in a company announcement Friday. ‘Electricity cost is a major expense,’ MTI said in a news release.” (“Northern Foundry Closing Hibbing Facility And Laying Off 91, Partly Blaming Minnesota Power Utility Rates,” Startribune, 3/01/2024)

·       “‘It’s a sad day. It’s devastating for our community,’ said Pete Hyduke, mayor of Hibbing. ‘I know there’s a few factors that they talked about.’ … Hyduke said that the facility had a longstanding presence in the city. ‘Northern Foundry’s been there about 50 years,’ Hyduke said.” (“Northern Foundry Closing Hibbing Facility And Laying Off 91, Partly Blaming Minnesota Power Utility Rates,” Startribune, 3/01/2024)

‘In Recent Years, Economic Growth In Minnesota Has Trailed The Rate Of Growth In The U.S. Overall’

“In recent years, economic growth in Minnesota has trailed the rate of growth in the U.S. overall. In 2023, inflation-adjusted gross domestic product in Minnesota grew 1.2%, less than half of the 2.5% expansion nationwide, U.S. Bureau of Economic Analysis data showed. The previous year, Minnesota’s inflation-adjusted GDP grew nearly one percentage point slower than the rate nationwide, according to BEA data.” (“What is Tim Walz’s record on the economy? Look at Minnesota,” ABC News, 8/08/2024)

Minnesotans Can’t Even Escape Inflation At Their Beloved State Fair

“The Minnesota State Fair and its vendors aren’t immune from the effects of inflation, and one popular vendor says they will be increasing their price by 50% this year. This should come as no surprise that prices at the Great Minnesota Get-Together are bound to follow what’s happening with prices on everything in life …” (“The Price of This Popular Minnesota State Fair Favorite Will Increase in 2024,” KRFO Radio, 8/08/2024)

·       “The All-You-Can-Drink Milk stand is the only unlimited item or bottomless item at the Minnesota State Fair, and for the last several years the price has been $2, this year due to increased costs the price will go up. Fair goers this year will have to pay $3 for either an endless glass of cold 2% white milk or 1% chocolate milk …” (“The Price of This Popular Minnesota State Fair Favorite Will Increase in 2024,” KRFO Radio, 8/08/2024)