Democrats running Washington are more interested in putting on a partisan Jan. 6 circus than helping your family survive painful inflation. The split screen couldn’t be more obvious and oblivious: Thursday’s desperate attempt by House Democrats to rehash the actions of rogue rioters from a year and a half ago while ignoring the current, nationwide battering that families are enduring.
Where is our special select committee to fight inflation? Where is our taxpayer-funded, prime-time, blockbuster TV special on keeping families stable and flourishing? Democrats would rather attack former President Donald Trump, who’s been out of power for nearly 1.5 years, than help your family keep food on the table.
The so-called experts promised us that inflation peaked, but again they’re wrong. After falling slightly to 8.3% in April from 8.5% in March, inflation spiked back up again in May to 8.6%, according to the Bureau of Labor Statistics.
That includes rising prices for gas — now an all-time, nationwide, average high of $5 a gallon — and higher housing costs, pricier groceries and airfare. The energy index rose 34.6% over the last year and the food index increased 10%, the largest 12-month increase since the period ending March 1981. This after the U.S. economy shrank by 1.5% in the first quarter of 2022.
It’s no wonder that the World Bank issued an economic warning on Tuesday, predicting the global economy will grow 2.9% this year, a steep dive from the 5.7% growth in 2021 and from the 4.1% this year that the World Bank projected in January. It warned of the possibility of “stagflation,” a combination of high inflation and tepid economic growth.
The World Bank projected that oil prices would spike 42% this year and non-energy commodity prices to increase nearly 18%, though it did project that oil and other commodity prices would drop 8% in 2023.
What’s President Joe Biden’s plan to stop this hellish stagflation? Not much. He outlined it in a shift-the-blame Wall Street Journal op-ed laying primary responsibility on the Federal Reserve, whose members have been woefully unaware of how bad inflation would get.
Biden also says he wants to lower gas prices on one hand while his administration does all it can to block new U.S. production of oil and natural gas — all in the name of chasing a socialist Green New Deal.
Laughably, Biden also touts a deficit reduction to help slow inflation — but the deficit is falling thanks to the courage of Sens. Joe Manchin and Kyrsten Sinema, who resisted the assaults from their own fellow Democrats seeking to pass trillions of dollars in new government spending.
Most Americans didn’t believe the inflation “experts” and instead they expect inflation to get worse, according to a new poll from The Washington Post and George Mason University’s Schar School of Policy and Government.
Nearly 9 in 10 Americans say they’ve started bargain-hunting for cheaper products, the Post reported, and “about three-quarters are cutting back on restaurants and entertainment or putting off planned purchases.”
That’s what Americans do. When our leaders fail us, we adapt. Despite Democrats’ Jan. 6 carnival, all signs point to new leadership coming after November.
Carrie Sheffield is a senior policy analyst at Independent Women’s Voice and the Tony Blankley Fellow for American Exceptionalism at The Steamboat Institute.