Author: R. Alan Harrop,Ph.D

The news reports are that inflation is higher now than it has been in 40 years. The Consumer Price Index (CPI) was 1.2% in 2020, the last year of the Trump administration, and was 8.6% in 2022 under the Biden regime. Let’s take a look at how this has actually impacts the average American family.

First of all, the CPI does not include food and energy, two of the biggest expenses. Food on average has gone up 24% and gasoline from $1.87 to $3.69 per gallon during Biden’s presidency. At the same time the purchasing value of the dollar has gone down 7.4%. An item that you could buy for $100 in 2020 now will cost you $115. New automobiles are up an average of 29% and used cars 52%. Home prices are up an average of 10.4% since 2020. Home mortgage rates have gone from 3.1% to 6.8% costing an average of $878 more per month for a typical home priced at $355.000. For the length of a typical 30 year mortgage the home owner will pay a whopping $316,000. more today than in 2020.

What does all this mean? Your standard of living has gone down substantially and you are poorer now than in 2020. Your wallet does not lie. Now, it is important to realize, that even if the Federal Reserve can get
the inflation rate down to a more manageable level of 1.5% this does not mean that the cost of items will ever return to 2020 levels. They will only stop rising as quickly. The Biden administration has permanently
reduced your standard of living. Period. Of course, they will try to tell you that this dramatic rise in inflation is due to the Russian invasion of Ukraine. If you believe that, I have a bridge in Brooklyn I can sell you at a
bargain price. The inflation we are experiencing is due to reckless federal spending and the war on fossil fuels. No other explanations are needed; such as blaming it on the China virus or President Trump.

So what do we do? The only way to correct this problem is by expanding production and providing inexpensive, abundant energy. Only the Republican Party (particularly with President Trump) can turn this around before it is too late. For Democrats the truth is hard to face; but face it we must if we are to save this country.