by Hannah Knudsen
Breitbart.com
This Fourth of July is the most expensive on record in terms of the grocery bill, according to data from the American Farm Bureau Federation’s (AFBF) annual marketbasket survey.
The analysis looked at a grocery bill covering a cookout for ten guests, which it estimated to be $71.52. The price is up five percent from 2023 and 30 percent higher than it was five years ago, under former President Donald Trump’s leadership.
“A $7.12 per-person cost represents a record high since AFBF began the survey in 2013. The cookout favorites include cheeseburgers, chicken breasts, pork chops, homemade potato salad, strawberries and ice cream, among other products,” the American Farm Bureau’s analysis reported.
When the 56 delegates to the Second Continental Congress ratified the Declaration of Independence 248 years ago tomorrow, they were creating much more than a nation. They were giving birth to an idea.
The political class keeps gaslighting us and trying to convince us that price inflation isn’t as bad as we think.
The United States is full steam ahead into uncharted fiscal waters, with rapidly growing federal debt promising a choppy economic future. Candidates Joe Biden and Donald Trump have added trillions to the national debt during their recent presidential administrations, leaving America at a critical juncture that demands urgent, bipartisan action.
The trajectory of inflation has not given central bankers much cause for celebration in recent years. But at the European Central Bank’s annual jamboree in Sintra, Portugal, this week, a touch of self-congratulation has been in the air. “I know it sounds a little bit arrogant,” confessed Christine Lagarde, the ECB’s president, on July 1st, but the unwinding of high inflation “is remarkable”. “We’ve made a lot of progress,” said Jerome Powell, the chairman of America’s Federal Reserve, the next day. Others agree. “Central banks have risen to the challenge” of high inflation, commends the Bank for International Settlements.
Lagarde frets over surging labor costs feeding into services inflation.
Since the start of the pandemic, PYMNTS Intelligence has tracked the real impact of inflation, as real wages, adjusted for price increases, have failed to keep pace with sticker shock.
Treasury Secretary Janet Yellen once again is once again gas lighting the public to believe that the Biden Administration has inflation under control. When questioned about the rising prices at grocery stores, Yellen denied that prices have soared astronomically.
WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates.