WASHINGTON TIMES - Newt Gingrich - SEP 20, 2022
The only solution to this crisis is a big Republican victory in November
The scale of the Joe Biden-Big Government Socialists’ disaster is becoming more obvious.
Scott Rasmussen has reported that 88% of Americans agree we are in a cost-of-living crisis. In fact, 66% – two of every three people – said it is a serious crisis.
Last week, economist Steve Moore, in his invaluable Unleash Prosperity Hotline, reported that Biden’s Big Government Socialist program had dropped real earnings by $3,000 for the average American in less than two years (with even more cuts to real income coming down the road). For 17 consecutive months under Mr. Biden, the cost of living has risen faster than wages.
The most recent Consumer Price Index Report had an average rise of 8.3%. But even this understates the pain in key areas. Fuel oil is up 68.8% (watch New Hampshire and northern Wisconsin and Michigan as this hits home in October).
Electricity is up 15.8%, and more than 20 million American families are already behind in paying their electric bills.
The biggest impact may be on the price of food, which is up 8% at restaurants but a staggering 13.5% at the grocery store. This is the largest jump in grocery prices in 43 years. Grocery bills are almost certain to go up in September and October as the combined effects of the food disruption from Ukraine and Russia, the drought in a good bit of American farmland, and the drought in Brazil combine to drive up the price of food. Beef, for example, may face a supply shortage and skyrocketing prices.
As the U.S. Bureau of Labor Statistics reported: “The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979. The food at home index rose 13.1 percent over the last 12 months, the largest 12-month increase since the period ending March 1979. The index for other food at home rose 15.8 percent and the index for cereals and bakery products
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