02.14.23

Roses Are Red, Violets Are Blue, Joe Biden’s Inflation Is Still Hurting You, Too

Contradicting The Biden Administration’s Rosy Spin, Inflation Increased Month-Over-Month Again In January, While The Cumulative Effects Of Nearly Two Straight Years Of High Inflation Force American Families And Businesses Pay More For Nearly Everything, Including Valentine’s Gifts

 

‘Inflation Turned Higher To Start 2023, As Rising Shelter, Gas And Fuel Prices Took Their Toll On Consumers’

“Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers, the Labor Department reported Tuesday. The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%.... Excluding volatile food and energy, the core CPI increased 0.4% monthly and 5.6% from a year ago …” (“Inflation Rose 0.5% In January, More Than Expected And Up 6.4% From A Year Ago,” CNBC, 2/14/2023)

“And on a monthly basis, consumer prices increased 0.5% from December to January, much higher than the 0.1% rise from November to December. More expensive gas, food and clothing drove up inflation in January.” (The Associated Press, 2/14/2023)

“Tuesday’s consumer price report from the government showed that inflationary pressures in the U.S. economy remain stubborn and are likely to fuel price spikes well into this year…. [I]t remains far above the Federal Reserve’s 2% annual inflation target.” (The Associated Press, 2/14/2023)

January marked the TWENTY-FIRST consecutive month in which inflation rose at least 5 percent year-over-year. (Bureau of Labor Statistics, Accessed 2/14/2023)

Prior to 2021, year-over-year monthly inflation had not been as high as it was in January 2022 since 1982. (Bureau of Labor Statistics, Accessed 2/14/2023)

 

A Week Ago, President Biden Was Attempting To Take A Victory Lap On Inflation, But The January Report Shows How Wrong He Was

PRESIDENT BIDEN, Last Week: “[H]ere at home, inflation is coming down. Here at home, gas prices are down … Food inflation is coming down. Inflation has fallen every month for the last six months while take home pay has gone up.” (President Biden, State of the Union Address, 2/07/2023)

Reality: ‘The Whole Perspective We Have On Inflation Is Much Worse’

JASON FURMAN, Former Obama White House Council of Economic Advisors Chairman: “The inflation picture that had started to look better a month ago, it turns out that a lot of that was probably a false dawn…. The whole perspective we have on inflation is much worse.” (The New York Times, 2/14/2023)

January’s month-by-month inflation rose at the fastest pace since October 2022. (Bureau of Labor Statistics, Accessed 2/14/2023)

“The report showed January prices rose 0.5 percent in comparison with the previous month, a bump from the 0.1 percent rise in the December report, and a less-than-encouraging sign for economists and policymakers who argue that progress is best measured month by month.” (The Washington Post, 2/14/2023)

“Rising prices meant a loss in real pay for workers. Average hourly earnings fell 0.2% for the month and were down 1.8% from a year ago, according to a separate BLS report.” (“Inflation Rose 0.5% In January, More Than Expected And Up 6.4% From A Year Ago,” CNBC, 2/14/2023)

“Gas prices rose 2.4% in January, the government said, with prices averaging $3.50 a gallon nationwide by the end of last month.” (The Associated Press, 2/14/2023)

“Tuesday’s inflation report showed that food prices jumped 0.5% from December to January, defying hopes for a smaller increase. Cereals and bread products became costlier. And egg prices jumped 8.5% just in January and have skyrocketed 70% in the past year.” (The Associated Press, 2/14/2023)

President Biden Still Defiantly Refuses To Accept Responsibility For Inflation That Occurred Entirely On His Watch

“Asked to explain, Biden … replied, ‘Our economy is strong as hell’ — as he munched on a waffle cone of Baskin Robbins chocolate-chip ice cream.” (“Biden Insists US Economy Is ‘Strong As Hell’ As He Munches An Ice Cream Cone,” New York Post, 10/16/2022)

REPORTER: “Do you take any blame for inflation, Mr. President?”
PRESIDENT BIDEN: “Am I taking blame for inflation?”
REPORTER: “Correct.”
BIDEN: “No.”
REPORTER: “Why not?”
BIDEN: “Because it was already there when I got here, man. Remember what the economy was like when I got here?  Jobs were hemorrhaging. Inflation was rising. We weren’t manufacturing a damn thing here. We were in real economic difficulty. That’s why I don’t.” (“Remarks by President Biden on the January Jobs Report,” Washington, DC, 2/03/2023)

 

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

Since President Biden took office, inflation has increased 14.4%. (Bureau of Labor Statistics, Accessed 2/14/2023)

Meanwhile, Americans Continue Giving Up More Of Their Paychecks To Inflation, With Year-On-Year Real Average Weekly Earnings Decreasing 1.5%

“Real average hourly earnings decreased 1.8 percent, seasonally adjusted, from January 2022 to January 2023. The change in real average hourly earnings combined with an increase of 0.3 percent in the average workweek resulted in a 1.5-percent decrease in real average weekly earnings over this period.” (Bureau of Labor Statistics, Press Release, Accessed 2/14/2023)

 

‘Inflation Makes Valentine’s Day More Expensive’: Americans Are Paying More This Year For Flowers, Chocolate, Pastries, Dining, And Movies

“Real estate website Point2 analyzed inflation’s effect on 14 Valentine’s Day mainstays and found that this year’s holiday is set to be the most expensive on record. Thinking about grabbing a flight for a romantic weekend getaway? That will run you an extra 16.03% on average above last year’s prices. How about staying home and going out to a restaurant for a romantic dinner? A 3-course meal at a decent restaurant will come with a nearly 17% inflation surcharge, the study found. Considering skipping the restaurant and relaxing together in front of a romantic movie? Well, the average theater ticket is 6.47% more expensive this year, the study found. Ok, so maybe you’ll stay at home and make dinner … [but] a bottle of wine is up 3.52%, and those romantic candles are nearly 9% more expensive on average. As the meal winds down and it’s time to pull out the gifts, many of the staple presents such as gold (5.89%), perfume (8.97%), chocolate boxes (8.47%), silver (5.05%) and a dozen roses (3.94%), have a higher price tag this year.” (“How Saying ‘I Love You’ Is Getting More Expensive This Valentine’s Day: Report,” Fox 2 St. Louis, 2/11/2013)

“[T]his year, couples are spending much more on flowers for their loved ones than in years past. That’s because many florists have had to raise their prices as so many other businesses and industries have to deal with inflation, and out a thorn in many trying to celebrate the holiday with their loved ones…. Some shoppers told ABC 6 News they’ve noticed significant increases and florists confirmed that, with one shop in New Bedford [Massachusetts], Whaling City Florist said they’ve nearly had to double their prices.” (“Inflation Makes Valentine’s Day More Expensive,” ABC 6 Providence, 2/13/2023)

  • “Roses, that’s a traditional gift to give someone on Valentine’s day. But what about a dozen red roses? A local florist told Action News Jax that because of inflation they will cost you an extra $25 at her shop. Demand, production, wages and transportation across other countries; they are all reasons why a dozen red roses now cost more money. ‘For Valentines it’s $94.99,’ Shelly Hagan, florist and the owner of Jacksonville Flower Market’s retail business & Flowers of Jacksonville delivery service, said. ‘Without inflation they’d cost $69.99.’ She says the surcharges for producing red roses are up nationwide. ‘The trucking charges go up, the flower charges go up, so everything has kind of escalated so it’s in high demand,’ Hagan said.” (“Due To Inflation, Red Roses Cost More This Valentine’s Day,” Action News Jax, 2/13/2023)

“Businesses like LaSalle Bakery have been preparing … for [Valentine’s Day] … Being in love may cost you, but owner Michael Manni says inflation is impacting everyone. ‘The egg prices have gotten so bad that we had to raise some prices,’ he explained. ‘I mean things that have a lot of eggs. Eggs are in everything that we make so it’s really hard to avoid it, especially when the prices have almost doubled. We try to do it marginally.’” (“Inflation Impacting Consumers, Businesses This Valentine’s Day,” WPRI, 2/14/2023)

 

No Wonder Most Americans Continue To Disapprove Of President Biden’s Handling Of The Economy And Over 40% Say They Are Worse Off Today Than When Biden Took Office

“[A] growing number of Americans say their own financial circumstances are worsening on Biden’s watch. Roughly 4 in 10 Americans (41 percent) say they are not as well-off financially since Biden became president, up from 35 percent one year ago and the highest percentage to report such a sentiment under any president in Post-ABC polls since measurement began in 1986.” (“Americans Not Feeling Impact Of Biden Agenda, Post-ABC Poll Finds,” The Washington Post, 2/06/2023)

 

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SENATE REPUBLICAN COMMUNICATIONS CENTER

Related Issues: Economy, Inflation