{"id":2257082,"date":"2024-05-31T19:18:02","date_gmt":"2024-05-31T23:18:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-is-killing-the-economy-inflation-remains-high-and-consumer-spending-weakens\/"},"modified":"2024-05-31T19:21:39","modified_gmt":"2024-05-31T23:21:39","slug":"biden-is-killing-the-economy-inflation-remains-high-and-consumer-spending-weakens","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-is-killing-the-economy-inflation-remains-high-and-consumer-spending-weakens\/","title":{"rendered":"Biden&#8217;s Impact on the Economy: High Inflation Persists, Consumer Spending Declines"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-is-killing-the-economy-inflation-remains-high-and-consumer-spending-weakens%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2257082&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The commentary by\u200b Warner \u200cTodd Huston on May 31,\u200b 2024, highlights the impact of President Joe Biden&#8217;s increasing federal spending leading to a decline in consumer confidence due to rising inflation. Despite media&#8217;s positive coverage, the economy faces \u2062challenges, with inflation \u200caffecting incomes, consumer spending, and \u2063pushing \u2063Americans out\u2064 of\u2062 the middle class. Bidenomics&#8217; consequences include soaring federal spending, growing\u2062 public\u200c debt, and the\u2063 unaffordability of essentials like housing, \u200bcars, and dining out, reflecting\u2062 a grim \u200deconomic reality under Biden&#8217;s administration. The seriousness\u200d of the situation underscores the importance of the upcoming 2024 \u200delection as \u200ca crucial moment for the \u200dnation&#8217;s future.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/igcolonel\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/igcolonel\/%20\"><span>Warner Todd Huston<\/span><\/a> <\/span> <span>   May 31, 2024 at 1:49pm <\/span> <\/span>  <\/header>\n<section>\n<p>As President Joe Biden leads the federal government to higher and higher spending, consumer confidence is plummeting amid wave after wave of Bidenflation coming down on all our heads.<\/p>\n<p>Despite the often unduly rosy reporting in the establishment media, the Biden economy continues to founder on the rocks of <a href=\"https:\/\/www.westernjournal.com\/chart-shows-change-household-net-worth-biden-par-trump-years-adjusting-inflation-undoes\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a> that is bleeding Americans of their incomes and driving prices up across the board. And the pressures have caused Americans to seriously sour on the economy.<\/p>\n<p>The U.S. Bureau of Economic Analysis <a href=\"https:\/\/www.bea.gov\/news\/2024\/personal-income-and-outlays-april-2024\" target=\"_blank\" rel=\"noopener\">announced<\/a> Friday that the personal consumption expenditures price index \u2014 one of the inflation measures tracked by the Federal Reserve \u2014 increased 0.3 percent last month and 2.7 percent in the 12 months through April.<\/p>\n<p>It was a disappointing result for economists and showed heavy pressure on <a href=\"https:\/\/www.westernjournal.com\/red-economy-power-consumer-choice\/\" target=\"_blank\" rel=\"noopener\">consumers<\/a>.<\/p>\n<p>According to the <a href=\"https:\/\/www.usinflationcalculator.com\/inflation\/current-inflation-rates\/\" target=\"_blank\" rel=\"noopener\">U.S. Inflation Calculator<\/a>, the inflation rate under Biden has been more than double every year what it was under former President Donald Trump. The president inherited an inflation rate of 1.4 percent when he took office in January 2021. By June 2022, it had soared to 9.1 percent.<\/p>\n<p>While it has since fallen, it still was at 3.4 percent for the 12 months ending in April.<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/markets\/us\/us-inflation-rises-line-with-expectations-april-2024-05-31\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> tried to soften the blow by saying that inflation rose \u201cmoderately\u201d last month \u2014 as if it isn\u2019t all that bad on us all.<\/p>\n<p>The report conceded, however, that consumer spending is still weak under <a href=\"https:\/\/www.westernjournal.com\/impact-bidenomics-memorial-day-weekend-prices-skyrocket-since-2021\/\" target=\"_blank\" rel=\"noopener\">Bidenflation\u2019s<\/a> heavy onslaught.<\/p>\n<p>\u201cPeople have been pinched for a while, and it\u2019s likely starting to show \u2026 This cooling is encouraging for slower inflation in the coming months,\u201d Elizabeth Renter, a senior economist at NerdWallet, told Reuters.<\/p>\n<div id=\"firefly-poll-container\">\n<p>Has Bidenomics made your life better?<\/p>\n<\/p><\/div>\n<p>Prices continued to rise with gas prices up by 1.2 percent and goods and services prices up 0.2 percent and 0.3 percent, respectively. Overall, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/food-prices-fall-in-june-cereal-output-seen-slightly-higher-u-n-agency-says\/\" title=\"Food prices fall in June, cereal output seen slightly higher, U.N. agency says\">food prices fell<\/a> a little, but specific items are still rising.<\/p>\n<p>\u201cOn an annual basis, services inflation is running at 3.9%, while goods inflation is nearly flat at 0.1 percent,\u201d <a href=\"https:\/\/www.cnn.com\/2024\/05\/31\/economy\/pce-inflation-consumer-spending-april\/index.html\" target=\"_blank\" rel=\"noopener\">CNN<\/a> reported Friday.<\/p>\n<p>The liberal outlet acknowledged that \u201ccosts continued to rise too fast for consumers.\u201d<\/p>\n<p>Steven Ricchiuto, U.S. chief economist for Mizuho Securities USA, told CNN that inflation is \u201cstuck.\u201d<\/p>\n<p>\u201cThe economy is declining, it\u2019s slowing to trend from above-trend, but it\u2019s still an environment where there\u2019s an exceptionally tight labor market and coming back to trend from above-trend doesn\u2019t make you feel all warm and fuzzy that inflation is going to go down quickly,\u201d Ricchiuto said.<\/p>\n<p>The result of all this is that more Americans are falling out of the middle class.<\/p>\n<p>As <a href=\"https:\/\/www.forbes.com\/sites\/katharinabuchholz\/2023\/04\/21\/how-americas-middle-class-is-shrinking-infographic\/\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> reported last year, the U.S. aggregate income earned by the middle class shrank from 62 percent in 1970 to only 42 percent in 2023. And <a href=\"https:\/\/www.pewresearch.org\/race-and-ethnicity\/2024\/05\/31\/the-state-of-the-american-middle-class\/\" target=\"_blank\" rel=\"noopener\">Pew Research<\/a> found that the number of American households that are in the lower class increased from 27 percent to 30 percent between 1971 and 2023.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/fred.stlouisfed.org\/series\/FGEXPND\" target=\"_blank\" rel=\"noopener\">federal spending<\/a> continues to soar, especially since the COVID-19 pandemic.<\/p>\n<p>Worse, <a href=\"https:\/\/www.westernjournal.com\/us-debt-crisis-interest-payments-balloon-overtake-defense-spending-now-3rd-biggest-expenditure\/\" target=\"_blank\" rel=\"noopener\">public debt<\/a> is a serious problem and now stands at more than <a href=\"https:\/\/fred.stlouisfed.org\/series\/GFDEBTN\" target=\"_blank\" rel=\"noopener\">$34 trillion<\/a>.<\/p>\n<p>The <a href=\"https:\/\/www.usdebtclock.org\/\" target=\"_blank\" rel=\"noopener\">U.S. Debt Clock<\/a> is shocking, showing the debt rising by hundreds of thousands of dollars every few seconds. In fact, as <a href=\"https:\/\/www.forbes.com\/sites\/eriksherman\/2024\/05\/30\/the-us-sailed-past-1-t-quarterly-interest-on-the-public-debt\/?sh=32f3a4f8464b\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> noted, the U.S. has now passed $1 trillion in quarterly interest on the debt.<\/p>\n<p>The upshot is that Americans are being priced out of nearly everything, from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-shift-to-reforming-the-filibuster-amid-concerns-senate-will-become-legislative-graveyard\/\" title=\"Democrats Shift To \u2018Reforming\u2019 The Filibuster Amid Concerns Senate Will Become \u2018Legislative Graveyard\u2019\">big-ticket items<\/a> such as homes and cars to something as simple as a meal at a <a href=\"https:\/\/www.westernjournal.com\/mcdonalds-offering-free-nuggets-inflation-makes-prices-skyrocket-get\/\" target=\"_blank\" rel=\"noopener\">fast-food<\/a> joint.<\/p>\n<p>Nearly 80 percent of Americans who responded in a recent poll said that eating at a fast-food place is now a luxury, one they are increasingly unable to afford, <a href=\"https:\/\/ktla.com\/news\/california\/fast-food-menu-prices-too-high\/\" target=\"_blank\" rel=\"noopener\">KTLA-TV<\/a> reported. Sixty-two percent said they were seriously cutting back on fast food because they can\u2019t afford it any longer.<\/p>\n<p>As to the big-ticket items, <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-mortgage-demand-falls-as-buyers-struggle-with-low-number-of-home-listings-c870d10b\" target=\"_blank\" rel=\"noopener\">Market Watch<\/a> reported that U.S. mortgage demand has tumbled.<\/p>\n<p>\u201cThe market index fell 7.2% to 202.5 for the week ending January 26 from a week ago,\u201d it said. \u201cA year ago, the index stood at 233.0.\u201d<\/p>\n<p>And <a href=\"https:\/\/www.kbb.com\/car-news\/dealers-have-plenty-of-new-cars-americans-arent-buying-them-quickly\/\" target=\"_blank\" rel=\"noopener\">Kelly Blue Book<\/a> found there is a glut of new cars sitting on dealership lots because people aren\u2019t buying them. Worse, <a href=\"https:\/\/www.thestreet.com\/automotive\/why-only-about-22-percent-of-americans-can-afford-a-new-car-\" target=\"_blank\" rel=\"noopener\">The Street<\/a> reported that only about 22 percent of Americans can now even afford to buy a new car.<\/p>\n<p>It is clear that the pressures on the American people are pushing them further and further behind, and that in the era of Biden, the American dream is far more of a forlorn hope than a reality.<\/p>\n<p>One major way the president could help ease the pain is to put an end to the skyrocketing spending in Washington. Unfortunately, he seems unwilling to do even this much.<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>I heard a chilling comment the other day: \u201cWe don\u2019t even know if an election will be held in 2024.\u201d <\/span><\/i><\/p>\n<p><i><span>That wasn\u2019t said by a conspiracy theorist or a doomsday prophet. No, former U.S. national security advisor Lt. Gen. Michael Flynn said that to the founder of The Western Journal, Floyd Brown.<\/span><\/i><\/p>\n<p><i><span>Gen. Flynn\u2019s warning means that the 2024 election is the most important election for every single living American. If we lose this one to the wealthy elites who hate us, hate God, and hate what America stands for, we can only assume that 248 years of American history and the values we hold dear to our hearts may soon vanish.<\/span><\/i><\/p>\n<p><i><span>The end game is here, and as Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>All of this means that <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without you<\/span><\/i><\/a><i><span>, it\u2019s over. We have the platform, the journalists, and the experience to fight back hard, but Big Tech is strangling us through advertising blacklists, shadow bans, and algorithms. Did you know that we\u2019ve been blacklisted by 90% of advertisers? Without direct support from you, our readers, we can\u2019t continue the fight.<\/span><\/i><\/p>\n<p><i><span>Can we count on <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>your support<\/span><\/i><\/a><i><span>? It may not seem like much, but a <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Western Journal Membership<\/span><\/i><\/a><i><span>  can make all the difference in the world because when you support us directly, you cut Big Tech out of the picture. They lose control. <\/span><\/i><\/p>\n<p><i><span>A monthly Western Journal Membership costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>We are literally counting on you because without our members, The Western Journal would cease to exist. Will you <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  in the fight? <\/span><\/i><\/p>\n<p><i><span>Sincerely,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>The Western Journal<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-43\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/igcolonel\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-43\">Summary<\/label><label for=\"more-info-tab-radio-43\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-43\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-43\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Warner Todd Huston has been writing editorials and news since 2001 but started his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/byron-donalds-takes-shot-at-host-of-the-view-dares-panel-to-invite-him-on-as-a-guest\/\" title=\"Byron Donalds Takes Shot at Host of 'The View,' Dares Panel to Invite Him On as a Guest\">writing career penning articles<\/a> about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN and several local Chicago news programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a &#8220;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-considering-investigations-into-hunter-fauci-and-others-after-midterms\/\" title=\"Republicans Considering Investigations Into Hunter, Fauci and Others After Midterms\">target-rich environment<\/a>&#8221; for political news. Follow him on Truth Social at @WarnerToddHuston.<\/p>\n<\/p><\/div>\n<div>\n<p>  Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN and several local Chicago news programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a &#8220;target-rich environment&#8221; for political news. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 31, 2024, at 1:49 pm, Warner Todd Huston provides commentary on President Joe Biden&#8217;s soaring federal spending. As consumer confidence nosedives due to relentless &#8220;Bidenflation,&#8221; the economy struggles. Despite some overly optimistic media coverage, the Biden administration faces ongoing economic challenges<\/p>\n","protected":false},"author":180,"featured_media":2257083,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Shoppers.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2257082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/05\/Shoppers.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2257082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/180"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2257082"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2257082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2257083"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2257082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2257082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2257082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}