President Biden is re-tooling his economic to-do list.
The Bureau of Labor Statistics report indicates that prices across a range of goods and services rose 7 percent between December 2020 and December 2021, the largest annual inflation growth in more than 40 years. Food prices saw the largest jump with a 6.5 percent increase in December. Meat prices went up 15 percent, while egg prices increased by 11 percent.
A new report from Goldman Sachs shows that consumers should expect “substantial increases in food prices” as supply chain problems and high labor costs are driving another rise. They expect the increase to be in the neighborhood of 6 percent, similar to what was experienced in 2021.
President Biden’s top advisers are promoting his economic message to the American public as his legislative agenda continues to stall In Congress. During the last week, the president put more emphasis on growth in wages, union jobs, and domestic manufacturing. At the same time, he is giving less emphasis on matters like inflation and the all-but-dead Build Back Better bill, as well as concerns over COVID-19 vaccinations and mask mandates
“There is a lot we can do to give families a little extra breathing room,” the president said in a speech celebrating a surprisingly strong jobs report on Friday. “For example, childcare,” he said, referring to an element of the Build Back Better plan aimed at helping “millions of parents, and especially women,” return to work.
As the Lord Leads, Pray with Us…
- For the president and his economic advisors as they prioritize issues facing the nation.
- For U.S. economic officials who are recommending solutions to the ongoing increases in the cost of living.
- For Americans to turn their hearts to the Lord and follow His ways as they seek to make ends meet.
Sources: Washington Examiner, Bloomberg
