With Easter and Passover approaching, Americans should prepare for much more expensive Seder Plates and Easter dinners. The consumer price index increased by 8.5 percent on an annualized basis in March, according to the Bureau of Labor Statistics (BLS), setting yet another 40 year high for the fifth month in a row. Food prices rose by 8.8 percent in the past 12 months.
The average American now pays an additional $536 a month due to inflation. Last year, before inflation got this bad, the average U.S. household still spent $3,500 more in 2021 due to inflation, according to a Penn Wharton University of Pennsylvania Budget Model analysis. Low-income households were disproportionately harmed, as those households will spend about 7 percent more while higher-income households will spend about 6 percent more.
This holiday season, the White House certainly won’t be tweeting about how Americans are saving 16 cents at the cookout.
Instead, food prices have surged:
- Eggs have increased 11.2 percent in the past 12 months.
- Fresh fruits have increased 10.1 percent in the past 12 months.
- Canned vegetables have increased 12.5 percent in the past 12 months.
- Ham has increased 14.6 percent in the past 12 months.
- Pork roasts, steaks, and ribs have increased 13.8 percent in the past 12 months.
- Bread has increased 7.1 percent in the past 12 months.
- Potatoes have increase 3.4 percent in the past 12 months.
- Fresh vegetables have increased 5.9 percent in the past 12 months.
- Fresh cakes and cupcakes have increase 8.4 percent in the past 12 months.
To make matters worse, Americans are now facing a kosher poultry shortage.
In January 2021, before Joe Biden took over the presidency, annual inflation was at a stable 1.4 percent. While inflation has already hit American families hard, Democrats are pushing policies which would make this problem even worse, like trillions in tax increases and wasteful spending.
President Biden just released a Fiscal Year 2023 budget proposal packed with trillions in new spending and tax hikes on the American people. His budget included at least $6 trillion in spending and 36 tax increases on American individuals and businesses totaling $2.5 trillion over the next decade. This includes 11 tax increases on the oil and gas industry at a time when the price of gasoline is at record highs.
These policies will exacerbate inflation.
The Biden administration and congressional Democrats should focus on growing the economy and helping businesses and working families. Instead, at the expense of Americans’ financial security, they are pushing tax increases and wasteful spending.