Biden administration policies — energy regulations most particularly — will force most all of us to gobble up a big inflationary Thanksgiving turkey tax.
Thanksgiving dinner hosts may note that since last year: the price for a 15 pound turkey is up 27%; a Costco pumpkin pie is up 17%; a two-pound bag of carrots is up 47%; and a three-pound bag of Russet potatoes is up 13%.
Grade A eggs are up to $1.82 a dozen from $1.41 a year ago, and a pound of chuck roast rose to $7.40 from $5.75.
In addition to trucking-related cost impacts on groceries, skyrocketing energy prices will tax the holiday spirit both of holiday season travelers and stay-at-homers in colder climes.
The price for a gallon of gas is up 60% nationally from a year ago; airfares are expected to jump by 18% over the next two months; and home heating bills for many families are projected to rise by as much as 54% compared to last winter.
The price of fuel oil has risen by 59% in the past 12 months, and home-delivered natural gas by 28%.
Politically self-inflicted inflation continues to rise at the fastest rate in more than three decades, with consumer prices up 6.2% from last year, wholesale prices up 8.6%, and the core price index — which excludes volatile items such as food and energy — up 4.6%
The cost of new cars and trucks is up 10%, used cars and trucks 26%, car and truck rentals 39%. Also, rental and housing prices are moving up fast, and costs for furnishing them have increased 12%.
Federal economic data has shown much of that inflation rise occurring during Joe Biden's term.
The Bureau of Economic Analysis (BEA) released data in October on personal consumption expenditures (PCE), a leading inflation marker; it showed the fastest increase in in 30 years.
"The PCE price index for August increased 4.3 percent from one year ago, reflecting increases in both goods and services," BEA said. "Energy prices increased 24.9 percent and food prices increased 2.8 percent. Excluding food and energy, the PCE price index for August increased 3.6 percent from one year ago."
Don't be fooled when told by Democrats and loyal media acolytes not to worry — that higher wages will bail you out from rising tides of that "temporary" inflation.
Whereas wages for some did increase, inflation for all, including the poorest among us, is sinking real purchase power deep under water.
Key among these driving inflationary influences are energy policies which have driven up prices for all sorts of goods and services: from gasoline to deliv food and products; to natural gas to produce electricity and keep water pipes from freezing during the winter heating season.
Natural gas prices are up 100% year-to-date in the U.S. (600% in Europe), and oil prices are at their highest point in a decade.
Virtually every "new green" plan they propose is hardly a "deal." Instead, through arbitrary mandates, bans, taxes, and politically preferential government subsidized "markets," they make hydrocarbon fuels more expensive with an express intent to reduce use.
Nor should any of this come as any big surprise for our recently energy-independent nation which since went woke with a Democrat administration that has worked so aggressively to accomplish American energy poverty in order to end billions of years of climate change.
During his first days in office, President Biden canceled the Keystone XL pipeline and capped drilling permits in the Arctic National Wildlife Refuge (ANWR), while simultaneously giving President Vladimir Putin a pass to complete Russia's Nord Stream 2 pipeline under the Baltic to sell its natural gas to Europe.
Then, in response to politically painful U.S. pump and electricity prices, the Biden administration has pleaded with OPEC (climate be damned) to boost oil production.
Adding further lack of self-awareness to irony, White House officials recently asked oil and gas industry executives how best to moderate price increases.
Clueless Joe then sent a letter this month to Federal Trade Commission Chair Lina Khan asserting that there is "mounting evidence of anti-consumer behavior by oil-and-gas companies."
His missive urged her to investigate illegal conduct and "bring all of the Commission's tools to bear if you uncover any wrongdoing," complaining that "the largest oil and gas companies in America are generating significant profits off higher energy prices."
The short answer explaining those "hefty profits" is that large producers like Exxon and Chevron have scaled back investment in new production due to pressure from green lobbies.
Yes, by fundamental definition of inflation, the main reason gasoline prices are rising is because demand is outstripping supply. This self-inflicted circumstance is the result of a contrived supply shortfall resulting from policies that discourage and raise the costs of domestic production through collusion among Democratic politicians, regulators and large green rent-seeking corporate promoters.
The Biden-Democrat anti-fossil agenda has tragically reversed what Wall Street Journal contributor Walter Russell Mead recently noted as "America's greatest single achievement of the past decade," replacing the Middle East as the swing producer in world energy production.
An October Morning Consult/POLITICO poll found that 62% of Americans — including 41% of Democratic voters — blame rising inflation on Biden policies.
The survey reported: "Slight increases in the shares of Republicans (85 percent) and independents (61 percent) who hold the administration responsible fueled the uptick. About half of voters (48 percent) believe Americans' return to pre-pandemic behaviors has [also] contributed to the 13-year high in inflation, a 5-point decline from July."
We can fully bet that these very real kitchen table concerns will extend long beyond Thanksgiving, feeding hearty appetites of Republican and independent congressional midterm election voters.
Larry Bell is an endowed professor of space architecture at the University of Houston where he founded Sasakawa International Center for Space Architecture and the graduate space architecture program. His latest of 10 books, "What Makes Humans Truly Exceptional," (2021) is available on Amazon along with all others. Read Larry Bell's Reports — More Here
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