I don’t know when memes first entered American political culture, but it had to be somewhere around 2010. That’s when at a New York State gubernatorial debate, then candidate for Governor Jimmy McMillan said something both profound and accurate: "The rent is too damn high!"
He was right. In fact, his passion was so strong, he articulated the feelings of New Yorkers so perfectly, that now disgraced Gov. Andrew Cuomo was forced to agree when he said, "I’m with Jimmy — the rent is too damn high."
As we’re midway through the first quarter of 2022, Jimmy McMillan’s sentiments still ring true, but with a catch: it’s not just the rent that’s too damn high; everything is too damn high because of inflation.
Over the past 12 months, the consumer price index on all items increased 7.5%. Energy alone increased 27%, which affects everyone. Also, foods — both processed and non-processed — were up 25%. While wages across the country may be up, when factoring inflation, average hourly earnings decreased by 1.7%.
These trends are bad. They hurt the U.S. dollar, and people can’t save as much.
Plus, they hurt investments, and disincentivize people from investing, because returns are adversely impacted. Ultimately, paychecks don’t go as far as they need to because people are forced to spend more money to pay for the things they need the most.
The situation is so critical, Biden’s own Treasury Secretary Janet Yellen said, "Inflation is clearly a great concern."
These are the facts. This is the Biden economy.
When gas prices are up 40% that may be a rounding error to people like Jeff Bezos, or anyone with the last name "Biden" who lives in Delaware, but for Floridians who live in towns and cities like Eustis or Dunedin it hurts.
These families are dropping their kids off at school, going to work, buying groceries, and under the Biden economy their savings are dwindling. That’s how inflation works: it’s a redistribution of income from the low-and-mid level income earners to the rich.
Inflation also impacts the nearly 6 million Floridians, over age 60, who live on a fixed income. They saved up to live on a certain budget, and now their money just isn’t going as far. They’re having serious conversations about the things they need to cut to pay the bills.
Self-made New York billionaire John Catsimatidis nails it when he says we need to stop calling it inflation, and instead refer to it as a tax.
Just like taxes, families’ buying power is reduced.
While the rich may feel some of the effects, it really is the poor and middle class that take the brunt of the punch. Rather than leaning into the facts and dealing with it, the Biden administration has put more of their energy into explaining it away.
White House press secretary Jen Psaki has pointed to COVID-19, supply chain issues; she said "Build Back Better" would solve it all. She said we’re "neck and neck" with Europe, she said Republicans are holding up appointees — and on and on.
What Psaki and Biden have not done is roll out any credible plan to deal with it. They’re worried about the news cycle; they’re worried about optics.
The well-being of people simply doesn’t factor into how they deal with issues. Otherwise, inflation would have been on the forefront of their agenda.
Unlike the White House, Gov. Ron DeSantis, R-Fla., thinks inflation is a problem and is trying to do something about it. His budget has proposed a $1 billion cut in gas taxes. That’s direct tax relief to the consumer.
According to our own analysis, the governor’s proposed tax cut would provide around $200 in relief to the average Florida household.
Even Gov. Jared Polis, D-Colo., wants to suspend a two cent gas tax fee that was signed into law just six-months ago. This is proof that you can still be a Democrat and do things to fight inflation.
The Biden administration could do a lot. They could cut regulations that add unnecessary costs to the American economy.
With energy alone he could stop killing projects aimed at increasing the supply of fossil fuels that would drive down the price of gas. He could also stop trying to dump trillions of dollars into circulation. In short — he could show leadership.
He could be straight with the American public that this is an issue that needs to be fixed. Unfortunately, I don’t think we’ll see a lot of action.
Maybe we just need Jimmy McMillan to come out of retirement again. Maybe if "Saturday Night Live" runs skits on how "Inflation Is Too Damn High!" or maybe if the "Inflation Is Too Damn High Party" comes into existence maybe, just maybe, the White House will begin to take inflation seriously and do something about it.
Until then, we need to keep this issue at the forefront of America’s public square.
Inflation is too damn high, and Americans need to know who’s trying to do something about it versus those who are just giving them lip service, so that when the next election cycle comes around they can do something about it.
Jimmy Patronis currently serves as the State of Florida's Chief Financial Officer. He served in the Florida House of Representatives and subsequently, he was appointed to serve on Florida’s Public Service Commission, as well as the Constitution Revision Commission.
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