COMMENTARY PRICE RISES UNDER BIDEN
Eggs up 40% Flour up 38% Sugar up 30% Butter up 35%
Gasoline up 55% Baby food up 30% Electricity up 28% Breakfast cereal up 24% SOURCE: Heritage Foundation
handling coin and paper currency. States generally require sellers to post a notice of fees,
so one sign your wallet is about to get whacked is an incon- spicuous note declaring, “Prices listed are for cash transac- tions only.”
Translation: They plan to charge you 3%-5% for swiping
your credit card. Savvy consumers carry cash or avoid these stores altogether. Delivery Fees. As the food and product delivery business
ramped up during the pandemic, many local retailers were happy just to have your business. But with so many companies now grasping for more
revenue in the Bidenomics era, the free delivery trend is under assault. Not only have prices jumped, but you’re more likely to
pay for the privilege of receiving your order. Consumers tell Newsmax major pizza chains in Los
Angeles, for example, are now adding on a $5.99 charge per delivery — not including taxes or tip. Some hotels also are charging for delivering room service orders — a separate add-on from the expected gratuity. “I see it as a copycat to airlines that charge baggage fees
and other junk charges,” one customer complains. Rounding Up. It’s bad enough that the cashier who takes
your order now expects a gratuity. But more and more these days, consumers are also getting dunned now with, “Would you like to round up to donate for charity?” Keep in mind, customers who make small donations at
the register are unlikely to ever seek a tax write-off for it. A larger concern: You really have no idea how the des-
ignated charity will spend your money. Companies like Starbucks and Bank of America are notorious for indirectly supporting progressive causes. A word to the wise: Always be sure your charitable dona-
tions match your values. Two-Tier Pricing. If your local restaurant has a shiny
new menu, brace for sticker shock. Not only have the prices shot up, but some businesses have a de facto two-track pric- ing system — especially in tourist hot spots. The locals know to drop in on certain days or times for “weekday specials” and “happy hours.” But the specials are often hard to fi nd on the menu and may be relegated to a paper place mat. The deals often save you up to 50%, but you have to
know where to fi nd them. Call ahead, ask a local, or look online to avoid getting gouged.
President’s Spending
B BY PERRY V. KALAJIAN
idenomics has been an absolute failure. What is known as the Inflation Reduction Act — but should more accurately be renamed the Inflation
Enhancement Act — is a perfect example of President Joe Biden’s excessive and wasteful spending. It has pumped trillions of dollars into the U.S. economy,
giving it a short-term sugar high to bolster his reelection bid, but has done little to nothing to improve the lives of average Americans. The result of all of this spending has been high inflation. The
consumer price index (CPI) was at 1.4% when Biden took of ice. During Biden’s term, the CPI has risen to as high as 9.1%. The aggregate impact of inflation since Biden’s inauguration as measured by the CPI is about 20%. High inflation has forced
many Americans to borrow to make ends meet. Credit card borrowing is often an early sign of distress in the economy. The total credit card balance
$200 Billion Finance charges paid by
Americans having to put more necessities on credit cards
for Americans went from $770 billion in the first quarter of 2021, when Biden entered of ice, to $1.13 trillion in the fourth quarter of 2023, the highest balance since the New York Federal Reserve Bank began collecting such data in 1999. Biden likes to tout the creation of jobs under his watch as attributable to Bidenomics. Many of the jobs that Biden takes credit for creating were people simply coming back to work after COVID-19 under the policies created by the Trump administration. In certain months, in excess of 50% of the Labor Statistics
Bureau’s reported jobs were government positions or indirectly supported by the government, such as in healthcare and social assistance. A healthy economy is built on the private sector and not
the government. Government jobs are paid for with taxes and deficit spending. While these government-supported jobs can create the
short-term illusion of a healthy job market, the U.S. cannot go on indefinitely in this manner and hope to have a strong economy.
Bidenomics has become an anchor on the necks of American businesses, its citizens, and the country as a whole.
Perry V. Kalajian is an attorney, consultant, and analyst with extensive experience in the areas of banking, finance, and restructuring.
AUGUST 2024 | NEWSMAX 19
Hurts Average Americans
$8,100 The amount a typical American family has
lost in buying power since Joe Biden took of ice in 2021
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