Paying the bills is harder than ever. Are voters supposed to feel joy?
By
Byron York
August 13, 2024 1:21 pm
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PAYING THE BILLS IS HARDER THAN EVER. ARE VOTERS SUPPOSED TO FEEL JOY? On Wednesday morning, the Bureau of Labor Statistics will release inflation figures for July. Whatever the numbers turn out to be, this will remain true: Prices are far higher than they were when Joe Biden and Kamala Harris took office.
Even as the rate of inflation has gone down from its peak in 2022, people have learned an unhappy lesson. When the rate of inflation goes down, prices still go up. They are building upon all the price increases before but at a somewhat slower rate. Yes, very few things go down, but at the same time, others keep rising at a high rate. There’s no relief.
This week, the Wall Street Journal published a striking portrait of how that affects many families. The headline was “Child Care, Rent, Insurance: Where Inflation Hits Hardest Now; Big, fixed costs that are tough to avoid are crushing household budgets.”
“Price increases for lots of items, like cable and shampoo, are indeed cooling,” the Wall Street Journal reported. “Prices for vehicles, gasoline, TVs and plane tickets have even dropped over the past year. … But prices for many of the things that are hard to do without are still posting eye-watering increases. Rent and electricity bills are up 10% or more over the past two years, and car insurance costs are up nearly 40%, according to the Labor Department’s index. Shoppers might be able to trade down from prime steak to cheaper cuts of meat at the supermarket, but they can’t really do the same thing with the water bill.”
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https://www.washingtonexaminer.com/news/3119911/paying-bills-harder-than-ever-voters-supposed-feel-joy/