Rising Costs are ‘Busting Budgets’

Prices in September reached another 40-year high, according to the Bureau of Labor Statistics. For months, inflation has been “destroying our peace of mind,” “busting budgets,” and “killing joy.” Now, Americans are cutting back spending on necessities and voters are increasingly pessimistic about the direction of the country.

NPR: Inflation is starting to seem like the horror movie monster that won’t die. The newest data from the Bureau of Labor Statistics shows prices in September hit another 40 year high.

What was striking about the data was that a lot of the worst inflation is hitting us at home: rent was up 7.2%, electricity prices are up 15.5%, groceries are up 13%…

Inflation, too, is coming from inside the house: lurking inside a carton of eggs (30.5% more expensive than last year), crouching in your closet (prices for women’s suits are up 10%, men’s suits are up 9.5%), or even hiding inside the walls (utility gas up 33.1%).

Rising prices at the grocery store are forcing shoppers to “simply buy less.” Overall, groceries have risen 13%, though some categories like bakery products and dairy have risen significantly more.

Axios: Americans are buying fewer items at the grocery store, as food prices surge, a new survey finds.

We’re at a turning point when it comes to food shopping. For a while, inflation was mainly changing what types of items consumers bought — more generics, and different cuts of meat. Now Americans are starting to simply buy less, says Emily Moquin, food and beverage analyst at Morning Consult, which conducted the survey…

That is particularly worrying for low-income shoppers. The percentage of shoppers who worried their food will run out before they have money to buy more increased to 42% from 35%.

Inflation and other economic issues — exacerbated by Democrats’ reckless spending and their war on American energy — are most important to voters, polls say. Republicans — who voters trust on economic issues — plan to rein in reckless government spending and unleash American energy production to bring prices down. 

Bottom Line: Democrats’ broken economy is crushing working- and middle-class families.