Americans didn’t hear much about inflation during the previous administration because prices for food and commodities weren’t out of sync with rising wages that all demographics enjoyed under President Donald Trump’s kick-butt economy.
His policies were in balance. The government wasn’t spending an inordinate amount of money relative to what the economy was generating and how much revenue Uncle Sam was brining in. Businesses were booming under lower corporate taxes and a much lighter regulatory touch. And while prices rose during the Trump year for many items, they also fell for many, including gasoline and energy.
One of the first things Joe Biden did when he took office was kill off the Keystone XL pipeline, and regardless of what you personally think about it in terms of the environment, now that the pipeline has been canceled that same oil is still going to be transported across the country, just by more dangerous and expensive means such as trucks and by rail. Stopping Keystone did not stop energy production per se, but it did put a huge crimp in it.
In addition, Biden killed all new oil and gas exploration on federal lands while also re-entering some globalist agreements that are also going to impose costs on the U.S. economy. At the same time, Biden and Democrats have been spending money like America has it: The Treasury’s printing press has been working overtime to ‘generate’ money to pay for COVID-19 ‘relief’ that includes paying off debts owed by blue cities and states and other favored constituents.
Add in outsized unemployment benefits that allow Americans to stay home and earn more rather than get one of some nine million available jobs, and again, you can see why our economy is topsy-turvy and inflation is as big of a problem now as it was when President Jimmy Carter’s policies created inflationary pressures.
Now, Fed Chairman Jerome Powell and Treasury Secretary and former Fed Chair Janet Yellen keep telling us inflation is “transitory” and that it’s going to pass soon.
But is that accurate? No, it’s not, and we’ve got proof: The cost of a can of tomato soup is going up.
You might be thinking we’re out of our minds, but we’re not. It’s not just that Campbell’s Tomato Soup is going up in price, it’s why the price is going up — the ‘why’ indicates how the broader economy is poised to take a major hit economically because the inflationary pressures created by bad Biden economy policy are so strong.
“Campbell’s Condensed Tomato Soup has long been our favorite way to visualize the effects of inflation over time in the U.S. economy. That’s because the product is defined by its iconic packaging, a No. 1 size steel can that contains the same amount of condensed tomato soup as it did when the product was first introduced to the public in the late 1800s,” the website Political Calculations reports.
“This relative stability in packaging however means Campbell Soup cannot hide the price increases is passes along to its customers through shrinkflation, which many other food producers exploit by keeping the same prices on their goods, but diminishing the amount of goods within them,” the site continues. “When inflation drives up the costs of what they have to pay to make and transport their goods to consumers, Campbell’s must increase their prices to compensate.”
“That’s what’s happening now. Campbell Soup has confirmed it is increasing prices across its product lines,” it adds.
Do you understand the logic? Because everything about Campbell soups is so cost-to-product-ratio finite, when the company has to raise prices it’s because the cost to make the same amount of soup is going up.
It’s a great cost/inflationary metric, and one that proves without question that current inflationary pressures are systemic throughout all industries and that it’s only going to get worse.
Buy bulk now, when and where you can, and by all means, keep feeding your savings account. The collapse only accelerates from here if nothing changes.
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- Meat prices rise as food inflation worsens, pushing many Americans to a tipping point of food shortages