Fed Up: Gasoline Prices Up 72%, Rent Up 16%, Food At Home Up 20%, 30Y Mortgage Rate UP 163%

Biden pledged not to raise taxes on households earning under $400,000, but soaring inflation acts like a hidden tax. Essentials have surged: gasoline by 72%, rent by 16%, and food by 20%. Mainstream metrics like the CPI are misleading; it doesn’t reflect true, cumulative inflation. Despite Biden’s attempts to manage inflation by releasing strategic oil reserves, essential prices remain high. In 2020, an average household spent $8,100 on food, which rose to $10,500 by 2023. Rent, home prices, and energy costs have also surged. Most Americans feel the pinch, with 74% saying the economy is worsening. Today’s wages need a 25-30% hike to match the living standard from just three years ago.