For me over past 3 years, cost of groceries has gone up 15%-25%+ depending on the item and NONE has dropped back in price. Local fast food prices have increased 20%-30%+ (Along with sit down restaurants) and anticipated to increase more with minimum wage increasing to $20/hour starting today for fast food workers.
Cheapest gas price is "down to" $5.59/gallon as of today. After being "shocked" at Ford Lightning price and dismal feedback from those that bought it, wife and I looked at getting another car/truck (No EV for us now as ICE cars/trucks will be banned by 2035 in CA) and price has increased 60-100%+ (We paid $17K for our daughter's Hyundai Elantra Value in 2019 and today, it's over $27K for comparable model ... And
no sight of $25K small truck from Toyota ... Maybe by 2025). All the while, cost of healthcare has increased by $800/month ... Yes, PER MONTH!
I am really not liking the result of [Un]"Affordable Care Act" which to me simply shifted the healthcare payment burden of low/no income to those working/retired tax payers (My sister runs her own insurance agency and says ACA really benefited the insurance companies
) and my retirement pension COLA has only increased by $43/month.
There has been no "inflation reduction" for this voter the past 3 years. (And many around the country seem to be sharing that sentiment)
Yes, even this reporting done by liberal Bloomberg may reflect changing national economic sentiment
"We are making less money now ... I don't see Biden's policies benefiting economy positively ... I see more interest in Trump now"
Bloomberg: Joe Biden Has a Bidenomics Problem
President Joe Biden’s “Investing in America” agenda is pumping trillions of dollars into cities through federal investments in infrastructure, clean energy and microchip manufacturing. The Democrat is hoping those landmark legislative accomplishments will persuade middle-class and union voters to vote for him come November. Bloomberg News Reporter Akayla Gardner traveled to a bellwether county in Pennsylvania to ask officials, business leaders and voters whether they trust Biden or Donald Trump to handle the economy and boost domestic manufacturing.
Inflation Reduction Act has less to do with "inflation" and more to do with clean energy/solar/wind energy and EVs made in USA with manufacturing/industries returning back to USA (What Trump pushed in 2017) BUT with tax incentives for clean/solar/wind energy and EVs while supporting climate accord/carbon footprint.
After investing billions into EV, car makers are losing revenue as interest for EV has fallen and production lines for some EV lines (Particularly EV trucks) have slowed/suspended and new EV model development canceled like GM's EV compact truck.
And there's been push back by China that supply components not manufactured by USA in terms of trade wars. World "needs" production/manufacturing capacity of China but trade wars will only increase cost and US/countries will lose in the end as USA does not control all the supply chain for "clean energy".
So where are we in 2024 from fallout of Biden policies of clean energy and reducing carbon footprint? As expressed by even liberal Bloomberg, economic sentiment is not good especially in key swing states while many corporations and rich elite experience record profits and booming stock market. How has pursuit of clean energy and reducing carbon footprint impact price of milk and bacon at the grocery store for "average" workers in the US?
Financial Times Film | How Biden's Inflation Reduction Act changed the world
The US was for decades the exemplar of free market globalization. That changed with Donald Trump’s 'America first' agenda. President Joe Biden’s landmark Inflation Reduction Act continues the push for re-industrialization by using tax credits, loans and grants in a bid to create a domestic clean energy supply chain. The FT looks at three companies using IRA incentives to invest in the US and examines whether the legislation signals the end of globalization
00:00 - What is the Inflation Reduction Act?
03:46 - Georgia embraces clean energy dollars
08:20 - General Electric brings jobs back to the US
11:49 - How the Inflation Reduction Act changed the world
14:15 - What the Inflation Reduction Act means for Europe
16:22 - Trade tensions and international relations
19:06 - China remains the factory of the world
22:06 - What the Inflation Reduction Act means for the global south
24:14 - A second Trump administration could change everything