The economic numbers for Joe Biden continue to go the wrong way, as evidenced by new retail figures released on Tuesday.
Breitbart News reports:
Retail sales declined a seasonal adjusted 1.3 percent in May from the month before, the U.S. Commerce Department said Tuesday. The consensus forecast was for a smaller decline of 0.5 percent.
Economists had expected a small decline as the economy settled down after the wild stimulus distortions of March and April. As well, the lack of cars for sale due to a worldwide shortage of chips, was expected to drag down the overall number. Sales at auto dealerships fell 3.7 percent last month, according to the Commerce Department.
But sales fell even excluding vehicles and gas. Economists had expected this narrower category to rise 0.2 percent. Instead, it fell by 0.8 percent.
As more of the country opens up — in fact, the vast majority of the country is reopened — Americans are choosing to spend their money on other things that were not included in the Commerce Department report. Think haircuts, trips, etc. — non-retail items. Sales of furniture, home-improvement goods, and electronics all fell last month as well.
“We expect the underlying upward trend in core sales to re-emerge (in June) as the drag from the end of the stimulus payments fades and the continued reopening persuades people to start running down some of their huge pile of accumulated savings,” Ian Shepherdson of Pantheon Macroeconomics said of the May data.
“Stronger demand for services on reopening should provide support to household spending in” the second quarter, added Rubeela Farooqi of High Frequency Economics.
“But it is still unclear momentum can be sustained beyond the reopening even as job growth restores incomes, but savings diminish and fiscal support expires.”
Will the improvements come, though? While there are sectors of the economy that will fall and rise as Americans shift their spending habits again based on their newfound ‘freedom,’ the underlying economic picture in Biden’s America isn’t good.
“President Biden has repeatedly promised that he won’t raise taxes on American families earning less than $400,000 per year. Yet widespread and growing inflation due to his policies is — at least indirectly — breaking that promise. Call it the Biden inflation tax,” Alfredo Ortiz, president and CEO of the Job Creators Network, wrote at Real Clear Politics in May.
“Consumer prices have increased at an accelerated rate every month this year. In April, core inflation rose at its fastest month-over-month pace since 1981. The producer price index grew by the largest amount on record last month. Commodity prices are skyrocketing, with corn rising by more than 50% this year, lumber elevating to four times its traditional rate, and copper hitting a record high,” he added.
Monetary supply up coupled with a manufactured labor shortage thanks to overly generous unemployment benefits compliments of the Democrats’ COVID relief bills, and we’ve got the perfect recipe for inflation — to continue. And as Ortiz says, that’s really just a hidden tax on Americans they they are paying on everything they buy, practically.
And Americans are beginning to take note. A new survey published Tuesday found that most Americans blame Joe Biden for the inflation, and by a lot.
Do you think Joe Biden is good for the economy? Let us know in the comment section below…