Do White House officials pay electric bills? They strangely keep saying the President’s climate agenda is reducing electric-power rates even as the cost of running your dishwasher is sky-rocketing, as illuminated by the Labor Department’s consumer-price index.The nearby chart shows the average change in electricity prices over the last decade. Electric rates remained relatively flat in the seven years before President Biden took office, rising 5%. Thank cheap natural gas. Yet since January 2021 electricity prices have soared 29.4%—about 50% more than overall inflation.
Americans don't need luxuries like food and electricity.
1 comment:
Someone's still crying about the recession that never was.
As Donald Trump's small temporary lead keeps eroding. And that's before the pollsters' upcoming switch from registered voters to likely voters.
The Wall Street Journal:
What’s Wrong With the Economy? It’s You, Not the Data
In The Wall Street Journal’s latest poll of swing states, 74% of respondents said inflation has moved in the wrong direction in the past year.
This assessment, which holds across all seven states, is startling, sobering— and simply not true. I’m not stating an opinion. This isn’t something on which reasonable people can disagree. If hard economic data count for anything, we can say unambiguously that inflation has moved in the right direction in the past year.
For the average person, inflation went down.
Yet the average person thinks it went up.
Moreover, the gap between vibes and facts goes well beyond inflation, strongly suggesting choice of words isn’t the explanation.
By 47% to 41%, more Journal poll respondents think their investments or retirement savings went in the wrong direction in the past year—a period in which the stock market roared to record highs, home values held steady or rose, and interest on savings went up.
As the saying goes, you can’t eat gross domestic product, or GDP. But what you eat is part of GDP and while people have said for several years that they are cutting back on groceries and eating out, the data show that Americans as a whole are spending more on groceries and restaurant meals, after adjusting for inflation, than in 2019.
Moreover, while respondents rate the national economy as bad by a significant margin, they rate their own state’s economy as good by almost as much.
This is reminiscent of how voters tend to assign low marks to Congress but high marks to their own representatives. And swing states’ economies have largely tracked the nation’s.
https://www.wsj.com/economy/consumers/whats-wrong-with-the-economy-its-you-not-the-data-cfa911e6
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