UPDATED 11:00 AM PT – Thursday, May 12, 2022
The latest inflation dipped to 8.3 percent and American’s are feeling it in their everyday lives. One America’s Stella Escobedo spoke with Elle Reynolds, Assistant Editor at the Federalist, about how inflation is draining our wallets.
Stella Escobedo: The CPI measures a range of prices from gas, groceries, cars and furniture. This is just to name a few. This, as the Federal Reserve has already taken steps to mitigate rising inflation by raising interest rates. However, many economists fear we may be on the way to a recession very soon unless inflation gets under control. And joining us now to talk more about this is Elle Reynolds of The Federalist. Elle, welcome. Thanks so much for joining us here.
Elle Reynolds: Hi, Stella. Thanks for having me.
Stella Escobedo: Hi, Elle. You are the assistant editor at The Federalist, and you’ve been covering this inflation extensively. In fact, you recently wrote an article, The inflation draining your wallet is a whole lot steeper than 8% and, Elle, we are all feeling this Bidenflation.
Elle Reynolds: Absolutely. Well, and I think regardless of this spend we’re going to see today from the Biden administration, no Americans are running around, jumping up and down, excited that inflation is growing at one fifth of a percentage point, less than it was last month. These numbers are still crazy. And as I mentioned in the article you referenced, the numbers that Americans are seeing when they go to the gas pump in the grocery store are far, far higher than 8%.
Stella Escobedo: Absolutely. You know, it’s a struggle for American families to keep up with, you know, the pace of this rising inflation. The paychecks, they’re not going as far. So, you write, you know, the average for ground beef is almost up 15%. Eggs 26%. Gas is way up, 44%. You know, when President Biden came out and he blamed COVID and Putin, the American people don’t want to hear that. They want answers. They want their president to take responsibility.
Elle Reynolds: Well, sure. We had 7% inflation in January, a month before Vladimir Putin invaded Ukraine. We had rising gas prices so it’s disingenuous for Biden to blame the Ukraine crisis for the inflation we’re seeing. He’s half right to blame the COVID pandemic. Because Democrats locked down and stimulus checks did hurt our economy and they did contribute to the inflation we’re seeing today. But I don’t think that’s what President Biden means when he blames COVID for this.
Stella Escobedo: You know, it’s interesting that Biden came out addressing inflation yesterday. He tried to come out ahead of today’s numbers. I mean, they knew it wasn’t going to be good. But what did you think of his speech? I mean, I don’t think his speech did anything to, you know, make us less worried about what’s going on.
Elle Reynolds: Well, I thought it was interesting that he said fighting inflation was his top domestic priority because actions speak louder than words. And if you look at his actions, it seems like enabling women to kill their unborn babies is his administration’s top domestic priority. And we see that with the Senate looking at a bill that would practically codify the ability to get an abortion up to birth. They’re voting on that today. We see that Press Secretary Jen Psaki endorsing a tactic outside of Supreme Court justice’s houses. And we see that in the fact that President Biden has yet to personally condemn the violence that we’ve seen toward Catholic churches and pro-life centers in the past week.
Stella Escobedo: Yeah, absolutely. You know, you write in your article saying, don’t listen to CNN trying to spin how inflation is actually good for everyday Americans. The fact that the spin machine is working overtime on something so obvious is outrageous to me.
Elle Reynolds: You know, I think if CNN has enough money to launch and then immediately crash CNN Plus, they had enough money and send a reporter to a grocery store just to ask if any shoppers actually bought that spin.
Stella Escobedo: Yeah, it’s painful. Aside from everything else Elle, parents in the US are panicking about the baby formula shortage. Meanwhile, Biden wants to send another $40 billion to Ukraine. There should be a rush to fix this problem here.
Elle Reynolds: Well, absolutely. And I wrote today that $40 billion, if we put it toward our border spending, that would nearly double what we’re spending now on our border… on securing our border and protecting our border. So absolutely, Biden’s border crisis is growing. Inflation is growing. Now, the baby formula shortage is growing, and he’s shown really no interest in no competence to be able to address any of these problems.
Stella Escobedo: Yeah, the baby formula shortage is unacceptable. And parents want an answer and they want it now. Elle Reynolds, assistant editor at The Federalist, thank you so much for joining us here.
Elle Reynolds: Thanks, Stella. Have a good one.