Kamalanomics Blowback Begins As Food Prices Hit Record Highs
"KamalaCosts" and "Kamalanomics" are trending on X on Friday afternoon as Vice President Kamala Harris unveiled her strategy to address the crushing economic environment faced by the working poor and middle class during her tenure as vice president in the Biden administration.
Recall that VP Harris was the biggest 'Bidenomics' cheerleader.
It makes very little sense why VP Harris has recently admitted at campaign rallies there's an ongoing inflation storm and affordability crisis, yet it appears she is throwing President Biden under the bus. However, she is second in command and trying to deflect accountability for nation-killing, out-of-control government spending that stoked the inflation storm.
Americans are beyond frustrated with inflation that the Biden-Harris administration has fueled over the past 3.5 years while VP Kamala Harris travels across the country, avoiding 'unscripted' press conferences and trying to convince voters at highly scripted campaign rallies that she's not responsible.
After stealing former President Trump's proposed 'no tax on tips' plan, the geniuses behind VP Harris' campaign thought it would be brilliant to introduce communist-style government price controls on grocery stores and food companies as their first major economic policy. The move was a complete disaster, and even the leftists at the Washington Post pointed out that it was a poor policy choice...
"If your opponent claims you're a "communist," maybe don't start with an economic agenda that can (accurately) be labeled as federal price controls."
Investment analyst Lyn Alden pointed out on X that grocery stores like Kroger have "razor-thin profit margins." So the whole 'corporate price gouging' narrative by Harris' team is just 'malarkey.'
Producers of food products have similar margins in the low double-digit range.
House Republicans reminded folks on X today about the sour subject of Biden-Harris' food price inflation crisis:
Others pointed out that 'Kamalanomics' is just an extension of 'Bidenomics' and focused on the massive food price surges.
Meanwhile, the latest data shows burger prices at the supermarket are at record highs.
Urner Barry wholesale data shows egg prices are erupting again.
VP Harris had 3.5 years to save the middle class - yet she focused on wokeism and failed at her 'Border Czar' job.
Food prices have yet to come back down to Earth.
The latest US CPI Food Prices At-Home index is up 21% since Biden-Harris entered office, while wages for the working poor and middle class are only up 19.8%.
Food prices at home rose 6.5% during Trump's term (+1.6% p.a.). During Biden's term, food prices at home were up over 21% (+5.5% p.a.).
"Inflation is experienced at the grocery store, but always manufactured by the government. It's the same story every time. The politicians who create it by printing money, villainize and blame companies that have nothing to do with it — to distract from their reckless spending," Cameron Winklevoss wrote on X.
The angle the Trump campaign appears to be taking is to hammer VP Harris and Democrats for their mismanaging of the economy that has financially decimated the working poor and middle class.
via zer0hedge
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