As the non-acknowledged recession deepens into what will almost certainly become a depression, Americans are cutting back on things like toilet paper, toothpaste, and personal hygiene products in a very bad sign for the US economy under “Bidenomics.”
So, it is interesting on the one hand that outlets such as Bloomberg keep insisting that inflation is slowing while hypocritically admitting that Americans are having to cut back on what they buy and brutalize their budgets. Inflation is what is causing Americans to do without and go hungry, highlighting a schism in the left’s narrative.
“Despite surging inflation, shoppers kept spending thanks to income gains and government stimulus. But those benefits are waning, and now Americans are skimping, even on everyday items such as toilet paper and toothpaste. More insights on the economic environment come on Wednesday with the release of June’s consumer price index. That measure is anticipated to show annual inflation slowed to 3.1%, its lowest level since March 2021,” Bloomberg reported.
“The strains that the consumer is under have been exacerbated over the last couple of months,” Morningstar analyst Erin Lash remarked. “The reduction of food assistance programs, lower tax returns, and using up extra savings and stimulus funds have an impact.”
#Bidenomics https://t.co/H2EKUW2Fxg
— John Moore (@bigjohnradio) July 12, 2023
‘Bidenomics’ has been a ‘total failure’: Victor Davis Hanson pic.twitter.com/nfqyUtSleB
— Laura Ingraham (@IngrahamAngle) July 11, 2023
Bloomberg used one struggling mother as an example, “Take Hollie Ernst, a single mother of two daughters from Oak Park, Illinois. Still facing rising costs, including a looming rent increase on her two-bedroom apartment, the 48-year-old recently stopped buying shaving cream — soap will have to do — and traded down to cheaper Colgate toothpaste from Crest, made by Procter & Gamble Co. She also cut out Aveeno lotion, so now her family moisturizes with Vaseline, a Unilever Plc brand.”
“Cash doesn’t stretch as far as it used to,” Ernst, who is an event coordinator at a law firm, said making the understatement of the century.
Despite cutting back, she has to use a credit card to make ends meet under “Bidenomics,” saying, “I just accepted that’s the way it is.”
After a surge in household outlays for all goods and services earlier in 2023, buying has stalled according to May’s consumer spending report.
(Video Credit: Fox Business)
“Personal-hygiene products, including staples, have taken a hit, according to NIQ, which tracks purchases at US retailers. Units sold of toothpaste, laundry detergent, and toilet paper are down around 3%-4% in the 52 weeks through June 24. To be sure, some products are being used less at home as Americans return to work and travel,” Bloomberg asserted.
Biden can spew his “Bidenomics” drivel all he wants but when I talk to people, no one is happy with the state of the economy right now.
Inflation is still out of control.
Nothing has actually changed, Biden just decided since he’s totally unable to fix it he might as well just…
— Lauren Boebert (@laurenboebert) July 12, 2023
“This sets up a tough remainder of the year for consumer-goods companies and retailers, which begin reporting their latest quarterly results in a few weeks. Their stocks have trailed the S&P 500 this year, and now their ability to keep raising prices and gloss up their income statements looks like it won’t work much longer,” the outlet pointed out.
Shipment volumes at Procter & Gamble have declined for the past four quarters. Rival Kimberly-Clark Corp. has had the same woes. That company stated earlier in 2023 that it expects price increases to subside this year as consumers shift to less-expensive store brands.
“You need to find a new way to grow your business other than price because consumers are getting tapped out,” NIQ’s Carman Allison lamented. “More people are living paycheck to paycheck.”
Since Biden took office, prices are UP by 16.6% and real wages are DOWN by 3%.
Bidenomics! pic.twitter.com/c3WZsjKC3U
— RNC Research (@RNCResearch) July 12, 2023
Cracks in the consumer economy are turning into broadening fissures as families rely more and more on credit cards to get them by as their savings dry up. Delinquency rates are jumping on plastic.
“People are just saying, ‘I’m going to buy less because it’s gotten too expensive,’” commented Mike Leiser, the chief transformation officer and senior partner at consultant Prophet.
“We’re in a very precarious position,” he said. “Not only the health of the consumer but the health of the economy.”
In tough economic times, consumers turn to cheaper stores and products. They reuse items and just make do. That looks like what occurred in the second quarter.
This is a lie and he keeps repeating the lie. You didn’t create jobs, people went back to work after the Democrat Covid shutdowns and thanks to Bidenomics, some people are having to work two jobs and retirees are having to go back to work because of #BidenInflation.
— Nat (@NatShupe) July 11, 2023
“Target Corp. undercuts department stores and specialty chains on price, but its transactions still sank 7.2% from April to June, compared to the same period a year ago, according to Bloomberg Second Measure, which analyzes credit and debit card data. That’s by far the retailer’s biggest quarterly decline of the pandemic. Meanwhile, purchases at Walmart Inc. and Dollar General Corp. rose 3.7% and 6%, respectively,” Bloomberg reported, not mentioning the fact that Target is also being boycotted over its woke ideology.
Biden is taking a page out of China’s economic playbook which is further harming Americans suffering under “Bidenomics” and staggering inflation.
(Video Credit: Fox Business)
“Joe Biden wants to take a page from China’s economic playbook. In a recent speech, the president officially embraced the term “Bidenomics” to describe his economic policies, which he characterized as the federal government ‘investing in key industries of the future, making targeted investments to promote domestic production of semiconductors, batteries, electric cars, clean energy.’ In other words, the administration is pursuing a government-directed industrial policy using taxpayer subsidies and mandates to pick economic winners and losers,” Scott Hodge at the Wall Street Journal noted.
“Bidenomics looks like a pale imitation of Chinanomics, which demonstrates why politicians shouldn’t play investment banker with taxpayer dollars. State-directed industrial policy undermines free enterprise and deprives entrepreneurs and innovators of the capital they need to improve consumers’ lives. Mimicking China’s folly surely isn’t in America’s economic interest,” he astutely concluded.
There’s a special irony to the fact that U.S. Treasury Secretary @SecYellen, the face of “Bidenomics,” just abased herself on a disastrous diplomatic trip to China. Literally as she arrived, China implemented export controls on lithium & cobalt which are essential for electric…
— Vivek Ramaswamy (@VivekGRamaswamy) July 10, 2023
Former President Trump’s manufacturing czar, Peter Navarro, summed up “Bidenomics” in The Washington Times, “It guarantees a bleak economic future for Americans young and old alike and a significantly diminished ability to provide for our education, health care, transportation, and defense.”
He also quipped, “‘Let them eat cake’ is irresponsible economic policy.”
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