Inflation Slows, but Americans Still Feel It

Inflation has slowed from its rapid growth in the past two years, but surveys show Americans are still feeling the pain from the jump in prices.

Gallup released new polling data Tuesday showing that 55% of those surveyed say inflation is causing financial hardship for their household. Notably, 13% of Americans say inflation has caused their families “severe hardship.”

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Special Report: Latino Youth Vote Comes into Focus after Democrats Sweep Gen Z

by Gelet Martínez Fragela   As Republicans continue to grapple with a devastating loss among young adults from the 2022 midterm elections, some statistics suggest the GOP has an opportunity to pick up some traction with the Latino youth vote as their concerns could grow with age about crime, inflation…

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Commentary: Don’t Give an Inch on the Debt Ceiling

The dust has barely settled from the contentious midterms, and the battle lines are already being drawn for the next legislative fight in Washington: the debt ceiling. With the nation at unprecedented levels of indebtedness, the choice in this fight is a stark one: a path toward stability or fiscal Armageddon.

If that sounds hyperbolic, consider the following facts about America’s finances.

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Commentary: A Blueprint for Tackling America’s Crippling National Debt

Our debt is too large. Inflation is too high. We rarely pass a budget anymore — this year neither Budget Committee even bothered to come up with one. This is how great nations become weakened nations, and with all the threats on the world stage, it is urgent we make a change now.

What we need is a budget that changes our fiscal trajectory away from one where the debt is growing faster than the economy, to one where it is stabilized and then gradually brought down.

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Commentary: Don’t Be Fooled by October’s Decrease in the Rate of Inflation

October’s Consumer Price Index, the measure of the national rate of inflation, was at 7.7 percent in October, compared to a reading of 8.2 percent in September. The report propelled “U.S. stocks forward [at the open] and sent Treasury yields tumbling as Wall Street weighed the implication of softer prints on Federal Reserve policy.”

The decline in the rate of inflation was driven by declining annual prices of “necessities” such as smartphones (-22.9 percent), admission to sporting events (-17.7 percent), televisions (-16.5 percent), and women’s outerwear (-1.4 percent), all items that are discretionary purchases.

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Farm Bureau Survey Finds Thanksgiving to Be the Most Expensive Yet as Cost Rises 20 Percent

Thanksgiving dinner will cost 20% more this year compared to last year, according to a Farm Bureau survey published Wednesday, with the market signaling record-high prices for the second year in a row.

The average cost to feed 10 people for Thanksgiving will be $64.05, or under $6.50 per person, the Farm Bureau said. This is a $10.74 or 20% cost increase from 2021’s average of $53.31, which was also a record high at the time, according to historical data.

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Ohio Democratic Senatorial Candidate Changes Stance on Confronting Inflation

Democratic U.S. Senate nominee Representative Tim Ryan (D-OH-13) has shown support for regulations that would prevent inflation while simultaneously favoring larger spending bills.

This year Ryan voted against preventing regulations that would cause inflation and a gas tax hike.

However, in late 2021 he favored a larger spending bill (“Build Back Better”) over a slimmed-down plan favored by moderate Democratic senators. Ryan said that Democrats should not minimize the extent of inflation but rather emphasize “Build Back Better” as a way to address it.

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Commentary: Even Corporate Media Is Calling Out Biden’s Absurd Economic Fairytales

With only days left until the midterm elections, the advertising blitz from the political spin doctors has reached a fever pitch and the sound bites we’re hearing aren’t very sound, especially the ones from the White House on the economy. But heated rhetoric is hardly a replacement for facts and figures so, to borrow a phrase from the show Dragnet, let’s discuss “just the facts, ma’am.”

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Two New Polls Widen Vance’s Lead in Ohio Senate Race

JD Vance

Data from two new surveys have contributed to a slightly widening lead for Republican J.D. Vance in his Ohio Senate campaign against U.S. Representative Tim Ryan (D-OH-13). 

One of the polls comes from the Democrat-aligned group Data for Progress, which finds that Vance has garnered 49 percent of the 1,016 likely voters with whom the organization spoke. 

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New Poll Smothers Democrats’ Hopes That Abortion Can Thwart a Red Wave

Abortion is not a top priority for female voters and most women support abortion limits that would have been considered unconstitutional under the Roe v. Wade precedent, a new poll found, dashing Democrats’ hopes of an electoral advantage over abortion.

Inflation was about four times as likely to be listed as the most important issue for female respondents compared to abortion, with only 54% saying abortion was very important in determining their vote compared to 74% for inflation, according to the RMC Research/America First Policy Institute poll shared exclusively with the Daily Caller News Foundation. The polling cuts against a common Democratic talking point: that overturning Roe would be an electoral boon for Democrats as pro-abortion voters, and women in particular, flocked to the polls in November.

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Gilbert Runs Hard Against Pelosi Speakership in Close Race for Ohio’s 13th Congressional District

When U.S. House of Representatives Speaker Nancy Pelosi (D-CA-12) came to Shaker Heights, OH this week to fundraise for Democratic 13th-District congressional candidate Emilia Sykes, Republican hopeful Madison Gesiotto Gilbert was happy to let constituents know about it.

This wasn’t the speaker’s first major show of support for Sykes; Pelosi cut her a $30,000 check via her campaign organization in July. When Pelosi flew east to support Sykes,  a state representative from Ohio’s 34th Legislative District who the National Republican Congressional Committee calls Pelosi’s “protégé,” Republican spokesperson Courtney Parella put out a statement saying, “Emilia Sykes is bought and paid for by Nancy Pelosi and would serve as a rubber stamp for Pelosi’s failed economic agenda.”

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IRS Makes Highest Deductible Hike on Record Due to Inflation

The Internal Revenue Service (IRS) increased the individual tax deductible for 2023 at the highest rate in more than 35 years due to inflation.

Individual tax deductibles increased by $900 to $13,850, up $1,800 to $27,700 for married couples filing jointly, a roughly 7% increase compared to tax year 2022, the IRS announced Tuesday. This increase is the largest hike since 1985, when tax brackets were first tied to inflation, The Washington Post reported.

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Americans Cut Back on Groceries Because of Inflation

Newly released polling data shows that inflation is causing most Americans to cut back at the grocery store. 

Morning Consult released the survey results, which showed that 82% of American shoppers report trying to save on groceries in the last month because of inflation with more and more Americans simply buying less at the store.

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Real Retail Spending Fell in September as Inflation Pinches Consumers

Retail spending held steady in September compared to August, but fell adjusted to inflation as consumers spent more on essentials, The Wall Street Journal reported Friday.

Despite the fact that consumers spent roughly the same as they did in August, $684 billion, according to the U.S. Census Bureau, these results are not adjusted for inflation, which rose 0.4% on a monthly basis in September, indicating that consumers were getting less value from their spending, according to CNBC. For example, spending at bars and restaurants grew by 0.5% in September, but prices at the same establishments increased by 0.9%, the WSJ reported.

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Inflation Is Number One Concern for Struggling Small Businesses

Newly released polling data shows inflation is a top concern for small businesses as prices continue to rise.

The National Federation of Independent Business released the survey, which shows that 30% of owners named inflation as the single-most important problem in running their business.

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Social Security Cost-of-Living Adjustment Gets Biggest Bump in Decades to Keep Up with Inflation

The Social Security Administration (SSA) announced the largest increase to the Social Security cost-of-living adjustment in over three decades due to high inflation.

The SSA announced that supplemental income benefits, which are paid to beneficiaries in addition to their regular benefits to offset inflation and other unexpected costs, would increase by 8.7%. This would, on average, increase benefits by $140 per month for most beneficiaries, beginning in January of 2023.

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Key Inflation Metric Doubles Expectations with Core Prices Still High

Wholesale inflation exceeded economists’ expectations year-over-year in September, according to the Bureau of Labor Statistics’ (BLS) Producer Price Index (PPI), with core prices staying high despite efforts from the Federal Reserve to rein in inflation.

The index increased 0.4% for the month, while the Dow Jones had only estimated a 0.2% gain; prices rose 8.5% year-on-year for final demand goods and services, down from 8.7% in August but higher than expectations of an 8.4% increase, according to the BLS. Final demand prices not including food and energy, or “core” prices, rose 7.2% year-on-year in September.

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Trump Strongly Hints He May Run for President Again at Arizona Rally for MAGA Candidates

Former president Donald Trump held a Save America rally in Mesa, Arizona on Sunday afternoon to support the MAGA slate of candidates he’s endorsed in the state and to talk about the attacks he’s under. He dropped multiple hints at Mesa’s Legacy Sports Park that he may be running for president again in 2024.

Trump said, “We’ll be making a decision soon. I think everyone is going to be really happy.” He added later during the event that he got more votes in 2020 “than any sitting president in history. Now we may just have to do it again. Stay tuned.”

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Report: Wages Took Their Worst Hit in 25 Years

More than half of Americans saw their wages fail to keep up with inflation between the second quarters of 2021 and 2022, according to researchers from the Federal Reserve Banks of Dallas and Cleveland in a report published Tuesday.

On average, over the past 25 years, just 44.6% of employees saw their real wages decline over 12 months, with the second quarter 2022 rate of 53.4% being the most aggressive since 2011, the researchers reported in a Dallas Fed-published article. Of those who saw their wages decline, the median decline was 8.6%, much higher than the average median decline of 6.5% seen in the past 25 years, the typical range of which is a 5.7% to 6.8% decline.

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Poll: Americans Say Grocery Prices Will Affect Their Vote in November

High grocery prices are top-of-mind for voters with a little over a month until the midterm elections, according to a new poll. 

Convention of States Action, along with Trafalgar Group, released the poll, which found that 68.3% of surveyed voters say that the “increase in the price of groceries is impacting their motivation to vote in the 2022 election.”

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As Inflation Rages On, More Americans Are Living Paycheck to Paycheck

As inflation continues to batter consumers, the number of Americans living paycheck to paycheck climbed to 60% in August, according to a Friday report from financial services company LendingClub.

The increase, up from 57% in September 2021, was driven primarily by a greater portion of six figure earners slipping into a paycheck-to-paycheck lifestyle, according to the LendingClub report. While the proportion of those earning less than $50,000 and those between $50,000 and $100,000 living paycheck to paycheck stayed roughly the same, at 73.6% and 62.4% respectively, earners between $100,000 and $150,000 saw a more than 6.5% increase to 43.8% living paycheck-to-paycheck.

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Inflation Rose More than Expected in August, Federal Data Shows

Inflation rose more than expected in August, leaving Americans facing even higher prices on a range of everyday purchases, according to newly released federal inflation data.

The Bureau of Economic Analysis released the pricing data, which showed the Personal Consumption Expenditure excluding food and energy, a key marker of inflation, rose 0.6%, higher than expected by Dow Jones.

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Military Subsidizes Service Members’ Grocery Bills amid Higher Prices

The U.S. Department of Defense is taking new measures to help U.S. service members deal with rising costs as inflation continues to put the pressure on Americans.

Air Force Brigadier General Pat Ryder laid out a series of changes from Defense Secretary Lloyd Austin to help families deal with the recent rise in costs, particularly in food, housing and childcare.

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Stores Implementing New Ideas to Keep Up with Inflation

Financial executives across the retail industry have been forced to adjust strategies to account for customer expectations as inflation puts pressure on outlets, The Wall Street Journal reported Friday.

Major retailers, including Macy’s and Target, who used discounts to clear excess inventory after overestimating demand for their products following a wave of pandemic-era retail spending, are being forced to develop strategies, such as reducing the size of bundles or subtly cutting down on discounts, to entice customers while protecting profit margins, the WSJ reported. Dollar stores have gained popularity as consumers struggle with inflation and — in tandem with the more aggressive discounting campaign by retailers — customers’ heightened demand for value has left some retailers concerned that customers might start to expect discounts that damage profits.

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Commentary: States Are Showing Washington How to Relieve Inflation

Inflation continues to be the top concern for American voters going into the midterm elections. But rather than advancing responsible policies that will tame inflation, the federal government continues to pursue tax and spending plans that will raise the federal deficit, undermine growth, and do nothing to lower prices.

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Fed Hikes Interest Rates for Third Time in Four Months

The Federal Reserve has raised target interest rates by 75 basis points for the third time this year following a Wednesday meeting of the Federal Open Market Committee.

The new target range for the federal funds rate is anywhere between 3% to 3.35% up from the current 2.37%, making it the most aggressive hike since the early 1980s. The Federal Reserve is expected to continue this trend into March of 2023 as an attempt to curb ongoing increases in inflation, CNBC reported.

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Gas Prices Rise for First Time Since June

Following nearly 100 days of declines, gas prices rose slightly Wednesday, and are forecasted to change little in the near future.

The national average price rose by about a cent to $3.68, snapping a 98-day streak of declines since prices peaked at $5.02 in mid-June, according to data from the American Automobile Association (AAA). A slight increase was expected to occur soon after prices fell only four cents last week, the smallest decrease in months, which the AAA attributed to the impacts of “war, COVID, economic recession, and hurricane season,” in a statement Monday.

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Commentary: (Not) Sorry Democrats, Abortion Won’t Save You

The desperate attempts by the White House, congressional Democrats, and the corporate media to refocus voter attention on abortion rather than inflation are failing. Most reputable polls show that the electorate is far more concerned about mismanagement of the economy by President Biden and his collaborators in Congress than about threats to reproductive rights posed by “MAGA Republicans.” Contrary to Democratic hopes, November won’t be about abortion vs. inflation. The midterms will be a referendum on Biden’s performance, particularly as it affects inflation.

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In Ohio, Trump Says Vance, Other Republicans Will Rescue America from Democrats’ ‘Mayhem and Despair’

Former President Donald Trump addressed a packed rally at the Covelli Centre in Youngstown this weekend, reprehending Joe Biden, Tim Ryan and other Democrats for economically crushing working Buckeye Staters with unrelenting inflation. 

Trump further laid into the leftists who control Congress and the White House for advancing policies that exacerbate illegal immigration and impress anti-American civic and historical narratives upon K-12 students. He urged listeners to back Republican Senate candidate J.D. Vance as well as GOP U.S. House candidates to reverse these trends. He showed particular ehtusuasm for the reelection of U.S. Representative Jim Jordan, a Republican who represents the north-central and western Fourth District. 

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Number of Americans Citing ‘Hardship’ from Inflation Rises

The majority of Americans say inflation is causing them financial hardship, according to a new poll.

While the Biden administration heralded a pause in the rise of inflation for the month of July, a new Gallup poll indicates that Americans are feeling the pain more now than at the beginning of this year.

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Feds: Food Prices Continued to Surge in July, but Overall Inflation Held Steady

Consumer prices remained high in July but showed only a slight increase from June, a pause from months of surging prices.

The Bureau of Economic Analysis Friday released the Personal Consumption Expenditure Index data, a key marker of inflation closely watched by the U.S. Federal Reserve when it makes its interest rate decisions.

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Commentary: The Top Five Cities with the Highest Inflation in America

My wife and I recently were out for our morning walk and she commented on how weird inflation is. Some prices are sky high, she observed, while others have barely budged.

A carton of eggs is up 33 percent over the last year, while tomatoes haven’t changed at all. Airline flights are through the roof, but the cabin we rented on our last vacation was several hundred dollars less than in previous years. Our electric bill is soaring, but her personal care products and my son’s new sneakers were about the same (or less) than what she had previously paid.

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Food Prices Rise at Fastest Rate Since 1970s

Despite slowing inflation in July, food prices have continued to rise at historic levels, the U.S. Bureau of Labor Statistics reported Wednesday.

“The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979,” BLS said.

Some grocery store items have seen prices rise even faster, though.

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Survey Shows Inflation Affecting College Students’ Ability to Take Classes

A new survey shows that 1 in 4 college students have to drop classes due to high tuition rates and rising inflation. 

The survey of over 1,000 college students was done by Intelligent.com and showed that nearly 1 in 4 students would be forced to drop some or all of their classes if their tuition costs increased by 5%. 

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Trump: ‘America Is on the Edge of an Abyss’

Donald Trump on Saturday delivered stinging rebukes of the Biden administration at the Dallas Conservative Political Action Conference, one of a continuing series of indications that the still-popular former president has set his sights on a return to the White House for 2024.

Trump during his speech declared that the U.S. “is being destroyed more from the inside than the out,” and that the country “is on the edge of an abyss, and our movement is the only force on earth that can save it.”

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Report: Most Americans Living Paycheck-to-Paycheck After Inflation Spike

Rising prices mean that Americans are spending more on the same goods and services, and as a result more than 60% of U.S. consumers are living paycheck-to-paycheck or dipping into savings to cover their routine costs, a recent LendingClub report found.

The number of Americans living paycheck-to-paycheck was up 5.5% in June from a year prior as fully 61% of Americans now devote nearly all of their salaries to expenses with little or nothing left over at the end of the month, according to LendingClub’s report. Americans’ purchasing power has declined in recent months as inflation has outpaced wage increases, making it more difficult to afford normal budgets, the report concluded.

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‘It’s An Absurd Argument’: Economists Take Apart One of Biden’s Favorite Talking Points

The Biden administration’s oft-touted talking point that employment has boomed under the administration is misleading and instead simply a natural recovery from pandemic losses, economists told the Daily Caller News Foundation.

Facing consecutive quarters of negative gross domestic product (GDP) growth, sky-high inflation and plummeting consumer sentiment, the Biden administration has routinely cited a low unemployment rate and strong on-paper jobs creation as positive results of President Joe Biden’s economic stewardship. But the notion that these figures represent booming job creation is misleading since the economy has merely rebounded by adding back jobs that were lost during the pandemic and has still yet to reach pre-pandemic levels, economists told the DCNF.

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Democrats Propose Spending $80 Billion to Expand the IRS

Democrats in Congress have proposed a new spending bill that would allocate $80 billion for the sole purpose of expanding the Internal Revenue Service (IRS), ostensibly to fight inflation by raising government revenues.

As reported by The Daily Caller, the bill is called the “Inflation Reduction Act of 2022.” The bill would see the size of the IRS increase as part of a broader effort to increase “taxpayer compliance.” Under the new bill, the IRS would spend an additional $80 billion over the course of the next 10 years, up significantly from its current budget of $13.7 billion, with a primary focus on hiring thousands of new agents, and expanding operations, facilities, and services.

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The Fed’s Preferred Inflation Metric Just Surged in Another Warning Sign for the Economy

The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, continued to surge in June, according to data released Friday by the Bureau of Economic Analysis (BEA).

The PCE index was up 6.8% for the year ending in June, an increase from the 6.3% that it was at in both April and May, the BEA announced. PCE is the Fed’s preferred measure of inflation because it is “just better at capturing the inflation people actually face in their lives,” and the central bank endeavors to keep it at 2%, Federal Reserve chair Jerome Powell said Wednesday.

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Federal Reserve Announces Rate Hike to Combat High Inflation

The U.S. Federal Reserve announced another 0.75% rate hike Wednesday in response to inflation, which has soared to its highest level in more than four decades.

The announcement comes after just last month the Federal Reserve announced a rate hike of the same size, which at the time was the largest rate increase since 1994. 

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Tim Ryan’s Former Neighbors Knock the Democratic U.S. Senate Candidate

Individuals, who live in or near the neighborhood that Rep. Tim Ryan formerly lived in, knocked the congressman as he attempts to run for U.S. Senate.

The Washington Free Beacon traveled to Ryan’s old neighborhood and spoke to residents of the area, who expressed concern over inflation and skepticism over Ryan’s campaign.

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