December 20 2022

Biden, The Grinch: Inflation Forces Families to Forgo Gift-Giving

A new report by personal finance website WalletHub reveals 40 percent of surveyed Americans say they will forgo gift-giving around the tree this Christmas due to inflation. Biden’s economic humiliation of hard-working families will be keenly felt this holiday season.

Our Take:

  • 50 percent of those surveyed admitted that “Santa” will not be as generous as in past years, while 40 percent said that he may not be able to afford a visit at all this year.
  • The National Retail Federation estimates that Americans will be forced to dip into their savings to put presents around the tree this year.
  • Are you planning on throwing a Christmas party? A Bankrate study of the consumer price index shows that costs for food are skyrocketing at rate unseen in more than 43 years.
  • President Trump will restore dignity to the American family by ending the Democrats’ socialist experiment.

The Background:

After one of the most expensive Thanksgivings on record, American families trying to celebrate the Christmas season face higher prices and depleted savings, all thanks to the Biden administration.

Biden’s war on American energy is driving prices up across the board as goods become more expensive to produce and transport. His administration’s reckless and relentless spending makes the dollars in our pockets worth less. This two-front attack on our purchasing power is shaping up for a depressing festive period.

“It’s a year to be careful, more so than ever before,” notes Mark Cohen, Columbia Business School’s director of retail studies.

 “Inflation has robbed consumers of purchasing power,” says Bankrate’s senior economic analyst, Mark Hamrick. “Can they afford to buy holiday gifts,” he continues, “when essentials – like food and energy, home heating and transportation included, along with costs of shelter – have led the way with price increases?”

If you’re hosting Christmas this year, you’re soon to feel the pinch: according to a Bankrate analysis of the consumer price index, the price of groceries hasn’t increased this much since 1979. The cost of groceries last month was 12 percent higher than last year.

If you’re not hosting, but traveling to spend the holidays with loved ones, you’re also staring down unaffordable price increases: airfares are up 43 percent and gas is up 17.5 percent compared to last year.

To add insult to injury, the cost to wrap your gifts and decorate your home jumped 13 percent more this year compared to last year.

Facing down this expensive Christmas and approaching the new year, a record 65 percent of Americans say our nation is “on the wrong track,” according to a USA TODAY/Suffolk University poll.

President Trump stated in his 2024 presidential campaign announcement that, when he left office, “the United States stood ready for its Golden Age, our nation was at the pinnacle of power, prosperity, and prestige, towering above all rivals, vanquishing all enemies, and striving into the future confidently and so strong.”

“For millions of Americans,” he continued, “the past two years under Joe Biden have been a time of pain, hardship, anxiety, and despair.”

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