The Biden economy is no laughing matter. Millions of Americans are now finding it hard to eat, get work and pay their electric bills.
A review of the Consumer Price Index data shows that the price of energy is rocketing upwards and many Americans are having a hard time paying their electric bills. Sundance at the Conservative Treehouse shared his own electric bill experience when discussing this data.
Long-term CTH readers might remember in 2014 when President Obama claimed U.S. families had been paying too little for electricity for too long. As soon as Joe Biden took office, he began implementing the Green New Deal energy policy that, (a) directly forces higher costs for energy; and (b) is now creating massive problems.
In July I noted my own electricity bill had jumped 28% in a single month. That bill was followed by another almost identical increase this month. A review of the Consumer Price Index (CPI) for July [Data Here] shows that nationally the same thing is happening. The year-over-year electricity price has increased 15.2%. However, worse still, the July increase alone was 1.9%, which figures to an annualized rate of 22.8%.
Steve Cortes shared a Bloomberg report that 20 million American households are now behind on their electric bills.
Utility Delinquencies – as reported by Bloomberg News, in a rare moment of honesty for a legacy media platform, an astounding 20 million American households are currently behind in paying their Utility bills. 1 in 6 households, in this land of abundance, cannot afford the simplest, most basic necessity of paying for power in their homes.
The article predicts “a tsunami of shutoffs” as the pandemic moratorium on disconnections of service expires across the country.
White House Press Secretary Karine Jean Pierre boasts that the America is “economically stronger” than ever, so why can’t these citizens afford power? Well, the answer largely lies in the explosion in electricity prices under Biden. Amidst of a sea of soaring overall inflation, this particular price surge crushes working-class people. July saw a 15% annualized increase in electricity rates, the highest acceleration since 2006. See this chart on electricity costs under Trump vs. Biden.
Cortes was on Steve Bannon’s War Room and he discussed the crisis for 1 in 6 Americans. Americans can’t pay their electric bills and food. This is really getting bad.
The Biden recession is very close to a depression. More stupid policy initiatives and that’s where America will be. It’s as if this is what the crime families running the country want.