Editor, The Smithfield Times:

The far-left progressives, Democrats and media keep telling us the economy is better under President Joe Biden.

However, what they are not doing is telling the truth! Inflation is cumulative. Here is an example of what is the truth.

Inflation rate, according to macrotrends.net:

2019 – 1.81% of $100 = $1.81 under Trump

2020 – 1.23% of $100 = $1.23 under Trump

2021 – 4.70% of $100 = $4.70 under Biden

2022 – 8.00% of $100 = $8.00 under Biden

2023 – 3.40% of $100 = $3.40 under Biden

2024 – 3.20% of $100 = $3.20 under Biden

Total Increase $22.34

If an item cost $100 in 2018, it costs $122.34 in March of 2024. This is true inflation increase of 22.34% between 2018 and current to date in 2024.

This also tells us that $100 in 2018 buying power is now only worth $77.66. How is this better?

Here are a couple of examples:

1. The average cost of a pound of ground beef in 2019 was $4.23. The current average cost is $5.48. This is an increase in cost of $1.25, or 22.8%.
2. The cost of the average Ford Mustang in 2019 was $21,221. The current cost of the base four-cylinder Mustang is $30,920. This is an increase in cost of $9,699, or 31.4%.

 

Robert Chandler

Smithfield