Inflation gobbling up budgets ahead of Thanksgiving
Kingsview Wealth Management Chief Investment Officer Scott Martin joined ‘Kennedy’ to weigh in on reports the average Thanksgiving turkey costs $34 and inflation’s impact on food prices.
The White House released a list of President Biden's accomplishments Wednesday, but omitted key details about his record on gasoline prices and inflation.
White House Chief of Staff Ron Klain and other top officials posted the list on Twitter in an effort to prepare Americans for political conversations with family members during the holiday. The list touted recent gas price declines, "moderating" inflation levels and Biden's work "unsnarling supply chains to lower the cost of goods" as top accomplishments.
"One last item for your Thanksgiving dinner: some talking points when 'that Uncle' comes 'at you' about [Biden]," Klain tweeted.
At the top of the accomplishment list, the White House notes that gas prices have fallen $1.35 per gallon since June.
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However, the list does not mention that gas prices had surged to an all-time record of more than $5 per gallon nationwide in June during Biden's presidency. In addition, the current average price of gas of $3.61 a gallon remains 51% higher than the average pump price in late January 2021, when Biden took office, according to the Energy Information Administration.
Additionally, the list fails to address other energy prices, which continue to increase across the country. For example, fuel oil has surged 58.1%, utility gas service has increased 33.1% and electricity prices has gone up 15.5% year-over-year, recent Department of Labor data showed.
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"For consumers, the problem is that a lot of people think that because gasoline prices have come down, the cost of home energy has come down as well, which isn't true," Mark Wolfe, executive director of the National Energy Assistance Directors Association, previously told FOX Business.
"They're different fuels and different dynamics," he continued. "So, as we go into winter, for families struggling with very high inflation for the last year, this is another issue that's going to fall."