Gas prices have increased by approximately 50 percent since Biden was elected. Major companies, including Procter & Gamble, Coca-Cola, Kimberly-Clark, General Mills, and Unilever, have announced price increases.
The CEO of Tyson Foods, the nation’s largest chicken producer, said on a recent earnings call that costs are rising faster than the company’s ability to raise prices. Half of second-quarter nominal GDP growth is phantom inflation gains. According to the Job Creators Network Foundation Monthly Monitor poll, inflation is the biggest concern of small businesses.
President Biden seems to recognize he’s vulnerable on this issue. This week he called on OPEC to increase oil production in an effort to address runaway gas prices taxing American pocketbooks.