The White House is relishing in the excitement that President Joe Biden’s economic policies saved Americans a whopping $0.16.
“Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year,” the White House tweeted. “It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish.”
Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish. pic.twitter.com/7h9qLauIbC
— The White House (@WhiteHouse) July 1, 2021
The slideshow attached to the tweet shows how prices for typical cookout foods, such as beef, ice cream and lemonade have allegedly decreased over the year.
“The cost of a 4th of July cookout in 2021 is down $0.16 from last year,” the infographic claimed.
Republican New York Rep. Elise Stefanik countered that other goods in the economy are steadily on the rise.
Apparently, no one at the Biden @WhiteHouse has been to the gas station recently.
The average price for a gallon of gas is $3.15.
This is the HIGHEST price for a gallon of gas since 2014 and a 42% INCREASE from last year.
— Rep. Elise Stefanik (@RepStefanik) July 1, 2021
Other Twitter users were also quick to slam the post.
16 cents? Home prices are going up 24% annually right now. The median home goes up 16 cents every 1.3 seconds right now.
— Dan Price (@DanPriceSeattle) July 1, 2021
This is amazing! Just bought a house with all of the $0.16 cents I saved from hot dogs
— Mohanad Elshieky (@MohanadElshieky) July 1, 2021
Sounds like a bunch of bologna to me
— Travis (@TWines4congress) July 2, 2021
Despite a few items decreasing in price, consumer prices are on the rise as inflation reaches record highs.
Since January, prices have outpaced wage growth, with consumer prices having jumped 2.1%, according to government data. Prices for items like chicken are expected to jump 8% while companies like Kraft Heinz and Coca Cola announced price hikes due to increasing commodity costs. (RELATED: Yellen Admits Inflation Is About To Surge But Says It Will Be ‘Plus For Society’s Point Of View’)
“Over the past few months, we have seen an inflation rate that is much higher than where we’ve become accustomed to,” Heritage Foundation research fellow Joel Griffith told the Daily Caller News Foundation. “When we are going to the grocery store, going to the gas station, building our new home, we’re noticing that prices are really accelerating at a much faster clip than what we’re used to.”
The personal consumption expenditures index, a key index used by the Federal Reserve to measure inflations, jumped 3.9% between June of 2020 and May, according to a recent Department of Commerce report.
The index found food prices have increased 0.4% over the past year. The jump comes as inflation surges 5% over the past 12 months, which is the fastest pace of inflation since August 2008.