As Midterm Elections Approach July 4th is Ground Zero for the Economic Reality
With inflation the highest it’s been since the early 1980s and Americans feeling the pain of a downtrodden economy, Democrats are hoping to convince voters that they should be an exception to an otherwise brutal midterm election cycle. July the 4th is the date when Americans will feel the full impact.
Americans preparing to celebrate the Fourth of July holiday can expect to fork over even more money with the average price of a traditional cookout costing at least 17 percent more than it did in 2021.
Prices for all the BBQ staples, including burgers, hot dogs, chicken, have gone up and could cost $76.94 for the average cookout for a family of four, according to the Consumer Price Index compiled by the US Bureau of Labor Statistics.
The price is more than 17 percent from last year's total of $65.46.
Oil refiners say their ability to produce additional gas and diesel fuel is limited, meaning that prices could remain high unless demand starts to wane.
The American Petroleum Institute and American Fuel & Petrochemical Manufacturers sent a joint letter to Biden on Wednesday that said refineries are operating near their maximum capacity already and nearly half of the capacity taken off line was due to the facilities converting to renewable fuel production.
'Today´s situation did not materialize overnight and will not be quickly solved,' the letter said. 'To protect and foster U.S. energy security and refining capacity, we urge to you to take steps to encourage more domestic energy production,' including new infrastructure and reducing regulatory burdens.
Last week, the Federal Reserve stepped up its drive to tame inflation by raising its key interest rate by three-quarters of a point - its largest increase in nearly three decades - and signaled more large rate increases to come.
Former Treasury Secretary Larry Summers told NBC's 'Meet the Press' on Sunday that in his estimation, 'the dominant probability would be that by the end of next year we would be seeing a recession in the American economy.'
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