According to a recent CBS News poll, 39% of Americans believe the economy is “good,” while 57% of respondents view the economy as “bad.”
It’s an issue that President Joe Biden will have to grapple with as his re-election campaign moves forward, especially given that 65% of Americans remember the good economy under former President Donald Trump, according to the poll.
In August 2022, Biden announced “zero inflation” when the Consumer Price Index (CPI) reported inflation of 8.5%. While he was referring to 0% monthly inflation at the time, this angered many given the negative perception of the economy, with one Republican senator calling the claim “gaslighting.”
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While Biden has somewhat walked back those claims amid still-rising inflation, citing “progress” while acknowledging that “prices are still too high,” a report from consulting firm McKinsey & Co. revealed what Americans are now rooting for spend so much money.
It found that “food was the new top luxury consumption category,” surpassing other, more discrete categories such as dining out, travel and beauty, with Millennials most likely to view food as their biggest luxury.
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While the same report cited increasing consumer optimism about the economy, some commentators found it odd that food was the top luxury consumption category amid ongoing inflation.
Former American intelligence officer Edward Snowden posted on
As many Americans struggle to keep up with rising prices for essential goods, some funds see an opportunity to benefit.
The Alaska Permanent Fund, the largest sovereign wealth fund in the United States, recently announced that it had tripled its stake Walmart Inc. (NYSE:WMT) and Kroger Co. (NYSE:KR), America’s two largest food companies by market share.
Even Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK) is a big fan of HookOwner of 6.9% of the grocer.
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This article Biden’s old ‘0% inflation’ comment comes into focus again as McKinsey says the new biggest luxury for US consumers is food originally appeared on Benzinga.com
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