McRae: Cruel Summer
By Treasurer David McRae
President Biden’s economic policies will wreak havoc on Mississippi families once again this summer.
Consider this: since the President took office, prices have increased by nearly 20 percent, according to the Senate Banking Committee. Grocery costs have increased. Gas prices have jumped. Even electricity bills have skyrocketed. In fact, the Wall Street Journal reports electricity prices have gone up 13 times faster under President Biden than under the previous administration.
When all is said and done, costs have increased about $1,000 a month for working families over the last three years. That’s an incredible amount of money.
The inflation crisis is not the pandemic’s aftermath or Putin’s doing, as Biden is apt to say. Instead, it is the calculated failure of the current administration and their flawed “Bidenomics” strategy.
On Day 1, President Biden canceled the Keystone XL Pipeline and made drilling and mining more difficult, thereby driving up the cost of gas and energy. He’s since proposed rules that make homeowners with good credit subsidize those with bad credit, pushing up the cost of housing. He’s added new regulations on dishwashers, gas stoves, and other household appliances that make everyday items more expensive. He’s increased government spending, made it harder for small businesses to operate, and threatened to reverse President Trump’s tax cuts. The list could go on and on.
But the truth is that I don’t need to convince you there’s a problem; all our bank accounts show it’s a problem. Instead, let me give you a few tools to help you navigate this summer’s cruel economics.
First, seek out savings offered by the stores you frequent. Target, for example, has announced price cuts on generics and name-brand summer essentials (like baby wipes, sunscreen, and more).
Second, search for ways to increase your home’s energy efficiency. Start by doing a self-assessment: Did you remember to close the blinds during the day? Can you raise your thermostat a few degrees? Do you turn off fans when you leave the room? Have you closed the vents in unused rooms?
Third, consider weatherproofing your doors and windows. This doesn’t necessarily mean investing in new insulation or windows. Instead, a $12 tube of caulk could do the trick for you, allowing you to seal any cracks around windows and doors to prevent warm air from getting into your home.
I can’t promise these small tweaks will reverse Bidenomics’ cruel summer, but they’re a good place to start.
For more resources on managing your family’s budget (including saving for a summer vacation), please visit treasury.ms.gov/FinancialEducation.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $85 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
Note: The article has been written and submitted by Mississippi State Treasurer David McRae. Any opinions expressed are those of the writer and not necessarily that of this publication.
