So the Democrats on the House Ways and Means Committee are now getting a lot of backlash because their ex account tweeted something today that has led to, well, a lot of unhappy people, including Democratic voters. [00:00:16] Now, what they did is essentially repost a story that was written by USA today about how shoppers had spent a record $10.8 billion online during Black Friday. So here's a look at the post in question, which has since been deleted, by the way, [00:00:37] and the Ways and Means Democrats, or at least their account, basically commented by saying, and here we were thinking y'all couldn't afford eggs. Essentially mocking or shaming holiday shoppers while downplaying or minimizing, [00:00:54] you know, the severity of inflation, especially the inflationary period that we experienced in 2022, which absolutely crushed American households. Okay, I'm not going to exaggerate and give like, insane like figures to to make it seem like, you know, people were being kicked out of their homes [00:01:12] and like, having their cars repossessed. But it did crush a lot of families. A lot of people were unable to provide basics, you know, on the dinner table for their family because of how expensive gas was, because of how expensive things at the grocery store were. And so I just want to remind those Democrats what the issue is, [00:01:31] and it seems like they got enough backlash where they took the tweet down, which was a good idea. But nonetheless, I mean, the data is the data. So let's take a look at the first chart. I went to the Bureau of Labor Statistics website because I wanted to see some exact numbers. [00:01:46] Okay. So according to the Bureau of Labor Statistics, inflation rose 9.1% in June of 2022 for essential items. That's crazy. That is a lot. And since they want to talk about the cost of eggs, let's talk [00:02:04] about the cost of eggs specifically. Let's let's take a look at that. Okay. So when Biden came into office in January of 2021, the average price of a dozen eggs was $1.47. We're talking about the average price here, so keep that in mind. [00:02:21] However, if you look at the next graph which shows what the price was two years later, the price of eggs jumped to $4.82 on average and never went back down to the previous price, as you can see from this graph. [00:02:36] You know the squiggly line. You see that massive spike? And then it comes down a little bit. Right? But the cost of eggs spikes back up and inflation in some areas has been sticky for various reasons. Right. The price of eggs gets impacted by, you know, the avian flu and things like that. [00:02:55] But nonetheless, the reason why people keep talking about the cost of eggs when we talk about inflation overall is because it's a symbol of how much Prices for essential items have gone up. Okay, now keep in mind Biden did nothing to help Americans during this time, [00:03:17] during this inflationary period. Other than, you know, sit back as the Federal Reserve raised interest rates and said with a straight face to the American people, the point of the higher interest rates is to decrease the money supply, okay, decrease the buying power of Americans and also increase unemployment, [00:03:38] which will help to which will help to decrease inflation. Jerome Powell, the head of the Federal Reserve I'm paraphrasing, but that's essentially what he said in various, you know, news conferences and things like that. And so Biden did nothing to help Americans during that difficult time. [00:03:54] Okay. Even as private equity firms, by the way, were buying up the inventory of homes in the Sunbelt. Biden did nothing to help with the inflationary costs associated with housing, even as the government somehow had an endless supply of money [00:04:09] to fork over to Israel and Ukraine. The American people were getting crushed by inflation, which, by the way, the Biden administration denied was even happening in the first place. Because what would the Democratic Party be if denial wasn't part of their M.O.? And then finally, they couldn't deny it anymore. [00:04:26] And what kind of help did the average American get? Nothing. Zero. So, to post a story from USA today about how Americans spent $10,000,000, 010.8 billion shopping online during Black Friday as evidence that, [00:04:42] well, Americans weren't really crushed by inflation at all. This is all BS, is laughable and insulting and exactly what I refer to. The kind of culture that I refer to when it comes to the Democrats [00:04:59] essentially abandoning abandoning the working class, ordinary Americans. You think you can post something like that? And the American people are going to see Biden and his administration as FDR 2.0. Really? Really? [00:05:16] And look, when it comes to spending, it's true. Americans did spend a lot of money on Black Friday. Okay. But not everyone did. And on top of that, among those who did, they very likely used credit cards [00:05:31] in order to fund their purchases. The holidays are coming up. People want to buy gifts for their kids, for their family members. And look, I don't think it's a good idea to do a bunch of holiday shopping on your credit cards. [00:05:47] I get it like it's tough, especially when you want to have presents for your kids to open and stuff. But like, it is crushing a lot of Americans. Like, consumer debt is out of control. And that's the thing. I mean, we're talking about Democrats in the House Ways and Means Committee. [00:06:05] These are people who are tasked with deciding on policy pertaining to our economic conditions. And these are the Democrats. This is what they think, okay? This is what they think about us. They should know that Americans are getting crushed with credit card debt. [00:06:24] They should ask whether these Americans were able to do all this holiday shopping, you know, with cash on hand, or whether they were just relying on credit cards in order to do it. So household credit card debt rose by 6.7% [00:06:40] during the third 12:45 point $3 trillion. Guys, that is crushing. That is crushing, especially when you consider the interest rates associated with credit cards. This outstrips the average annual increase of 3.7% pace since 1998. [00:06:56] The fed report showed the expansion rate for credit card debt was more than twice the 2.8% increase for overall household debt during the quarter. And look, how do I know that credit card debt is really beginning to crush Americans? [00:07:13] Well, just look at the delinquencies which have actually shot up in recent months. So credit card delinquencies, as measured in the third quarter of this year, rose to their highest level since 2010, surpassing 4%. So 4% of Americans who [00:07:29] carry credit card debt are now delinquent. And it didn't take a tweet. Okay. Just did not take a tweet for American voters to know that Democrats really don't give a damn about their economic frustrations anymore. [00:07:46] At a Washington Post forum months before the 2016 presidential election, Senator Chuck Schumer confidently stated, quote, for every blue collar Democrat we lose in western Pennsylvania, we will pick up two moderate Republicans in the suburbs in Philadelphia. [00:08:04] And you can repeat that in Ohio and Illinois and Wisconsin. Now, this was prior to Election Day 2020, 2016. How did that work out for you, Chuck? Not so well. [00:08:19] How did it work out for Kamala Harris when she pivoted away from her economic populist messaging and instead decided to lean into what her Uber, you know, executive brother in law had to say about her strategy. [00:08:37] And then she moved over to, you know, some of the more pro-corporate messaging. How did that work out for her? Did that work out well? Didn't work out so well. Turns out this strategy is bunk. It's garbage. But, you know, people will do anything to justify their behavior. So to me, this was just Chuck Schumer justifying taking the corporate cash, [00:08:56] abandoning the working class, and still deluding himself into thinking we're going to win elections. Easy peasy. No you're not. No you're not. People are sick of the culture wars. People are sick of struggling while productivity just continues [00:09:13] to skyrocket in this country. Part of the reason why our economic recovery following Covid was much smoother than other countries is because American workers are killing it. When it comes to productivity, it's the American way we work super hard. [00:09:31] And to see the Democratic Party mock Americans for their mistakes. Pretty sick people get upset when I, when I'm too critical of Democrats. But like, you guys let me know [00:09:47] which areas, like which areas Democrats are doing well in. And I'll cover that seriously, because I'm not seeing it right now at all. Thanks for watching The Young Turks really appreciate it. Another way to show support is through YouTube memberships. [00:10:03] You'll get to interact with us more. There's live chat emojis, badges. You've got emojis of me Anna John Jr. So those are super fun. But you also get playback of our exclusive member only shows and specials right after they air. 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