By John Ubaldi, “Ubaldi Reports”

The release of the Consumer Price Index (CPI) by the Bureau of Labor Statistics early this month showed that inflation remained flat for May, this was lower than what many economists had wildly expected, precipitated celebratory glee by Wall Street and the Biden Administration that inflation was seen as moderating.

With Wall Street, the Biden administration and their allies in the media celebrating the report, unfortunately main street was still feeling a far different impact with regard to inflation. Despite remaining flat in May, unfortunately not included in the report was food and energy prices, as these areas are the most volatile and are not counted in the CPI.

Wall Street and the Biden celebrated May’s inflation report, the American people were feeling something entirely different.

Ask any American how they feel when they buy groceries or when they fill up their vehicle? What about when they pay rent or just want to live in affordable housing, everything is priced higher then it was four years ago.

Currently, rent is higher than it was pre-pandemic.

Interest rates are at a forty-year high, which prevents Americans from being able to buy a home, buy a new car, and the Biden administration is forcing the country to purchase electric vehicles, despite the fact no one wants them nor can they afford the price to buy on.

Far too many American’s feel they will never be able to obtain the American dream of home ownership which has always been the sign of upward mobility.

The elites on Wall Street and in Washington fail to grasp or refuse to understand the middle class gain financial independence by home ownership.

No matter the spin by Wall Street or the Biden administration American’s are paying higher prices on just about everything, as groceries, fuel, energy, utilities, insurance for homes and vehicles, are now higher than they were just a few years ago.

Credit card debt is at an all-time, with delinquencies at record levels, then factor in far too many Americans are having to tap into their retirement accounts just to meet basic needs.

Hardly a shining example of vibrant economy the Biden administration keeps touting.

Small businesses the true strength of the U.S. economy our feeling the impact of the Biden administration’s massive imposed regulatory burden, massive government spending that goes primarily to corporations, coupled with high interest rates which prevent capital from flowing to these struggling businesses.

How are you supposed to start a business or expand an existing one when interest rates are at a forty-year high?

Just examine what small businesses have had to navigate over the past few years, first, it was the forced imposed COVID-19 lockdowns across the country, while corporate companies were allowed to remain open. Then you now have the anti-business climate of the Biden administration and you have a recipe for disaster.

Over the past decades the elites on Wall Street and in Washington of both political parties have supported various trade deals that have only out-sourced American manufacturing to China and Mexico thereby enriching themselves at the expense of the American middle class.

As the nation heeds toward the 2024 presidential election on November 5th, President continually champions himself as “Scranton Joe” savior and protector of the middle class, as he is building the economy from the middle out and the bottom up.

The unfortunate aspects Biden’s economic policies have only benefited corporate America and the wealthy political elites.

No matter how many Biden administration representatives, economists, elected officials, members of the media or entertainers tells us how the economy has never been better and is the envy of the world, the American people see for themselves a far different economy.

They see and feel high prices on everything, high crime in their neighborhoods, and a porous border from which benefits are being given to illegal immigrants that they are unable obtain for themselves or their families.

Joel Kotkin, a traditional liberal penned an article titled, “The Economy, Not Palestine will Undo Joe Biden,” when he wrote, “To be sure some, notably Wall Street and well-paid Government workers, have benefitted. But for most middle- and working-class Americans in the private sector, things are not so rosy. Sectors that employ millions of these people — logistics, manufacturing, agriculture, technology — have been flat or even declined. Many of these workers operate in the “carbon economy”, which is threatened by Biden’s green tsunami. The President’s policies may offer a big win for renewable energy companies, lawyers and consultants who feast on this regulatory banquet. But they also constitute a direct threat to those dependent on reliable and low-cost energy such as truck drivers, loggers and oil workers.”

The Biden administration often touts his legislative victories, but nothing he has done has made the lives of middle-class Americans any better. The only ones benefiting from the Biden economy are the wealthy elites.

Just examine Biden’s student loan forgiveness, which the U.S. Supreme Court ruled was unconstitutional as the power of the purse resides with the Congress not the executive branch.

This unconstitutional power grab by the president only benefits the wealthy elites, but those without a college degree or those who paid their back are having to pay for someone else’s student debt.

The Congressional Budget Office (CBO) has stated this policy by the Biden administration has added $400 billion to the budget debt which will close out the fiscal year just under $2 trillion of accumulated debt for the year.

Just examine one example such as Ben Kamens, communications director for Rep. Marcy Kaptur, D-Ohio, a long-time member of Congress when he posted on social media showing how his $8,250 dating back to 2010 had been wiped away by Biden’s student loan bailout.

Kamens makes around $80,000 a year and is on track to make $90,000, far more than what average Americans make in a year. Looking at his social media posts he bragged about all the spending he was able to do such as paying for season tickets to the Philadelphia Eagles football team.

Before Wall Street and the Biden administration start celebrating they might want to ask the middle-class how they are doing; if they did they may get a far different answer!