American voters soundly rejected Bidenflation at the ballot box. In an ABC exit poll, 67% of Americans said the economy is in “bad shape.” That shouldn’t be too surprising, though, since inflation is wiping out many family budgets. In fact, a half-gallon of milk now sells for as much as $10 in parts of the United States.
But what’s driving all of this budget-busting inflation? And what to do about it?
Much of the problem stems from higher energy costs. CBS News reports that the price of electricity in the U.S. has jumped 28.5% since 2019. In some states, the increase has been much higher. For example, California — the most populous state in the nation — has already seen electricity rates at its three major utility companies rise by as much as 110% over the past decade.
Such a hefty jump in electricity costs has translated into plenty of real-world pain across the nation. The U.S. Energy Information Administration says that electricity-driven inflation has already resulted in more than one-third of U.S. families being unable to afford basic energy needs.
The trajectory we’re currently on only promises more pain. Electricity demand is suddenly soaring. Artificial intelligence, electric vehicles, and the exponential growth of data centers are putting massive, new demands on America’s power grid — with new data centers alone requiring as much power as a small city.
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