December 2022 CPI inflation fell by 3.1 percentage points, from 6.5 percent in December 2022 to 3.4 in December 2023. Core inflation, which leaves out volatile food and energy prices, came in at 3.9 percent this year, down 1.8 points from its 12-month Dec 2022 rate of 5.7 percent

December 2023 "unemployment rate was a historically low 3.7."

Wage growth is outpacing inflation.

The numbers are looking really good. However, the average American doesn't always get it because grocery prices are still higher than before the pandemic.

Less than a tenth of an average household’s budget is spent at the supermarket, but the prices paid there dominate the inflation perception of the consumer. The result is that consumers perceive inflation as higher than it actually is.

This is not an uniquely American phenomenon. In 2002, Italian consumers were convinced inflation was running at 18 percent year over year, when the reality was 2 percent. Further investigation revealed that an increase in the price of a cup of espresso drove much of this erroneous impression.

Did you know, "President Richard Nixon was acutely aware that rising prices for higher-frequency purchases could hurt his 1972 re-election effort. In that era, prices were not set by the market. In 1971 Nixon froze all wages and prices (except for agricultural commodities) for 90 days by executive order, and then went on to establish government control of wages and prices."

Yowza!

The U.S. Federal Government spent billions of dollars to bring us through the COVID-19 pandemic. I am truly grateful.

Producers and manufacturers and retail sacrificed to keep us supplied with product. I am truly grateful.

First responders sacrificed to keep us safe. I am truly grateful.

We are better off with President Biden. Let's keep it going.