Thursday, July 26, 2012

Obama Can't Catch A Break: Food Prices To Rise Before Election

From the New York Times: Scorching heat and the worst drought in nearly a half-century are threatening to send food prices up, spooking consumers and leading to worries about global food costs. 
On Wednesday, the government said it expected the record-breaking weather to drive up the price for groceries next year, including milk, beef, chicken and pork. The drought is now affecting 88 percent of the corn crop, a staple of processed foods and animal feed as well as the nation’s leading farm export.
The government’s forecast, based on a consumer price index for food, estimated that prices would rise 4 to 5 percent for beef next year with slightly lower increases for pork, eggs and dairy products. 
Poor President Obama, just can't catch a break.  Earlier this year, it was rumored that gas prices would got to $5 a gallon but that probably won't happen.
But now, food prices are going to rise because of the drought and nothing can be done to prevent it.  
Oh wait, our dependence on Ethanol, which uses tons of corn and other ingredients, can be curtailed, freeing up the corn to feed the cattle and other animals.  (Sweet corn is not used for ethanol)
But nah, Ethanol is more important than food, I guess.  And if corn is going effect food prices, it will also effect gas prices.
It's the economy, stupid, and it ain't breaking well for Obama.

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