Financial Focus: Joe Biden should have a slice of NY Pizza!

By Professor Anthony Rivieccio MBA PFA

While I constantly tell my Clients that ” Politics” does not matter when we talk ” basic economics” and the US Economy ( after all , some of the best Democratic ideas came from Republicans and vice versa) , I’m really starting to believe that Joe Biden advance age is catching up to him.

Last week, Joe said, in response to a monthly employment report showing that 550,000 people have received jobs. Joe said, ” Wages are higher than temporary Inflation . What we know is happening is a shortage of supply chains, so inflation is not a real problem”.

Well, in one sense, Joe is right, supply chain shortages are starting to show

But there are many basic food items that are showing tremendous signs of permanent inflation .

A recent NY Post examination has shown, the price of pizza, by the slice , has gone up 22%, by the pie, 20%, year over year.

I can personally testify myself, having a basic digestive system, and buying the same bags of groceries ,year over year, has been a 33% price increase– and with no extra grocery bags!.

The NY Post examination shows that while the cheapest highest cost ingredient for pizza, year over year, is Cheese , at 10% the highest price ingredient, according to their chart, is Garlic , at 400%. When you mention all of the ingredients, according to the NY Post ( Flour 50%, cheese 10%, tomatoes 76%, pepporoni 67%, garlic 400%, pizza box 93%, plates 92%) the average ,year over year rate , of ” pizza inflation” is: 113%!.

If The Post recent examination could be believed, then that former $2.25 slice, last year, should really be $4.79, instead of now $2.75. And maybe it should be even bigger. The examination does not take into account: Labor

With recent union Victories for a $15 minimum wage, private industry has had to catch up. Yes those dishwashers now make pretty good money , many at $20 an hour, which would easily bring the slice of a pizza up another 4% to $4.98 or let’s just say $5 . Ami belong unrealistic? Have you been to Arthur Ave in The Bronx? There are $5 , today. Yes you would expect ” elite” places to charge ” elite” prices, but sadly, that could be normal today ( just like today’s Arthur Ave).

Remember, I am not talking politics, I’m talking economics, as your former $2.25 slice of pizza could easily be $5 a slice, but the corporate mucky mucks claim they are struggling as they try to keep the pizza slice to a reasonable level.

But as I write this, many pizza owners have already claimed that $3.00 will be the norm.

Oh, by the way , The US Government says they are all wrong! US Inflation, according to Joe and The Department of Bureau Statitites, year over year , is 3% .

Wait, does that mean my former $2.25 slice should be $ 2.32, a 24% increase , year over year , looking at your $3 slice, instead of $2.32, a 3% increase

Somebody is wrong!

Well , I won’t pick on Government! Or the private sector! Or even Dr Fauci, who might claim pizza has gone up because people are eating vaccine more than pizza 😳😳 and that’s inducing demand in the streets 😳😳😳.

But we do believe Joe should have a New York slice of pizza or go to the local store or bodega, before he talks about inflation, again!.

Professor Anthony Rivieccio, MBA PFA, is the founder of The Financial Advisors Group, celebrating its 25th year as a full service financial planning & investment firm . Anthony is also owner of Rivieccio Financial Advisors, a virtual only financial advisory firm, opened in 2021. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The Bronx News, thisisthebronX.info and The Bronx Chronicle. Mr. Rivieccio also pens a financial article called “Money Talk”. Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? My personal page is www.facebook.com/anthonyfromthebronx