The resulting increases in feed costs have also affected the American production of beef, pork and chicken, which had increased consistently over the past 30 years but has now leveled off due to the higher cost of feed. As a result, a 2012 study by Pricewaterhouse Coopers estimates that the RFS costs chain restaurants $3.2 billion every year in increased food commodity costs.
Then there are restaurants. Wholesale food prices have outpaced the consumer price index by more than a full percentage point since the implementation of the RFS. In many instances, especially in the restaurant sector, small business owners are not able to pass on higher retail prices to consumers because of market competition—a concept that the corn-ethanol industry is unfamiliar with thanks to a government quota.
As if this were not enough, ethanol production has contributed to global food scarcity and hunger. No country exports more corn than the U.S., but about 40% is ending up in gas tanks, not on the world market. So much corn has been blended into gasoline that the higher percentage levels routinely render boat engines, motorcycles, chain saws and older automobiles inoperable.
Excluding autos, sales rose 0.1%. And excluding gasoline, sales rose 0.1% in April. When excluding both gasoline and autos, sales rose 0.2% last month.
Retail sales, which can be choppy from month to month, fell through the winter and there aren’t yet signs of a strong rebound. Overall retail sales are up 0.9% from a year earlier, the lowest level since October 2009. Sales are down or flat in four of the five past months.
Retail sales figures are a key barometer for overall consumer spending, which accounts for about two-thirds of economic output in the U.S. During the first quarter of the year, households remained cautious amid bad weather and a broader economic slowdown."
Obama's / Progressive economic last place finish continues.
The good news is a new President who believes in us, will replace the Obama uncertainty and negativity with our normal optimistic disposition.
Focus on gainful work and improving living standards. School choice. True health care reform which extends access rather than feeding special interest.
Most of all we need get capital investment going along with small business formation. Which means do the reverse of Obama.