Usually the White House does what it can to hide bad news. It is rule of politics never to admit troubling information. Hurts the party and national morale.
Odd then, that the Administration is owning up to the idea that food prices could stay high for a long time.
According to Reuters "High global food prices are likely to linger for two to three years while the world replenishes food stocks, senior White House officials said."
Much of the blame is going to the use of corn for biofuels instead of food. That part of the logic may be true.
But, the White House still hates to give out awful news, so it is wise to take what is said and double it. That would translate to food prices rising sharply for four to six years.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.