Biden Economy Hurting Hollywood: Production Hit By Inflation as Price of Construction Material Skyrockets
Hollywood went all in for Joe Biden during the presidential election and now the entertainment industry is reaping the rewards in the form of runaway inflation that has caused the price of making movies and TV shows to skyrocket.
Production executives said key supplies are about 10 percent higher compared to just a few months ago, according to a recent report in The Hollywood Reporter. That includes plywood, which now costs three times as much as it used to, as well as items including steel, glass, and paint.
“In the last three months, the cost of materials have shot through the roof,” Doug Jeffery, founder of 41 Sets, a North Hollywood company that specializes in set design and construction, told the Reporter.
Some believe Hollywood’s inflation woes could even be higher.
Michael Petok, an executive producer on ABC’s Black-ish, Grown-ish, and Mixed-ish, told the Reporter that “on the shows that I do, it’s gone from maybe $25,000 in total materials — $10,000 of that being lumber — to $45,000 or so.”
Supply chain shortages are also forcing Hollywood to take extraordinary measures, such as spreading out production geographically so that supply isn’t strained in any given location, according to the Reporter.
Under President Biden, inflation has returned with a vengeance as consumers and businesses alike face soaring prices for basic necessities.
As Breitbart News reported, the Consumer Price Index climbed 4.2 percent annually in April, much higher than expected. Another key measure of inflation — the core personal consumption expenditures index — accelerated to a faster-than-expected 3.1 percent annual gain in April, a nearly three-decade high.
Gas prices are surging, with the current average price of $3.045 a gallon for regular unleaded nationwide — up 14.3 cents per gallon from a week ago and $1.06 higher than a year ago.
The rising price of lumber has also impacted the construction industry, driving up the prices of new homes.
Republicans have said rising prices are a direct consequence of the Biden administration’s irresponsible spending.
As Breitbart News reported, Biden has proposed a $6.01 trillion annual budget that would hike taxes and spend trillions on nanny state initiatives including free child care and preschool, free community college, as well as projects involving solar energy and electric cars.