Paying More At The Grocery Store? Blame It On Beyoncé, Not The Fed Or Maine

Not a day goes by that the journalistic economic seers give their opinions regarding the Federal Reserve Boards actions to contain inflation. 

Just as certain as the second guessing of the Fed by economic journalist is that the entertainment industry’s quadrennial outpouring of support for political candidates will soon begin. History shows that the predictions of the economic seers and the support that candidates receive from show biz folk should not be taken seriously.

But there’s no doubt that entertainers can play a significant role in the economics of local communities. In New York City, restaurants in its famous theater district have not yet recovered from the Covid-19 pandemic, which kept millions of visitors from eating or drinking at those establishments. And audiences have still not returned in numbers enough to sustain theatrical performances.

No one actor can be blamed for the failure of restaurants and other establishments which depend on a vibrant Broadway for their existence.  

Or for increasing the price of goods at your neighborhood store. Or so I thought. Wrongly.

So, unlike other pundits, I did some research and discovered that an actor can have an affect on the inflation rate because statistics show that one performer- Beyoncé - did have an effect on the rate.

So, as Rita Hayworth sang Put The Blame on Maine in the film “Gilda,” I’m putting the blame on one of my favorite entertainers for making me break open my piggy bank – Beyoncé. Why? Because she is the reason for causing the inflation rate to rise – at least in Sweden, with, perhaps, trickle down price increases at my favorite Swedish stores.

A June 15 article in the Wall Street Journal titled ‘Beyoncé Tour Tied to Inflation’ said, “Call it Bey-flation. 

“Sweden’s higher-than-expected inflation in May was due in part to Beyoncé launching her Renaissance World Tour in Stockholm, according to an economist at Danske Bank.

“Fans flocking to Sweden’s capital city sent hotel prices soaring, said economist Michael Grahn. Calling it a “Beyoncé blip,” he estimates that Beyoncé’s tour contributed about 0.2 percentage point to inflation.”

A New York Times article on the same day read, “In Europe’s relentless battle against inflation, another culprit has apparently emerged: Beyoncé.

“Last month, as the star kicked off her world tour in Stockholm, fans flocked from around the world to witness the shows, pushing up prices for hotel rooms. This could explain some of the reason Sweden’s inflation rate was higher than expected in May.”

And on June 14, Forbes reported, “ Michael Grahn, Danske Bank’s chief economist, said Beyoncé’s tour “probably” added between 0.2 and 0.3 percentage points to Sweden’s inflation rate, which fell from 10.5% in April to 9.7% in May.”

In fact, news articles from around the world reported how Beyoncé’ was responsible for causing an inflation boost. I always knew she could hit the high note. But who new that she was also responsible for higher inflation rates.

Still, I’m not averse to paying a few cents more for a dish of Gravad lax, Wallenbergare, or Kalops if the reason for the price increase was Beyoncé.

Not so if prices were increased because of the actions of two other famous, but much less talented entertainers who used show business as a springboard to the Oval Office – former president Ronald Reagan and the twice-impeached, four-time criminally-indicted former President Donald Trump, whose criminal indictments were filed after, it is believed, some of 

his former collaborators sang – but not like Beyoncé when being interviewed by the Justice Department and local D.A.’s.

Before winning the presidential election as the 40th president, serving from 1981 to 1989, Reagan was the 33rd governor of California from 1967 to 1975 and president of the Screen Actors Guild from 1947 to 1952 and from 1959 until 1960. He also was host of television’s General Electric Theater and was a spokesperson for the company. 

Mr. Trump starred in the television reality show The Apprentice from 2004 until 2015, which he used as a springboard to the presidency.

Both also had other similar attributes: President Reagan was accused of playing loose about his experiences in World War 2 and while President Trump avoided military service because of alleged bone spurs, facts checkers have shown him to have lied much more than 1000 occasions.

During a campaign speech before the 2016 election, Mr. Trump said, "I’ve traveled all across this country laying out my bold and modern agenda for change. In this journey, I will never lie to you. I will never tell you something I do not believe. I will never put anyone’s interests ahead of yours," he said.

That might be his biggest lie.

You can bet the ranch that the endorsements of presidential candidates by entertainers will again make news as the time grows closer to the 2024 presidential election. Some will also perform at fund raising rallies. Some will ask candidates to stop using their music, as the Village People  did in a cease and desist letter to Donald Trump (in May, 2023).

But will their endorsements and appearances create an inflationary rise in the U.S. as Beyoncé has in Sweden? Not likely.

But once the trials of Donald Trump begin witnesses will be singing a tune that the disgraced former president will not like, claiming as Taylor Swift sang in her song Look What You Made Me Do, “How you laugh when you lie,”… “But I got smarter, I got harder in the nick of time."