The Consumer Price Index (CPI), a key inflation index rose at an annual rate of rose 0.1% to  7.1%, in November on a seasonally adjusted basis after increasing 0.4% in October, the U.S. Bureau of Labor Statistics reported today.

MAKE NO MISTAKE: November’s CPI report is nothing to celebrate. When Joe Biden took office, CPI was just 1.4% before skyrocketing to 40-year highs because of Biden and House Democrats’ out-of-control spending to fuel their Far Left agenda. In July 2021, Joe Biden told the American people inflation was just “temporary” after the CPI increased to 5.4% and White House Chief of Staff Ron Klain called inflation a “high-class problem.” 

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:

• Inflation is a tax on ALL Americans.
• Families across the country are still paying more for just about everything:
  • Food at employee sites and schools are UP 110.1%
  • Food at elementary and secondary schools are UP 254.1%
  • Fuel oil is UP 65.7%
  • Eggs are UP 49.1%
  • Air fairs are UP 36.0%
  • Butter and margarine are UP 34.2%
  • Flour is UP 24.9%
  • Frozen and refrigerated bakery products, pies, tarts, turnovers are UP 19.4%
  • Cookies are UP 19.2%
  • Lunchmeats are UP 18.4%
  • Cereals and bakery products are UP 16.4%
  • Potatoes are UP 16.2%
  • Bread is UP 15.7%
  • Milk is UP 14.7%
  • Rice is UP 14.1%
  • Electricity is UP 13.7%
  • Energy is UP 13.1%
• Real average hourly earnings decreased 1.9%, seasonally adjusted, from November 2021 to November 2022.
• The skyrocketing cost of goods and services will cost the average American household over $700 a month, which adds up to over $8,000 a year.
• According to a recent survey, about half of Americans will cut back on holiday shopping this year due to rising costs.
  • Over 70% of Christmas tree growers plan to raise prices this year up to 15% to afford rising production costs.
• The shelter index continued to increase, rising 0.6% over the month.

IT’S SIMPLE: After nearly two years of Democrats’ failed Far Left agenda, families are still struggling to afford necessities. The House Republican majority will fight inflation by reining in Joe Biden and House Democrats’ reckless government spending and promoting pro-growth tax policies. 

Click HERE to read more about our Commitment to an Economy That’s Strong.

Producers are struggling in Joe Biden’s cruel economy this Christmas. As the majority of wholesale Christmas tree growers raise prices, families across the country could now spend up to 15% more for Christmas trees this year. Heading into the holiday season, staggering energy costs caused the Producer Price Index to rise for the second month in a row, leaving our hardworking farmers, ranchers, and foresters paying 8% more since last year for input costs across the board.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:

• The Producer Price Index rose 0.2% from September to October, leaving producer input costs UP 8%year-over-year.
  • Rising input costs for producers have driven up costs for families at the store.
• As for the prices paid by consumers, the Consumer Price Index rose at an annual rate of 7.7% in October, up 0.4% on a seasonally adjusted monthly basis, the SAME increase as in September, according to the U.S. Bureau of Labor Statistics.
  • Now, families across the country are still paying more for just about everything.
• Real wages have decreased under Biden 10 out of the 12 months in the last year.
  • Real average hourly earnings decreased 2.8%, seasonally adjusted, from October 2021 to October 2022.
  • Real wages have fallen every month since Joe Biden and Democrats passed their wasteful $1.9 trillion “stimulus.”
• The skyrocketing cost of goods and services will cost the average American household over $700 a month, which adds up to over $8,000 a year.
• According to a recent survey, about half of Americans will cut back on holiday shopping this year due to rising costs as shoppers will spend up to 8% more on the same goods as this year on holiday shopping across the board compared to last Christmas.
  • Over 70% of Christmas tree growers plan to raise prices this year up to 15% to afford rising production costs.

BIDEN’S ENERGY CRISIS BY THE NUMBERS:

• The national average for a gallon of gas is $3.38 as of Tuesday—over a dollar more than when Biden took office.
  • On the day that President Biden was sworn into office, the average price for a gallon of gas nationwide was $2.39.
• According to the Energy Information Administration, households are expected to pay an average of $1,359 this winter for energy—the highest in 25 years.
• Over a third of American households say they have forgoed basic expenses to afford an energy bill in the last 12 months, according to a recent LendingTree survey.
• Diesel prices are approximately 50% higher than they were this time last year, at $5.05 a gallon.
• Prices for nitrogen, phosphorus, and potassium fertilizers – the three most commonly used commercial fertilizers – more than doubledbetween 2020 and 2021, and it peaked in April 2022.
  • Nitrogen fertilizer, which accounts for more than 50% of the commercial fertilizer used by farmers, is expected to see price increases in 2022 of more than 80% from the previous year.
  • Natural gas, which rose steadily in price during 2021, is a key ingredient for the production of fertilizers.
    • Rising gas prices affect everything from increasing planting costs to increasing transportation costs.

MAKE NO MISTAKE: America’s hardworking producers are being forced to pay for Joe Biden’s reckless spending and anti-energy agenda. Now, families are too—and it’s ruining holiday cheer this Christmas.

Whether it’s the Christmas tree or the gifts under it, inflation is stealing Americans’ Christmas cheer this year. Over 70% of Christmas tree growers plan to raise prices this year as much as 15% in order to afford rising production costs. According to the National Retail Federation, shoppers could pay more for less as they are expected to spend up to 8% more this year on holiday goods because of rising costs. Now, small businesses are bracing for declining sales as Americans plan to cut back.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:

• Inflation is a tax on ALL Americans.
• As of October, prices rose at an annual rate of 7.7%, up 0.4% on a seasonally adjusted monthly basis, the SAME increase as in September, according to the U.S. Bureau of Labor Statistics.
• Families across the country are still paying more for just about everything:
  • Food at home is UP 12.4%
  • Energy is UP 17.6%
  • Fuel oil is UP 68.5%
  • Motor fuel is UP 18.1%
  • Gasoline is UP 17.5%
  • Energy services are UP 15.6%
  • Electricity is UP 14.1%
  • Utility (piped) gas service is UP 20.0%
  • Public transportation is UP 28.1%
  • Air fares are UP 42.9%
  • Flour is UP 24.6%
  • Chicken is UP 14.5%
  • Eggs are UP 43.0%
  • Milk is UP 14.5%
  • Potatoes are UP 15.2%
  • Canned fruit and vegetables are UP 18.7%
  • Roasted coffee is UP 15.6%
  • Butter is UP 26.7%
  • Food at employee sites and schools is UP 95.2%
  • Health insurance is UP 20.6%
• Real wages have decreased under Biden 10 out of the 12 months in the last year.
  • Real average hourly earnings decreased 2.8%, seasonally adjusted, from October 2021 to October 2022.
  • Real wages have fallen every month since Joe Biden and Democrats passed their wasteful $1.9 trillion “stimulus.”
• The shelter index continued to increase in October, rising 0.8%, the largest monthly increase in that index since August 1990.
• The skyrocketing cost of goods and services will cost the average American household over $700 a month, which adds up to over $8,000 a year.
• According to a recent survey, about half of Americans will cut back on holiday shopping this year due to rising costs as shoppers will spend up to 8% more on the same goods as this year on holiday shopping across the board compared to last Christmas.
  • Over 70% of Christmas tree growers plan to raise prices this year up to 15% to afford rising production costs.

MAKE NO MISTAKE: Bidenflation is Americans’ unwelcome guest this holiday season. House Republicans will rein in Joe Biden’s reckless spending in the new majority to fight our inflation crisis.

Hardworking Americans will feel the brunt of Joe Biden’s reckless and burdensome student loan scam, which will run up an additional $400 BILLION tab for taxpayers, according to the Congressional Budget Office (CBO).

STUDENT LOAN FAST FACTS:

• According to the CBO, Biden’s student loan scam will cost roughly$400 BILLION.
• Nearly 60% of Americans are worried Biden’s student debt cancellation scheme could make inflation WORSE.
• Outstanding federal student loan debt currently totals $1.7 trillion and is disproportionately held by the wealthy.
  • Of 255 million adult Americans, 45 million have student loan debt. Student loan forgiveness demands that those 210 million Americans take on the debt of those 45 million borrowers.
    • There are 44.9 million millennials in the U.S. (ages 25–34), but only 15.3 million of them have any student debt, meaning that 66% of millennials have no student debt.
  • Those in the top fifth of household income hold $3 in student loans for every $1 held by the bottom fifth of household incomes.
• In a 2014 analysis, researchers found that, since 1992, the median borrower has consistently spent only about 4 percent of monthly income repaying student loans. In a 2019 analysis of millennial households, the 4 percent rate still held.
• Programs already exist to aid students in re-paying their loans through income-driven repayment (IDR) plans. As of 2019, 40 percent of borrowers are enrolled in an IDR plan.
• If blanket loan forgiveness is enacted, students would, understandably, expect their loans to be forgiven in the future, and that expectation could lead to increases in borrowing, throwing gasoline on the bonfire of college tuition.
  • Student loan forgiveness would create an incentive for students to accumulate more debt and award as much as $192 billion to the top 20 percent of income earners.
  • Estimates indicate that it would take just three years for the outstanding student loan balance to return to its current level if we were to cancel $10,000 per borrower. That’s without taking into account increased rates of borrowing caused by moral hazard or the subsequently higher tuition costs.

MAKE NO MISTAKE: The CBO confirmed this week what House Republicans and the American people already knew—there is no such thing as canceling or “forgiving” student loan debt. This debt will be transferred to hardworking American taxpayers and will WORSEN inflation while rewarding overpriced colleges.

Hardworking Americans will feel the brunt of Joe Biden’s reckless and burdensome student loan scam, which will run up an additional $400 BILLION tab for taxpayers, according to the Congressional Budget Office (CBO).

STUDENT LOAN FAST FACTS:

• According to the CBO, Biden’s student loan scam will cost roughly$400 BILLION.
• Nearly 60% of Americans are worried Biden’s student debt cancellation scheme could make inflation WORSE.
• Outstanding federal student loan debt currently totals $1.7 trillion and is disproportionately held by the wealthy.
  • Of 255 million adult Americans, 45 million have student loan debt. Student loan forgiveness demands that those 210 million Americans take on the debt of those 45 million borrowers.
    • There are 44.9 million millennials in the U.S. (ages 25–34), but only 15.3 million of them have any student debt, meaning that 66% of millennials have no student debt.
  • Those in the top fifth of household income hold $3 in student loans for every $1 held by the bottom fifth of household incomes.
• In a 2014 analysis, researchers found that, since 1992, the median borrower has consistently spent only about 4 percent of monthly income repaying student loans. In a 2019 analysis of millennial households, the 4 percent rate still held.
• Programs already exist to aid students in re-paying their loans through income-driven repayment (IDR) plans. As of 2019, 40 percent of borrowers are enrolled in an IDR plan.
• If blanket loan forgiveness is enacted, students would, understandably, expect their loans to be forgiven in the future, and that expectation could lead to increases in borrowing, throwing gasoline on the bonfire of college tuition.
  • Student loan forgiveness would create an incentive for students to accumulate more debt and award as much as $192 billion to the top 20 percent of income earners.
  • Estimates indicate that it would take just three years for the outstanding student loan balance to return to its current level if we were to cancel $10,000 per borrower. That’s without taking into account increased rates of borrowing caused by moral hazard or the subsequently higher tuition costs.

MAKE NO MISTAKE: The CBO confirmed this week what House Republicans and the American people already knew—there is no such thing as canceling or “forgiving” student loan debt. This debt will be transferred to hardworking American taxpayers and will WORSEN inflation while rewarding overpriced colleges.

Click HERE for more background on student loan forgiveness, courtesy of the Education and Labor Republicans.