According to the Commerce Department, the personal consumption expenditures price index (PCE), a key inflation gauge, hit a 30-year high in August.
This report comes at a time when President Biden and House Democrats are pushing a $5.5 TRILLION package, which would only cause inflation to continue to skyrocket.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- The PCE price index was up 4.3% over the 12 months ending in August.
- This is the highest consumer spending inflation level since 1991.
- Americans’ real income is falling as inflation rises.
- According to the PCE price index in August.
- Energy prices are UP 24.9%
- Goods prices are UP 5.5%
- Services prices are UP 3.6%
- Food prices are UP 2.8%
- A recent survey found that inflation is now retirees’ top concern.
- This report follows the August jobs report, which fell well short of economists’ expectations adding only 235,000 jobs in the month.
- CNN called the August report a “big disappointment” while CNBC said it was “terrible news” for the American economy.
It’s simple: Inflation is a tax every American pays it has increased every month of Joe Biden’s presidency.
Instead of addressing a root cause of inflation (out-of-control government spending), Biden and House Democrats are ramming through the largest spending package in our nation’s history, which will only add fuel to America’s skyrocketing inflation.