President Biden and House Democrats’ out-of-control spending has caused a key inflation index to hit a new record high. The producer price index (PPI) climbed at the fastest annual pace on record for the fifth consecutive month in August.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is taxation, and it has gone up every month of Joe Biden’s presidency.
- PPI jumped 8.3% year over year, according to the Labor Department in August, a new record high.
- This is the largest jump since 12-month data was first calculated in November 2010.
- The record high PPI numbers come just a week after the August jobs report fell well short of economists’ expectations.
- The U.S. economy added only 235,000 jobs in August compared to an expected 720,000.
- CNN called the August report a “big disappointment” while CNBC said it was “terrible news” for the American economy.
- This is the weakest jobs report of Joe Biden’s presidency.
- 8.4 MILLION Americans remained unemployed in August.
- There are 10.5 million job openings.
- The number of unfilled job openings has remained far above the 48-year historical average of 22%.
- The black unemployment rate jumped from 8.2% to 8.8% in August.
It’s simple: Inflation is a tax on every American, and it has gone up every month of Joe Biden’s presidency. What are Biden and House Democrats doing to gain control of our skyrocketing inflation that is caused by their out-of-control spending?
They are ramming through Biden’s reckless $3.5 TRILLION tax and spending spree that will kill American jobs, increase taxes on Americans, and increase inflation even more.