President Biden and House Democrats’ out-of-control spending caused a key inflation indicator to reach a new record high in July.
The Producer Price Inflation (PPI) index rose 7.8% over the last 12 months This is a new record high since the Bureau of Labor Statistics first began calculating the index in November 2010.
BIDEN’S INFLATION BY THE NUMBERS:
- Inflation has increased every month since Joe Biden became President.
- Americans are now also earning less than they did last year because of inflation.
- The PPI index hit a record high in July.
- The Consumer-Price Index (CPI) rose 5.4% in July from a year earlier, holding at a 13-year high over the 12-month period.
- This matches the CPI’s largest jump since right before the financial crash in August 2008.
- Americans are paying more for just about everything:
- Car rentals are UP 73.5%
- Gas is UP 41.8%
- Hotels are UP 24.1%
- Airfare is UP 19%
- Steaks are UP 10.7%
- Fish is UP 8.5%
- Sports equipment is UP 7.2%
It’s simple: Inflation is taxation. While Americans are making less, they are paying more for just about everything, and President Biden’s out-of-control spending is the reason why.