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Rep. Elise Stefanik, Chairwoman
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Press Releases

Key Inflation Indicators Are Flashing RED

Washington, DC, June 25, 2021
Inflation is taxation! President Biden’s reckless spending and MASSIVE 6 TRILLION budget has several key inflation indicators flashing red, just as they were right before the 2008 financial crisis.  The Commerce Department reported today that a key inflation indicator rose 3.4% in May, which is the fastest increase since April 1992.  The Personal Consumption Expenditures (PCE) Price Index also climbed 0.4% in May, which is the BIGGEST INCREASE since August 2008, just before the worst of the financial crisis hit.   These reports follow the Consumer Price Index for May 2021, which increased 0.6%, which is the fastest rate of inflation since right before the economic crisis in 2008.  These warning signs even have some Democrats arguing that President Biden is spending too much.  Roll Call is reporting that Democrat Rep. Kurt Schrader thinks it’s time for Democrats to “ratchet down our spending,” given the spike in inflation caused by Democrats’ MASSIVE government spending.  THE BIDEN INFLATION BY THE NUMBERS: 
  • The PCE prices index climbed 0.4% in May, which is the BIGGEST INCREASE since August 2008
  • Most of the inflation increase came from energy, with prices rising 27.4%. 
  • Over the past year, consumer prices have shot up 3.9%, reflecting the biggest gain since 2008
What does all this mean? It’s simple: Thanks to President Biden’s MASSIVE government spending, Americans can expect to pay more for goods and services in the coming months.