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Rep. Elise Stefanik, Chairwoman
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Press Releases

Inflation Continues To Rise, Americans Are Making Less While Paying More

Washington, DC, August 11, 2021
President Biden and House Democrats' out-of-control spending continues, and so does skyrocketing inflation. The consumer-price index rose 5.4% in July from a year earlier, matching the largest jump since right before the financial crash in August 2008.  Inflation is taxation and Americans are paying more for just about everything because of inflation.  BIDEN'S INFLATION BY THE NUMBERS: 
  • Car rentals are UP 73.5% 
  • Gas is up UP 41.8%
  • Used cars are UP 41.78%
  • Hotels are UP 24.1%
  • Airfare is UP 19%
  • Wash machines are UP 17.9%
  • Moving is UP 13.3%
  • Bacon is UP 11.1%
  • Steaks are UP 10.7%
  • TVs are UP 9.9%
  • Fish is UP 8.5%
  • Sports equipment is UP 7.2%
The worst part is Americans are now also earning less than they did last year because of inflation. According to an analysis by Jason Furman, an economics professor at Harvard University, "compensation is now lower than it was in December 2019, when adjusted for inflation." 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.