One year ago today, Joe Biden told the American people that inflation was “temporary” after the Consumer Price Index (CPI) increased to 5.4%. Since then, inflation has skyrocketed to 9.1% – the highest rate in over 40 years.
MAKE NO MISTAKE: Biden was wrong about inflation, just as he has been about every economic decision since becoming President. Biden and House Democrats own America’s inflation crisis, no one else.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- In June, the CPI soared 9.1% for the 12 months ending June, the largest 12-month increase since the period ending December 1981.
- Real average hourly earnings decreased 3.6%, seasonally adjusted, from June 2021 to June 2022 because of Biden’s inflation crisis.
- Biden’s inflation crisis has cost the average American worker OVER $3,000 in annual income.
- Americans are paying more for just about everything because of inflation:
- Gasoline is UP 59.9%
- Energy is UP 41.6%
- Airline fares are UP 34.1%
- Eggs are UP 33.1%
- Butter is UP 21.3%
- Chicken is UP 18.6%
- Milk is UP 16.4%
- Coffee is UP 15.8%
- Bacon is UP 11.9%
- New vehicles are UP 11.4%
- Bread is UP 10.8%
- Fruits and vegetables are UP 8.1%
- Used cars and trucks are UP 7.1%
- Shelter is UP 5.6%
- Apparel is UP 5.2%
- The skyrocketing cost of goods and services will cost the average American household nearly $6,000.
- 54% of Americans say the middle class has not benefited from this administration’s failed Far-Left policies.
- Last year, Joe Biden told the American people that inflation was just “temporary,” which was FALSE.
IT’S SIMPLE: Inflation was NOT “temporary.” Inflation is a tax on ALL Americans and has continued to skyrocket because of Biden and House Democrats’ out-of-control spending. Instead of addressing America’s inflation crisis, House Democrats are pushing for BILLIONS more in government spending this week, which will only worsen America’s inflation crisis.