The June inflation report shows inflation continued to accelerate and at the fastest rate in 13 years. As a result, consumer prices have and are projected to continue to rise. Each month that President Biden has been in office, inflation has increased. With the consumer price index (CPI) up 5.4 percent from a year ago, the following costs have increased:
- The price of gas has increased 45.1 percent.
- The cost of food has increased 2.4 percent.
- Used vehicles increased 10.5 percent in June of this year alone, up 45.2 percent since last year.
The Biden Administration recently boasted about $0.16 savings in the cost for an Independence Day BBQ, yet the reality is President Biden’s reckless spending has caused inflation to rise. The massive government spending by Congressional Democrats and President Biden has Americans paying more for goods, gasoline and groceries – at prices not even the $1,400 stimulus checks many Americans received earlier this year can cover.
According to a survey from the New York Federal Reserve, Americans can expect prices to rise 4.8 percent in the next 12 months. Unfortunately, Democrats in Congress response to this is to propose $3.5 trillion more in spending, funding things like Medicare for all, green cards for illegals and Green New Deal policies! If that was not bad enough, they then plan another $2 trillion in spending before the end of the year. Their own members have concerns about the spending levels, with Senator Joe Manchin raising concerns about the massive increase in debt that it will cause. Democrat economists have also raised concerns that their party’s economic policies and spending levels are contributing to inflation and keeping our economy weak.
Congressman Daniel Webster represents The Villages in the U.S. House of Representatives.