Consumer Price Index up 5.4 percent from last year, sparking more inflation panic
President Joe Biden and Democrats in Congress have flooded the economy with trillions of dollars, causing the cost of living to skyrocket for everyday Americans.
Hard-working Americans, including small business owners and middle-income citizens, are getting slammed at the pump and at the grocery store, as inflation continues to rise.
A leading cause of these price increases are the trillions of dollars that Biden and the Democrats have flooded into our economy, including generous unemployment checks that discourage people from seeking work. This has caused shortages in production and supply chain disruption, which is now hitting Americans’ pocketbooks.
“The Consumer Price Index rose 5.4 percent compared with a year ago, the Department of Labor said Thursday,” according to Breitbart.
The news site noted that “[i]nflation has come in above expectations for three months in a row. The June monthly figure is the highest since June 2008, when prices jumped 1 percent in a single month.”
“Federal Reserve Chairman Jerome Powell has said he expects upward pressure on prices to be temporary, as the economy adjusts to reopening,” Fox Business reported.
Politicians and experts on markets are concerned about the uptick in the cost of goods.
Steve Forbes, a former presidential candidate and chairman of Forbes Media said “Inflation’s here for a while. We're getting the whirlwind of what was done last year and the year before.”
He added that the Fed has been “printing too much money” even prior to COVID. “They went on a binge last year, perhaps for understandable reasons, but they overdid it.”
Republican Congressman Jim Banks of Indiana said that “inflation is Democrats' hidden tax on the Middle Class.”
Do we need to stop spending money to slow down inflation? Are you paying for more gas and groceries? Let us know below!