Biden's Price Hike Rages On
Biden's Price Hike Rages On
- As a consequence of Biden's reckless policies, families and businesses across the nation are facing record price hikes for the goods they need.
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According to new data from the Labor Department, producer prices spiked 10% from February 2021 – the highest annual spike in history.
- This is the 11th month in a row that producer prices have been at the highest levels on record.
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February's Consumer Price Index surged by 7.9% compared to last year – exceeding economists' expectations and reaching a new 40-year high.
- Many of the price increases in this index were the highest ever recorded by the federal government.
- Real average hourly earnings fell 2.6% in February, with inflation eating up any wage gains.
- Americans are paying far more for nearly everything:
| Gas | +38% |
| Electricity | +9% |
| Meat, Poultry, & Fish | +13.1% |
| Milk | +11.2% |
| Eggs | +11.4% |
| Shoes | +7% |
| Cigarettes | +7.3% |
| Coffee | +10.5% |
| Used Cars | +41.2% |
| Car & Truck Rentals | +24.3% |
| Airline Fares | +12.7% |
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Biden's gas hike is creating pain at the pump for all Americans.
- Under Biden, gas prices have hit an all-time record high, with Americans paying average prices above $4 per gallon in 38 states .
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Biden will blame everyone but himself for these massive Bidenflation numbers, but Americans know the truth: Biden owns this crisis and is responsible for hardworking Americans having less money in their pockets.
- Inflation has raged throughout Biden's time in office – his attempts to blame rising prices on Russia's invasion of Ukraine is a desperate ploy.
- Even liberal economists are calling Biden "disingenuous" for his inflation excuses.
- Former Clinton and Obama economic advisor Larry Summers said Biden was "wrong" to blame the sky-high 7.9% consumer price hike on Russia's invasion.
- Former Obama economic advisor Steven Rattner noted, "This is Biden's inflation and he needs to own it."
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Biden and Congressional Democrats are to blame for this historic spike in inflation.
- From day one, Biden enacted his "U.S. oil embargo," purposefully targeting oil production and contributing to record high gas prices at the pump.
- Last March, Biden wasted $1.9 trillion in big government spending – a "wall of money" that even liberals like Obama economists Larry Summers and Jason Furman say was "too big" and led to surging inflation: " I don't know any economist that was recommending something the size of what was done."
- According to former Obama economic advisor Steven Rattner: "It's a classic economic case of 'too much money chasing too few goods,' resulting in both higher prices ... The Biden administration needs to shift its approach ... Mr. Biden has been disingenuous."
- After months of misleading claims and obfuscation, Biden's ever-changing excuses on Bidenflation ring hollow.
- It's clear – our nation would be stronger and Americans would be more prosperous if not for Joe Biden and his reckless, failed agenda. Voters will hold Democrats accountable in November for the destruction their policies have caused.
- For more, check out this piece from RNC Research.
Courtesy of NCGOP