Bidenflation Rages On

Bidenflation Rages On

• Historically high inflation under Biden is crushing American families, workers, and small businesses.
• Consumer prices rose by 6.2% in October compared to last year, the largest annual increase in 30 years.

• • Core consumer prices rose 4.6% since last year, the largest increase since August 1991.
  • Real average hourly earnings decreased 1.2%, with inflation eating up any wage gains.
  • Nearly everything costs more since last year, from gas (+49.6%) to kitchen staples like eggs (+11.6%) to used cars (+26.4%).
  • With possibly one of the most expensive Thanksgivings in history just around the corner, families will pay more for nearly every ingredient – that is, if these items are even on shelves.

• Producer prices have risen 8.6%  since last October, the seventh month in a row it increased at the highest pace on record.

• • Core producer prices – which takes out food and energy – also increased at a record 6.8%.

• Biden loves to claim his inflation is "transitory," but higher prices are here to stay – economists project that high inflation will last well into 2022, with consumer price spikes well above the average over the past decade.

• • Liberal economists that the Biden White House loves to tout – like Obama's former chief economist Jason Furman – are sounding the alarm on "extremely high" inflation, especially as the large spikes completely "erode" any nominal wage gains.

• Despite the threat of more inflation, Democrats want to ram through a bloated, multitrillion-dollar spending bill that includes massive tax cuts for wealthy blue state residents – and they're pushing mandates that would crush small businesses and the labor market.

• • Even liberal economists have warned that trillions in more spending could lead to higher inflation which will make life harder for poor and middle-class Americans.
  • Biden's "Build Back Broke" plan is full of budget gimmicks and would add hundreds of billions in new debt.
  • Biden's unconstitutional vaccine mandate would leave businesses "scrambling," worsen labor shortages, and push inflation even higher.

• Inflation is taking a devastating toll on the American people, especially those who live on tight budgets.
• Biden doesn't seem to care, as he continues to push policies that will further weaken the economy. The American people deserve better.  
• Miami Herald: Chairwoman McDaniel: If Thanksgiving costs are up, you can thank Joe Biden's disastrous economic policies
• RNC Research: Highest Inflation in 30 Years

Courtesy of the NCGOP