NCGOP Talking Points: Prices Continue to Soar
Prices Continue to Soar under Democrat Policies
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Americans cannot afford Biden and Democrats' failed economy.
- With the economy in recession and rising prices crushing wages, Biden' s relentless attack on working-class Americans is showing no signs of slowing down.
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August's Producer Price Index rose by 8.7% since last year.
- This marks the 17th straight month that wholesale inflation has been above 5% year-over-year.
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August's Consumer Price Index soared by 8.3% compared to last year, meaning inflation remains at a near 40-year high.
- Fuel oil is up 68.8%
- Eggs are up 39.8%;
- Airline fares are up 33.4%;
- Gas is up 25.6%;
- Milk is up 17%;
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Groceries are up 13.5%;
- This is the largest increase in grocery prices in 43 years.
- Baby food is up 12.6%;
- Meat, poultry, and fish are up 8.8%.
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Inflation is wiping out wage gains.
- Real wages have fallen every month since Biden and Democrats passed their wasteful $1.9 trillion "stimulus."
- Real average hourly earnings fell 2.8% over the last year, marking the 17th month in a row under Biden in which inflation has outpaced wages.
- Bidenflation will cost American families more than $8,600 over the next year even if prices stop increasing altogether.
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But Biden and the Democrats are pushing for more spending, more restrictions on American Energy, and more inflation.
- Recent stock market swoons are a direct reaction to inflation persistence
- Investors know that Bidenflation means a hawikish Federal Reserve and sharper interest rate increases than Americans have seen in decades
- The interest on credit card balances that many Americans were forced to rely on to keep up with Bidenflation is now skyrocketing, leaving them further in debt.
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Democrats' reckless spending and Green New Deal policies got us into this mess, and North Carolina needs to help vote them out in November. We literally can't afford not to.