The consumer index report for the month of October shows that inflation is surging while the Biden administration continues to push policies that negatively impact the economy.
Despite the damning consumer reports, Biden insists his “Build Back Better” plan will somehow “ease inflationary pressures.”
With the economy suffering from massive inflation and supply chain shortages, the Biden administration continues to promise Americans that the current issue of inflation is “transitory.”
Instead of offering hard evidence to assure American citizens that inflation will subside, Biden is attempting to bolster support for his massive spending packages by claiming, “Seventeen Nobel prize winning economists say that passing Build Back Better will ease inflationary pressures and lower costs for American families.”
This rhetoric will be hard pressed to convince Americans that inflation is going to subside and decrease in the coming months. New reports on the consumer index and price increases show the opposite reality. The U.S. Bureau of Labor Statistics reports that the consumer price index increased by 0.9 percent in October.
“The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent in October.”U.S. Bureau of Labor Statistics
The U.S. Bureau of Labor Statistics also reports that the consumer price index has increased a total of 6.2 percent for this year.
“Over the last 12 months, the all items index increased 6.2 percent before seasonal adjustment.”U.S. Bureau of Labor Statistics
Republican leadership has issued a warning to Americans that Biden’s “Build Back Better” spending plan will only make inflation worse as the federal government continues to print more money and increase U.S. debt. Sen. Roger Wicker, R-Miss., shared his strong stance against continued spending on Wednesday and cautioned the impact that further spending packages could have on inflation.
The recent record rise in inflation was caused by a variety of factors including the pandemic, supply chain issues, workforce shortages, massive spending packages, and a spike in energy costs.
According to the report given on the massive increase in inflation, fuel oil prices rose by 12.3 percent for the month of October. This increase brings the total increase of fuel prices for the year to a staggering 59.1 percent over last year’s prices.
Fox News reports food prices are up by 5.3 percent for the year. Used vehicle prices are up 26.4 percent, while new vehicle prices are up 9.8 percent from last October. Energy prices soared to 30 percent more than last October, fueled by an additional 4.8 percent increase this past month.
These price increases reflect a vastly different message than the one the Biden administration has been sending to American citizens. First dismissed as “transitory” by the administration, the continued spike in inflation is becoming increasingly harder for officials to ignore. However, the Biden administration has showed no signs of halting their major spending plans that could significantly increase the problem of inflation.
In a tweet on Wednesday, Biden claimed, “Jobs are up, wages are up, home values are up, personal debt is down, and unemployment is down.” He also stated, “There is no question that the economy continues to recover and is in much better shape today than it was a year ago.”
Many Americans are left with more questions than answers when reading these statements released by Biden and his administration’s officials. While American citizens are struggling to afford food, housing, and fuel, the Biden administration remains unable to provide real answers to increasing inflation.