In August, producer inflation rose .7%, bringing the year-over-year total to 8.3%. Not only did the monthly increase surpass economic estimates, but 8.3% is the highest such inflation number ever recorded since the metric began in 2010. This beats the previous record of 7.8% set last month. It’s clear that, unlike what President Biden says, the rise in inflation is absolutely not transitory.
These numbers relate directly to the price of goods.
Last month, food prices rose 2.9%, fueled by an 8.5% rise in meat prices and an 11% rise in poultry prices.
Perhaps an even more concerning metric: beer prices are up 70% from last year!
Increases in the cost-of-living hurts working-class Americans the most, and people in Washington know what the culprit is: Out of control government spending.
Even with that knowledge, Democrats are ripping each other to shreds trying to pass a $3.5 trillion (in actuality, $5 trillion or more) bill with record spending and historic tax hikes.
Should this bill pass, inflation will go even higher and last longer.
Unfortunately, vulnerable Senators Maggie Hassan, Raphael Warnock, Mark Kelly, Catherine Cortez Masto, and Michael Bennet are 100% on board and ready to go down with the ship.
Statement from NRSC Spokesman T.W. Arrighi:
“Price increases on the cost of goods are a tax on poor and working-class Americans. The government is fueling this inflation crisis and Democrats are ready to push down on the accelerator. This will increase the financial stress on millions of Americans at a time that they can least afford it. Where is the outrage from Senators like Hassan, Warnock, Kelly, Cortez Masto, and Bennet? Do they not care?”