Washington, D.C. (August 11, 2021) – Today, the Labor Department announced that inflation rose by 5.4 percent over the last year.
“Rapidly rising prices due to inflation are causing American workers’ real wages to fall. Wages grew by 4 percent last month while inflation increased by 5.4 percent meaning that hardworking Americans are falling further behind. Call it the “Biden pay cut.” Rapid inflation and declining real wages are the direct result of the Biden administration’s historic spending that is overheating the economy and creating disincentives to work. Yesterday, the Senate passed a $1.2 trillion infrastructure-in-name-only bill, and now it is trying to pass a $3.5 trillion budget through reconciliation. In light of this persistently elevated inflation, which crushes small businesses and workers, Congress should immediately scrap their massive spending plans that risk turning high inflation higher and devaluing Americans’ paychecks even more.”