Job Creators Network on CPI Report: Inflation Remains Persistent Problem
Washington, DC (August 10, 2022) – Today, the U.S. Bureau of Labor Statistics released its Consumer Price Index (CPI) report showing inflation is relatively unchanged from last month, an 8.5% increase since July of last year.
“I’m sure the Biden administration will parade around today’s CPI report as a sign of a robust economy, touting the small percentage decrease as a sign that Biden’s economic plan is working. That couldn’t be further from the truth. Wages aren’t keeping up with inflation which means Americans are experiencing the Biden pay cut. Inflation is also still a top concern for small businesses, and rightfully so. Despite reduced demand, energy is still up 32% over the past 12 months and electricity had its highest increase since February 2006. Even last week’s jobs report showed that nearly 4 million workers had been reduced to part-time work as a result of economic conditions in this lagging economy. While Biden maintains that we aren’t in a recession despite two consecutive negative GDP reports, opting for a ‘holistic view of the data,’ nearly 6 million workers remain unemployed yet not counted in our unemployment reports.Whether it’s inflation or recession, Biden and the Democrats remain firmly detached from economic reality. Democrats’ latest Inflation Reduction Act is just a reincarnated Build Back Broke agenda that will do nothing to lower inflation and everything to raise taxes on Americans. Economic rule number one: you never raise taxes during a recession, yet the Biden administration wants everyone to believe that the Inflation Reduction Act will help the economy. If you’re unable to see how raising taxes on all Americans and small businesses during a recession will lower inflation, congratulations, unlike Biden and his administration you’re still living in the world of reality.”