Job Creators Network Reacts to CPI: Inflation Defies Expectation, Continues Rising
Washington, DC (September 13, 2022) – Today, the U.S. Bureau of Labor Statistics released its Consumer Price Index (CPI) report showing a 0.1% increase in inflation in August, and an 8.3% increase since August of last year. Core inflation rose 0.6%.
“Inflation increased in August, indicating the Biden administration still has no control over runaway prices. Core inflation in August rose at double the rate of expectations, indicating inflation shows no signs of slowing down. Despite some moderation over the last year, the CPI remains near a 40 year high. Real wages continue to fall and Americans are paying more for everything from groceries to gas since President Biden took office. Gas prices have moderated as a result of Americans driving less to try to ease their pain at the pump. The unemployment rate and inflation are rising in Biden’s America, and the unemployment rate will only get worse as the Federal Reserve is forced to continue raising rates to try to deal with Biden’s historic inflation. Biden and Democrats caused this inflation with reckless spending and have yet to learn their lesson from its results. The poor and middle class are most hurt by inflation, but Biden would only increase their pain by transferring hundreds of billions in student loans onto the taxpayer, exacerbating inflation. We can’t wait to see how the White House will spin this inflation number to try and lie to the American public once again. Biden’s economic plan is snake oil, but Americans aren’t buying it. Come November, they’ll all have a chance to show it.”