Washington, DC (June 14, 2022)— Today, the Bureau of Labor Statistics released the Producer Price Index (PPI) report for May showing a year-over-year increase of 10.8 percent.
“The Producer Price Index increased 10.8 percent over last year, with gas prices being responsible for 40 percent of that increase. Businesses are being forced to raise prices, or succumb to shrinkflation, as transportation of goods goes up. All of this leads to Americans becoming poorer than ever, with savings rates hitting Great Recession era lows of 4.4 percent- the lowest since September 2008. It’s not just savings though, debt is up as well, a full $1.7 trillion higher now than the end of 2019. To make matters worse, the FED is likely to increase rates by another three-quarters of a point this week. Biden has created an economic mess; he dug this hole with reckless government spending and regulations, now the economy is spiraling, and the hole is digging itself deeper even with Biden’s inaction. Biden got us into this mess, and it’s clear he has no plan to get us out of it. I’m sure Biden will stick to the playbook, continuing to claim historic growth and passing the buck.”