The core personal consumption expenditures price index rose 4.2 percent in July from one year ago, tying the highest level in 30 years.
“Inflation continues to soar because of the irresponsible and unprecedented spending and borrowing of the Biden Administration. With wage growth falling behind inflation, the result is the ‘Biden pay cut’ that affects working Americans. Incredibly, Biden and the Democrats in Congress want to spend an additional $3.5 trillion for a so-called ‘human infrastructure’ bill. This will send inflation to Jimmy Carter levels. As JCN pointed out in a recent Wall Street Journal ad, when Biden looks in the mirror he must see Jimmy Carter. Biden is on track to be the most economically-destructive president ever, and today’s report is just the latest evidence.”
On August 13, FoxBusiness.com published Mr. Ortiz’s op-ed, Joe Biden has just given you a pay cut, America. Get ready for more. To read it, click here.
In July, JCN ran a full-page advertisement in the Wall Street Journal comparing the current economy under President Biden to that under former President Jimmy Carter. High inflation, soaring gas prices, and a policy agenda threatening jobs are among similarities. View the full-page ad here.