Inflation data released this week showed that prices have continued to rise, unleashing a fresh wave of criticism for President Joe Biden.
Republicans also pointed out how the Biden administration previously tried to claim that inflation would be “transitory” before walking that back.
“High prices are not transitory – they have become entrenched in our economy. In under two years, Democrats have taken us from nonexistent inflation to a 40-year record-high,” said Sen. John Barrasso, R-Wyo. “Too many Americans are living the nightmare of having to choose between buying gas they can’t afford, buying groceries they can’t afford, and paying energy bills they can’t afford. Families are struggling under the Democrats’ radical agenda.”
The U.S. Bureau of Labor Statistics reported consumer and producer prices rose 0.4% in September alone and have risen more than 8% in the last year, the highest level in decades.
Sept 2020 inflation: 1.4%
Sept 2021 inflation: 5.4%
Sept 2022 inflation: 8.2%
Joe Biden doesn't want Americans to know this.
— Julio Gonzalez – juliogonzalez.com (@TaxReformExpert) October 13, 2022
Voting for a Democrat is voting for more inflation.
— Tom Cotton (@TomCottonAR) October 13, 2022
Inflation WORSE than expected.
Overall CPI: +8.2% y/y
Core CPI: +6.6%
Fuel Oil: +58.1%
Meat, Poultry, & Fish: +7.7%
Baby Food: +11.8%
Airline Fares: +42.9%
Real Average Hourly Earnings: -3%
— Jacki Kotkiewicz (@jackikotkiewicz) October 13, 2022
Inflation surprisingly continues to rise even after Biden spent “a billion, a trillion, 750 million dollars, billion dollars" on an anti inflation bill.
— David Harsanyi (@davidharsanyi) October 13, 2022
“Excessive fiscal stimulus provided during the pandemic, particularly the last $1.9T package at the end of March 2021 just as the economy was already emerging from the lockdowns . . . was what turbocharged consumption and drove inflation to 40-year highs.” — Morgan Stanley https://t.co/j2eeEHJMVF pic.twitter.com/8rTOgbOjRl
— Charles C. W. Cooke (@charlescwcooke) October 13, 2022
Even using these manipulated govt statistics, you can see that w/ a Federal Funds Rate of 3.25 percent, we still have a real interest rate of -5 percent — negative rates exacerbate, not mitigate, inflation.
Biden's inflation crisis is still in its early innings. https://t.co/5f7VNcph9Z
— Tom Elliott (@tomselliott) October 13, 2022
Imagine hiking rates like mad and showing zero progress on inflation.
— Sven Henrich (@NorthmanTrader) October 13, 2022
Other critics said Democrats will pay the price for rising costs come November.
“Every American is dealing with the out-of-control price hikes caused by Democrats’ reckless spending. That’s why poll after poll shows inflation is the number one issue headed into the midterms,” said National Republican Congressional Committee Spokesman Mike Berg.