WTAS: The Biden-Harris Administration Drives Inflation to 13-Year High

WTAS: The Biden-Harris Administration Drives Inflation to 13-Year High

Workers, families, and businesses are losing more of their hard-earned dollars due to Democrats’ big-spending agenda.

July 13, 2021
WTAS: The Biden-Harris Administration Drives Inflation to 13-Year High

Joe Biden and Kamala Harris’ failed policies are continuing to drive inflation to record-breaking levels, according to multiple news sources. Many factors have contributed to the increases, including Democrats’ decision to flood the economy with stimulus money as Americans were recovering from COVID-19.

Wall Street Journal: “Many factors are driving the increases, including ultra-strong consumer demand and supply-chain bottlenecks. But behind many of them, many economists say, is a deliberate decision by policy makers in the U.S. and elsewhere to run their economies hot for now, with lots of stimulus, to ensure they recover fully from damage caused by Covid-19.”

Even still, the Biden-Harris administration is continuing to advocate for massive trillion-dollar spending packages while working-class American families are paying the price.

CNBC: “Inflation continued its rapid surge in June, rising at its fastest pace in nearly 13 years amid an ongoing burst in used vehicle costs and increases in both food and energy, the Labor Department reported Tuesday.”

The Washington Post: “Prices rose 5.4 percent in June compared with one year ago, reflecting upward-creeping inflation throughout the economy, as more consumers open their wallets and supply chains struggle to bounce back from pandemic pressures.”

The New York Times: “The overall inflation change was more than the 5 percent increase reported in May and was the largest year-over-year gain since 2008.”

CNN: “Gas prices rose 45.1% compared to a year earlier. But even stripping out volatile food and energy prices, the core CPI rose 0.9% in June and 4.5% over the last 12 months.”

NBC News: “The overall price jumps came in higher than economists’ expectations of 5 percent. Used cars continued to drive the increase, rising 10.5 percent. Food prices are still ratcheting up, increasing 0.8 percent, even higher than May’s 0.4 percent increase.”

ABC News: “This was the largest 1-month change since June 2008, and the largest 12-month increase since August 2008, the Labor Department said Tuesday.”

The Wall Street Journal: “More companies are passing on higher labor and materials costs to consumers. Many also are raising prices for the first time in years, as demand surges following pandemic-related business restrictions.”

NBC News: “From the supermarket to the furniture store to the gas station, consumers are paying more to get the same — or even less. Shoppers are finding limited selection, slower service, longer waitlists, even shrunken ice cream containers.”

Bottom line: Despite Joe Biden’s claim that he won’t tax anyone making less than $400,000 a year, rising inflation caused by his failed policies is a hidden tax on hard working Americans. Workers, families, and businesses are losing more of their hard-earned dollars due to Democrats’ big-spending agenda.