Inflation Still Four Times Higher Than Normal
Washington, D.C., September 13, 2022
Inflation data released this morning shows prices are still rising FOUR TIMES FASTER than normal under this administration. In August, year-over-year inflation rose 8.3%. That means on average, the cost of the goods and services you purchased last month were up 8.3% from August a year ago.
Pay close attention to how the liberal media reports this news. You’re likely to hear descriptions like “improving” and “easing.” That’s because inflation had been as high as 9.1% over the summer.
Just remember: most economists say 2% is a normal rate of inflation.
In a congressional survey of thousands of constituents here in the 5th district, 73% said they were very concerned about inflation. So the liberal media can spin it any way they want, but when inflation is hovering at a 40-year high and your prices have risen four times faster than normal, it’s a major problem.
We’ve covered this before, but it’s worth reviewing again:
One of the largest factors causing this inflation has been excessive, wasteful spending by the federal government under Democrat leadership. Yes, there was a lot of spending for Covid relief, but long after we started to get a handle on Covid, and long after it was evident the economy was on a roll, liberals continued to dump trillions of additional dollars into the mix. That has poured gasoline onto our inflationary fire.
There are only three ways people can handle inflation. Either they must save less, or they must try to somehow spend less. Or they must take on debt to purchase the goods and services they need. This last one is a major concern, and we’re already seeing signs that debt is becoming a problem due to inflation. For example, according to a recent report issued by the Federal Reserve Bank of New York, American credit card debt rose by $46 billion during the second quarter of this year, and was up 13% over the past year. We’ve not seen those types of increases in more than 20 years.
I am so angry about inflation because it shouldn’t have gotten this bad. And it wouldn’t be nearly this bad if there was true conservative leadership in Washington. Your government should be focused on cutting federal spending, and cutting taxes and regulations on businesses to help reduce their costs which, in turn, will help reduce the costs you ultimately pay.