September's Bleak CPI Report
Washington, D.C., October 13, 2022
With fresh data from September released earlier this morning, inflation remains bad. The Consumer Price Index rose 8.2% over the last year, which is a 40-year high.
That means on average, the same goods & services you purchased last month cost 8.2% more than they did in September of last year. And don’t forget, Sept. 2021 was already 5.4% higher than Sept. 2020!
Excessive, wasteful spending by Democrats who control Congress is the primary reason we’re in this mess. There has been no rational budget, no offsets in spending, no efforts to reduce waste. It’s just billions upon billions for countless pet projects that we do not need and cannot afford.
In fact, a team of analysts from Morgan Stanley said it perfectly on Monday. Talking about causes of inflation they said, “we think it was more so due to excessive fiscal stimulus provided during the pandemic, particularly the last $1.9 trillion package at the end of March 2021, just as the economy was already emerging from the lockdowns.” They continued, “In our view, this was what turbocharged consumption and drove inflation to 40-year-highs.”
Unfortunately, inflation will not get turned around with Democrats in the majority. Nor will it turn around if Republicans are unwilling to slash spending and return to fiscal sanity once we retake the majority soon.
At least you know how I’ll be voting.