As reported this morning, inflation continues to rage out of control. As a consequence, American families are suffering severely.
At the White House Tuesday afternoon, just hours after horrendous new numbers were released, President Joe Biden will hold a celebration event for the Democrats' dishonestly named "Inflation Reduction Act."
"The President will host an event celebrating the historic achievement of the passage of H.R. 5376, the Inflation Reduction Act of 2022. The President and the Vice President will deliver remarks," Biden's White House schedule states.
Not only will the legislation make inflation worse, it balloons the federal deficit.
Just in time, CBO comes out with an updated, dramatically worse score for the “Inflation Reduction Act.”
— Mike Palicz (@Mike_Palicz) September 8, 2022
CBO finds the Dem bill will *increase* the deficit through 2026.
Oh, and the IRS will take an extra $60B from taxpayers via increased audits than previously estimated. https://t.co/u6x4PgFtXC pic.twitter.com/XLbs7Xvh6H
But today's new numbers also debunk Biden's narrative on wage growth, retirement and inflation. Americans are getting crushed and thanks to Democrats' runaway spending, there's no end in sight. Wages have been cut down while food price increases are in the double digits. Sole Democrat support for the American Rescue Act and Biden's latest spending bill are fueling the cost crisis.
CPI report not pretty. Headline fine (0.1% CPI for Aug or a 1.4% annual rate in that month, with prices up 8.3% over the last year).
— Jason Furman (@jasonfurman) September 13, 2022
Problem is excluding volatile food and energy and was ugly (0.6% for Aug or a 7.0% annual rate).
Broad-based relief not coming. pic.twitter.com/WVODxYmrYm
Approximately 1 in 6 Americans are now behind on their utility bills.
— Rep. Guy Reschenthaler (@GReschenthaler) September 12, 2022
The marriage of Biden's self-inflicted energy and inflation crises is particularly cruel.
Real wages have fallen EVERY MONTH since Biden’s $1.9 trillion "stimulus" passed.
— Jacki Kotkiewicz (@jackikotkiewicz) September 13, 2022
'????
Apr: -3.4%
May: -2.7%
Jun: -1.3%
Jul: -1%
Aug: -0.9%
Sep: -0.5%
Oct: -0.8%
Nov: -1.4%
Dec: -2.1%
'????
Jan: -1.9%
Feb: -2.5%
Mar: -2.6%
Apr: -2.5%
May: -2.9%
Jun: -3.5%
Jul: -3%
Aug: -2.8%
Real average weekly earnings under Biden pic.twitter.com/sVpLSY9LSD
— Phil Kerpen (@kerpen) September 13, 2022
Wow. Keep an eye on skyrocketing food costs.
— Heather Long (@byHeatherLong) September 13, 2022
"The food index increased 11.4% over the last year, the largest 12-month increase since the period ending May 1979."
Last month, Biden stood in front of the American people at the White House and proclaimed there was "zero inflation."
NOW - Biden: "Today we received news that our economy had zero percent inflation in the month of July. Zero percent." pic.twitter.com/HXpRy5xmW5
— Disclose.tv (@disclosetv) August 10, 2022