As President Biden pushes for more and more government spending, inflation continues to increase.
The Consumer Price Index, which measures inflation, continued to increase rapidly in May under President Biden, again surpassing economists’ expectations.
CPI rose 0.6% last month, bringing the annual CPI increase to 5%. Economists interviewed by The Wall Street Journal had predicted an increase of 4.7%. WSJ also reported that inflation is expected to remain high over the summer.
This rise in overall CPI is “the largest 12-month increase since a 5.4-percent increase for the period ending August 2008 [during the Great Recession],” the Department of Labor reported.
In addition, multi-trillion-dollar aid packages and trillions of dollars in loans from the Federal Reserve are expected to further increase prices.
What is it with liberals?
They look at Putin, Xi, and the Ayatollah and they say, “You know what they need, they need billions of American dollars.” pic.twitter.com/sXDDVr8TcC
— Ted Cruz (@tedcruz) June 10, 2021
Although the unemployment rate fell in May, according to the Labor Department, it was still at 5.8%. Job growth in May also fell short of economists’ predictions by more than 100,000 jobs.
As the increasing inflation and slow job growth prove, Biden’s excessive spending habits are hurting the American people and slowly putting a stranglehold on the economy. We cannot allow Biden and other Democrats to continue wasting our tax dollars on progressive policy and pointless spending bills.