On Joe Biden’s watch, prices keep skyrocketing. New data shows prices rose 5.4% in July compared to last year, matching the 5.4% rate of inflation we saw in June.
That’s yet ANOTHER month when consumer prices rose at the highest rates since 2008.
What does that mean for workers? Biden’s hidden tax hike has COMPLETELY WIPED OUT any wage gains. And as inflation rises, even former Obama economists are sounding the alarm.
Here is your inflation scorecard. For context, as recently as two months ago people were speculating that we "might" get 3% inflation this year.
— Jason Furman (@jasonfurman) August 11, 2021
We've already had 4.1% CPI this year, if prices are flat for the rest of the year that's the annual inflation we'll have. pic.twitter.com/GQPS3J7eqU
This is not base effects or transitory categories. The price increases we've seen have been widespread & not just a few freakish categories. Taking out food, shelter, energy and used cars/trucks (a standard BLS series), prices are above trend and rising faster than trend. pic.twitter.com/5ehrwHByFw
— Jason Furman (@jasonfurman) August 11, 2021
The last thing Americans need is the Democrats’ reckless $3.5 trillion tax-and-spending spree that will only make rising prices worse.
