Highest Inflation in 30 Years

Historically High Inflation Under Biden Is Crushing Families, Workers, And Small Businesses

BIDENFLATION KEEPS HITTING RECORD HIGHS

• The Labor Department announced this morning that consumer prices increased by 6.2 percent in October compared to last year, the largest annual increase in 30 years.
  • Core consumer prices rose 4.2 percent since last year, the largest increase since August 1991.
  • Real average hourly earnings decreased 1.2 percent, with inflation eating up any wage gains.
  • Nearly everything costs more, from gas (+49.6 percent) to kitchen staples like eggs (+11.6 percent) to used cars (+26.4 percent).
• Producer prices have risen 8.6 percent since last October, the seventh month in a row it increased at the highest pace on record.
  • Core producer prices – which takes out food and energy – also increased at a record 6.8 percent.
• With possibly one of the most expensive Thanksgivings in history just around the corner, families will pay more for nearly every ingredient – that is, if these items are even on shelves.
  • Biden’s supply chain crisis is making Thanksgiving staples “tough to find,” and the largest price increases will be for meat, poultry, fish, and eggs.
  • The cost of a whole turkey this year is expected to hit a record high, up 25 percent from last year and nearly doubling compared to 2019.

UNDER BIDEN, HIGHER PRICES ARE HERE TO STAY

• Economists project that high inflation will last well into 2022, with consumer price spikes well above the average over the past decade.
  • As grocery prices continue to skyrocket, there is a “growing struggle to feed families in need.”
  • Heating costs this winter are expected to wallop wallets.
  • For some, retirements checks are “not enough right now.”
• Despite the threat of more inflation, Democrats want to ram through a bloated, multitrillion-dollar spending bill that includes massive tax cuts for wealthy blue state residents.
  • Even liberal economists have warned that trillions in more spending could lead to higher inflation which will make life harder for poor and middle-class Americans.
  • Biden’s Build Back Broke spending bill is full of budget gimmicks and would add hundreds of billions in new debt.

THE BIDEN ADMINISTRATION DOESN’T CARE ABOUT HIGHER PRICES

• Biden and his administration are out of touch with the economic hardships American families, workers, and small businesses are facing.
  • White House Chief of Staff Ron Klain dismissed inflation and supply chain issues as “high class problems.”
  • Energy Secretary Jennifer Granholm said “that is hilarious” when asked what the administration’s plans are to lower gas prices.
  • White House Press Secretary Jen Psaki sarcastically mocked Biden’s supply chain crisis as a “tragedy.”
  • Transportation Secretary Pete Buttigieg joked about how difficult it will be for families to get Christmas presents this year.
  • White House official Liz Reynolds downplayed supply shortages as simply lack of choice, saying “you won’t be able to get the jacket in 15 colors.”
• “Uncomfortably high inflation” is no joke to Americans across the country struggling to make ends meet.

HIGHER PRICES ARE JUST ONE PART OF BIDEN’S FAILED ECONOMIC AGENDA

• As prices continue to climb, Biden and Democrats want to further squander the economic recovery.
  • Biden’s unconstitutional vaccine mandate would leave businesses “scrambling,” worsen labor shortages, and push inflation even higher.
• The October jobs report provided little consolation to American families, workers, and small businesses struggling to make ends meet in Biden’s failed economy.
  • More than four million Americans who lost their job due to the pandemic have yet to get it back. 
  • Biden’s campaign promise to “shut down the virus, not the country” has proven a lie; nearly everything costs more and the supply chain is in shambles.

BIDEN’S LATEST ATTACK ON WORKERS AND BUSINESSES: AN UNCONSTITUTIONAL VACCINE MANDATE

• Biden wants to force an unconstitutional vaccine mandate on American workers and small businesses that will worsen labor shortages and the supply chain crisis.
  • One poll found that seven in ten unvaccinated workers would likely quit their jobs rather than adhere to the vaccine mandate.
  • As many as 20,000 TSA employees could be fired under one of Biden’s mandates, leaving “security checkpoints at 440 airports nationwide significantly understaffed.”
  • More than half of current Border Patrol agents and thousands of intelligence officers could face dismissal for failing to comply with Biden’s vaccine mandate. 
• For business owners, the vaccine mandate will be “devastating.”
  • Lee Crowther, owner of a Florida roofing company: “If I start losing workers over this, combined with the material supply chain shortage that this country is going through right now—it's going to be devastating."
  • Tom Boucher, New Hampshire small business owner: “We will absolutely lose employees over this.”