Another Month, Another Loss in Real Buying Power for Family Budgets in America
Prices for goods and services across a wide range of consumer expenses rose at their fastest level in nearly 39 years, while Americans’ personal incomes remained the same, according to the Commerce Department. The data comes as part of a report that the Federal Reserve uses to measure inflation.
I issued the following statement:
Another month, another loss in real buying power for family budgets in America. Even counting stimulus checks, families have lost $1,100 over six months -- equal to three months’ worth of groceries. This is crushing families.
How will we know President Biden gets it and truly understands how his inflation and worker shortage is hurting real Americans?
We’ll know only if he uses his State of the Union to announce the end of the inflation-raising Build Back Better plan, the end of COVID-era emergency programs that discourage the jobless from working, and the end of looming tax hikes on businesses that cause higher prices and less investment in America, just as we need a stronger economy to support the recovery and military operations abroad.