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<\/p>\nWashington, DC…According to the latest data released Wednesday, inflation increased yet again \u00a0in June\u20149.1% over the past year, marking another 40+ year record high. The cost of everyday staples rose along with the inflation rate. The price of eggs went up 33.1%, meat 8.2%, gasoline 59.9%, used cars 7.1%, and airline travel 34.1%. This is in addition to supply shortages wreaking havoc on everyday life.<\/p>\n
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Joel Griffith<\/a>, research fellow in economic policy studies at The Heritage Foundation, released the following statement on Wednesday:<\/p>\n \u201cAn inflation rate at 9.1% is devastating enough, but the official rate doesn\u2019t even fully capture just how bad the situation is. Lower-income families and working Americans are being especially hard-hit by skyrocketing prices on items like food, gas, and housing.<\/p>\n \u201cThis administration is tone-deaf to the economic realities and the problems that they have created. Biden\u2019s war on affordable energy production is the main culprit for both the high gas prices and skyrocketing food prices. It is growing more and more unaffordable to make it in Joe Biden\u2019s America, as the national average gas price is still over $4.60 and food prices continue to rise. The devastating impacts of Biden\u2019s economic policies are eating away at American\u2019s paychecks and savings.<\/p>\n \u201cThings are only going to get worse one way or another, as Biden\u2019s economic policies are a double-edged sword. This is quite possibly the last month of lingering economic factors keeping inflation in the 8% range, which means the official CPI number could be in the 10% range by the fall. Or, inflation may slow down if gas prices\u2014which have been a key driver of inflation\u2014drop even further than they have in the last few days. The problem with that? Those prices are dropping not because of more supply, but because of the rising fear of recession. No matter which way you turn, Biden\u2019s policies offer no relief.<\/p>\n \u201cAmericans families are paying dearly for the enormous expansions of government spending financing by the Federal Reserve money printing presses and Biden\u2019s reckless economic policies. This inflation is proving to be the most destructive and painful tax of all.\u201d<\/p><\/blockquote>\n BACKGROUND:\u00a0<\/strong>The Biden administration has continuously defended their failed economic policies. White House press secretary Karine Jean-Pierre has touted Biden\u2019s economy and last week\u00a0claimed<\/a>\u00a0that America is \u201cstronger economically than we have been in history\u201d under Joe Biden.<\/p>\n The official rental price increases are a deceptively low 5.8% despite rental costs increasing more than\u00a025% nationally<\/a>\u00a0over the past year. This discrepancy is largely because BLS surveys existing rents, not new rents. This is like calculating car CPI by counting only the previously purchased cars on the road, or pretending food inflation didn\u2019t happen if you used something in the pantry.<\/p>\n Mortgage rates have surged from near 2.65% at the start of 2021 to nearly 6% today,\u00a0coinciding with a 27%\u00a0<\/a>increase in home prices\u2014including 20% this past year.<\/a>\u00a0As a result, the mortgage payment on a typical home\u2014with a 20% down payment\u2014jumped from $1500 to more than $2350\u2014a stunning 57% rise in monthly payments. Yet, the official increase for housing overall the past year is 5.5% with the cost of living increasing faster than wage growth, a typical American family has lost \u00a0$2500 annually in purchasing power\u2014and that\u2019s using the official, understated numbers.<\/p>\n","protected":false},"excerpt":{"rendered":" Washington, DC…According to the latest data released Wednesday, inflation increased yet again \u00a0in June\u20149.1% over the past year, marking another 40+ year record high. The cost of everyday staples rose along with the inflation rate. The price of eggs went up 33.1%, meat 8.2%, gasoline 59.9%, used cars 7.1%, and airline travel 34.1%. This is […]<\/p>\n","protected":false},"author":1,"featured_media":144194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,5,1],"tags":[],"class_list":["post-144193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2022\/07\/17156391825572723691.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/144193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=144193"}],"version-history":[{"count":1,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/144193\/revisions"}],"predecessor-version":[{"id":144195,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/144193\/revisions\/144195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/144194"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=144193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=144193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=144193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}