The latest economic report by the U.S. Bureau of Labor Statistics shows that, rather than decelerating, prices actually rose at an increasing rate of 1.3% during the month of June. That is an adjusted inflation rate of 9.1% in June.
Republican members of the Alabama congressional delegation, Sen. Tommy Tuberville (R-Alabama) and Congressman Mike Rogers (R-AL03), blamed President Joseph R Biden’s (D) economic policies.
“Inflation under Biden is now up to 9.1% – the highest in over four decades,” Rogers posted on social media. “As Americans suffer and inflation continues to rise – President Biden continues to do nothing.
“Under Biden, American families are paying more just to cover necessities. This has to stop."
"The Biden administration has said for weeks that reducing inflation was their 'top domestic priority,” Tuberville said. “If this is how the White House addresses 'top domestic priorities,' then we've got an even bigger problem on our hands. Record-high inflation is forcing many of our small businesses to close their doors. And what do Senate Democrats want to do to address the problem? Raise taxes and more reckless government spending.
“Across the country, people are paying nearly $460 more dollars per month than this time last year,” Tuberville continued. “We are talking about basic necessities like groceries, clothes, transportation. Families no longer have extra money to do things like go out to eat after church or take a vacation. Soaring prices are impacting small business too. I have had small businessmen calling our office to tell us how rising input costs are killing their profit margins. A small business owner in Sterrett, Alabama told me that his profit margins are 50 to 60% [lower] than this time last year. Numbers like that are detrimental to businesses and their workers.”
Rogers also spoke about the issue Wednesday on 92.5 FM Talk Radio in Montgomery.
“Pretty depressing, it is very, very similar to the Jimmy Carter administration, the circumstances we are suffering,” Rogers said. “This Biden administration is very much like the Jimmy Carter administration. This is unfortunate for our nation.
“The Jimmy Carter Administration gave us Ronald Reagan. A Ronald Reagan-type figure – I don’t know yet who that is - will win the White House in 2024 as a result of dissatisfaction with Biden’s policies."
Rogers said that he believes that the Republicans will take control of the House and the Senate in the coming midterms but cautioned that Republicans can’t really turn things around well without the White House as well.
“I feel very confident," said Rogers. "The fact is, historically, during the first midterm of a new President the President’s party loses 25 seats and they only have a three-seat majority. I am very confident that we will be able to take the House and the Senate. They still have the White House and the White House has a lot of power so it will be two years before we can really turn things around and when you go back to the Carter administration it took two years for Ronald Reagan to pull us out of that situation. While we are going to take back Congress it is still going to be a tough haul.”
Congressman Barry Moore (R-AL04) said, “'No one could have predicted inflation.’ they said. "Yet we did … and we warned time and time again. Quantitative easing increases delayed pain. Econ 101.”
Congressman Jerry Carl (R-AL02) posted on social media recently, “Inflation is a LOT worse than Democrats will admit. The truth is their reckless policies are bankrupting Americans. Here’s a snapshot:
➡️ Gas is up 55%
➡️ Electricity is up 12%
➡️ Eggs are up 32%
➡️ Meat, poultry, and fish are up 14%
Americans need relief.”
On Wednesday the Senate confirmed Biden nominee Michael Barr to the Federal Reserve.
“The Federal Reserve plays the primary role in fighting inflation and regulating financial institutions,” Biden said in a statement following Barr’s confirmation. “Today’s confirmation of Michael Barr as Vice Chair for Supervision of the Federal Reserve is important progress for my plan to tackle inflation and for sound oversight as we transition to steady and stable growth. The Senate has now confirmed my full slate of nominees, a historic and experienced group that includes Jerome Powell, Dr. Lael Brainard, Dr. Lisa Cook, and Dr. Philip Jefferson. They bring the skill and knowledge needed at this critical time for our economy and families across the country to fight inflation, to ensure ordinary Americans get a fair shake, and to protect the stability of our economy.”
To see the actual BLS report: Consumer Price Index Summary - 2022 M06 Results (bls.gov).
To connect with the author of this story, or to comment, email brandon.moseley@1819News.com.
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