By Brandon Moseley
On Friday, economists confirmed what most consumers already knew: inflation soared in the month of November.
Prices rose .8% in November alone, taking the consumer price index (CPI) to a staggering 6.8 percent over the last year. This is the highest rate since 1982 and a far higher jump than economists expected.
Congressman Gary Palmer (R-AL06) said, “Inflation hit its highest rate in decades this past month. Americans cannot afford President Biden's economic crisis indefinitely. More wasteful government spending will only make it worse.”
Alabama Senator Tommy Tuberville (R) said, “Once again, prices skyrocketed in November, and inflation is at its highest level in 39 years. Americans are bearing the burden of rising prices from the gas pump to the grocery store, and the price surge is getting worse, not better. President Biden and his advisors have been promising this problem is going away, but the numbers don’t lie. Their reckless tax and spend spree will only spike inflation further and cripple our economy. Congress’ TOP priority must be getting inflation under control before spending another dime.”
“We are all feeling the impacts of this out-of-control inflation,” Congressman Robert Aderholt (R-AL04) said. “How do we fight it? By not continuing to spend so much money. This is another piece of evidence entered into the case against President Biden's 'Build Back Broke' bill. This $4 trillion bill will only pour more fuel on this inflation fire.”
“Under President Biden inflation has reached a 39 year high,” said Congressman Mike Rogers (R-AL03). “Heading into Christmas, Americans are paying [more] for just about everything. Make no mistake, President Biden has continued to exacerbate this crisis by pushing through his socialist spending spree.”
Senate Minority Leader Mitch McConnell (R-Kentucky) said in a statement, “This morning’s numbers confirm what every American family already knows: Inflation is out of control on the Democrats’ watch. [This] 6.8% inflation is the worst in almost 40 years. The costs of essentials have skyrocketed. Wages have not even come close to keeping pace, so the average American has gotten a pay cut. It is exactly what experts warned Democrats’ reckless spending would cause.
“Now Washington Democrats are a broken record that’s gotten struck on the worst possible response: More borrowing, more printing, more reckless spending. Trillions upon trillions more. They want to double down and attempt to inflate their way out of inflation.
“The American people cannot take another reckless taxing and spending spree that hurts their families and helps China,” McConnell continued. “It is unthinkable that Senate Democrats would try to respond to this inflation report by ramming through another massive socialist spending package in a matter of days.”
The steady upward pressure on prices is a significant strain for many American households. President Joe Biden (D) and Democratic lawmakers have sought to emphasize the strong points of the recovery from the 2020 COVID-19 economic shutdown.
The unemployment rate dropped to 4.2 percent in November
Consumer spending has risen above pre-pandemic levels.
Wage growth has accelerated.
The stock market has rallied to record highs.
“Economic growth is stronger here than virtually any other nation. Americans have more money in their pockets than this time last year - $100 more each month than last year - even after accounting for price increases. But we have to get prices and costs down before consumers will feel confident in that recovery. That is a top goal of my administration," Biden said in a statement on Friday.
According to the Department of Labor, food prices rose 0.7 percent in the month of November, gasoline rose 6.1%, and housing rose .5%. Prices for food have risen 6.1% this year. Grocery prices are up 6.4% and food purchased from restaurants are up 5.8%.
(Original reporting by the Hill contributed to this report,)
To connect with the author of this story, or to comment, email brandon.moseley@1819News.com.