Consumer Prices Are Still Rising

Last year, Joe Biden and his allies in Congress passed the $1.9 trillion American Rescue Plan. Democrats did this on the promise that it would revive the nation’s economy after all that it endured during COVID-19 and subsequent government mandates.

Republicans warned the American Rescue Plan would be disastrous, which is why the bill didn’t get a single GOP vote. Now, in the present day, warnings from Republicans have been proven to be merited.

The GDP rate just fell twice in a row, meaning the US economy is, by definition, in a recession. This comes on top of inflation and declining wages that continue to wreak havoc in Americans’ lives.

Now, a new report confirms the rise of consumer prices during the year ending in July 2022.

What to Know About Consumer Prices in America
This week, the Bureau of Labor Statistics confirmed the 8.5% rise in the consumer price index from July 2021 to July 2022. Meanwhile, from June 2021 to June 2022, the consumer price index surged by 9.1%.

Some of the most critical factors in the rise of consumer prices are growing costs of energy, food, and housing. Inflation, naturally, is a driving force behind these price increases.

The growth of inflation and consumer prices comes in spite of the Federal Reserve repeatedly increasing interest rates.

These interest rate hikes were sold to the public as a means of bringing down costs. Yet, so far, Americans are waiting to see a downturn in inflation, rather than the economy itself.

A Different Version of Events From the White House
To most Americans, the economic data from July 2022 leaves much to be desired. However, the president has a very different view.

On Wednesday, Biden stood before the country and boasted about “zero percent inflation” last month. What the president left out was the fact that wages are falling as costs soar across the board.

Republicans have repeatedly criticized Biden and his Cabinet for misleading and inaccurate statements about the economy. The administration has also taken heat for supporting the Inflation Reduction Act that increases taxes on middle-income Americans amid a recession.

With Biden virtually days away from signing this spending bill into law, many Americans fear consumer prices and everyday living is about to get much worse.