Democrats and the left-leaning media has certainly tried to paint a pretty picture of an economy on the mend over the last several months. However, their misguided reporting could not be further from the truth, and everyday Americans certainly know inflation is eating away at their hard-earned money.
Last month, the Consumer Price Index (CPI), the measure of the average change over time in the prices paid, reached a four-month high at 3.4 percent, much hotter than expected by market experts. While it is true that the pace which prices are rising has cooled compared to the last two years, they are still rising at a rate nearly tripled than when President Joe Biden took office, which at the time was 1.4 percent. And although Democrats like to point to the CPI cooling as a sign of an improving economy, the actual prices on goods and services remain at a 40-year high at a whopping 17 percent increase.
Under Democrats’ failed economic policy, American households are paying $11,400 more on necessities annually. Even every day bills are becoming unaffordable, forcing more and more Americans to turn to second jobs to make ends meet and financing options as their savings are depleted. In fact, the cost of electricity is up 26.6 percent, food is up 20.2 percent, vehicle insurance is up 20.3 percent and vehicle repairs are up 10.3 percent.
Inflation is not only affecting individual Americans and American families, however. According to the National Federation of Independent Businesses (NFIB), 23 percent of small business owners reported that inflation was their single most important problem in operating their business, up one point from last month. Also, according to NFIB’s most recent monthly jobs report, 40 percent of reported job openings they could not fill in the current period. Finally, a recent Job Creators Network Foundation Small Business survey revealed that small employers' outlook on the U.S. economy has hit a 14-month low. The report also showed that of 400 small business owners, 61 percent say the “Bidenomics” plan is “bad for the economy,” and only 26 percent say the president's plan is helpful in the current environment.
Upon assuming the presidency and gaining control of both chambers of Congress, President Biden and Democrats went on an unprecedented spending spree that continues to have negative effects on our economy. This certainly has not helped Americans and small business owners get back on their feet and recover from the COVID-19 pandemic. A healthy economy is the key to a prosperous America, and House Republicans passed legislation last year including the Limit, Save, Grow Act and REIN In Inflation Act to move our economy on the right direction. I look forward to working with my colleagues to continue building on this crucial priority this year.