In response to the Bureau of Labor Statistics reporting that the consumer price index showed inflation surging by 0.9 percent during October and 6.2 percent over the past 12 months – well over expectations – Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said:

“Inflation under President Biden is the worst in 40 years, and real wages for families are sinking faster than during the financial crisis. 

“Thanks to Bidenflation, this is a pay-cut families can’t afford. No wonder Americans now rank inflation alongside Covid as their biggest concerns – and believe Biden’s $4 trillion tax-and-spending binge will only make prices worse.” 

Background:

The Bureau of Labor Statistics reported that the consumer price index grew by 0.9 percent in October and 6.2 percent over the past 12 months – surging way past expectations.

Annualized since Biden’s first month of office, inflation is on track to be 7.4 percent – which is the highest rate since February 1982.

Real wages have fallen 7 out of 9 months since Biden’s first full month in office.

• Real wages declined  by 0.5 percent over the last month. On an annualized basis, workers are on track to lose 2.6 percent of their real wages by the end of Biden’s first full year in office.
• Median-income households are on track to lose $1,755 in purchasing power.

President Biden’s crippling tax and spending bill will blow out the deficit by $1 trillion.

• The first year of the bill runs a $120 billion deficit that’s in the red, and Democrats have said they want these provisions to be permanent.
• That means over 10 years, just from that part of the bill, this bill adds $1 trillion to the deficit.

Select goods affected by inflation: