Last week President Joe Biden proclaimed that it was “good news” that inflation was running at 6.5%, and asserted that his economic policies were working, since the inflation rate has dipped for six consecutive months after reaching 9.1% in June.
“Inflation might be rising in economies around the world, but it’s coming down in America month after month, giving families some real breathing room,” Biden tweeted.
Of course, he left out the part that inflation stood at 1.4% when he took office.
But as Biden claimed victory, the conservative Heritage Foundation was detailing the adverse effects of Biden’s inflationary tenure, and Florida Republican Sen. Rick Scott had some thoughts.
The Heritage Foundation released a report showing prices have spiked 13.7% since Biden took office. Even as the inflation rate — as measured by the consumer price index, or CPI — came down to 6.5% in December, prices for all of 2022 remained elevated at the highest rate in 40 years.
“Even as the increase in the CPI slows,” Heritage noted, “many consumer staples remain highly elevated compared to the start of the Biden administration: eggs are up 189.9%, ground beef 21.1%, gasoline 44.3%, electricity 21.3%, transportation services 19.5%, and housing 11.8%.”
E.J. Antoni, an economics researcher at Heritage, noted in the report that the data means the average American family is $7,400 poorer a year since Biden became president.
Antoni attributed that to the combination of the spike in prices, the increase in interest rates to combat inflation and a decline in real wages for earners.
In the News: Hunter Biden Fighting With Ex-Lover To Prevent His Daughter From Using His Last Name
“Biden’s presidency has been marked by excessive spending, borrowing, and printing of money by the federal government. The result has been an appalling rise in inflation to levels not seen in 40 years,” Antoni said in a statement.
“If you are wondering where the government got the trillions of dollars in extra spending over the last two years, they are taking it out of your hide right now through the hidden tax of inflation. Every time you put gas in your tank or groceries in your back seat, you are paying Biden’s inflation tax,” Antoni continued.
“It is imperative that conservatives in Congress stop the profligate spending which is the ultimate cause of both the inflation and interest rate hikes plaguing Americans’ finances.”
Sen. Scott, who has made criticizing Biden for runaway inflation a key part of his advocacy since the Democrat took over, noted Heritage’s report in a tweet on Saturday.
“Families have lost an average of $7.4K in annual income since @JoeBiden took office. With stats like this, the White House shouldn’t be bragging about high prices & lost income,” Scott said. “It’s an insult to the millions of Americans struggling to make ends meet.”
In the news: Report: Biden Seeks To Turn Illegal Workers Into An Army Of Snitches
He followed that up on Sunday with a call for Republicans to do their part to rein in Biden.
“It’s long past time for Washington to end the reckless spending of taxpayer dollars and start living within its means. I’ll be fighting with every tool at my disposal to finally end Biden’s raging inflation crisis and bring fiscal sanity back to Washington,” said Scott.
“The 118th Congress should be laser-focused on one goal: Get our fiscal house in order. It’s the ONLY way to give hardworking Americans much-needed relief from Democrats’ reckless spending spree & the raging inflation it caused.”