Republican leaders blasted President Joe Biden after November’s Consumer Price Index released Friday reached its highest level in 39 years.
Republicans pointed to Biden’s Build Back Better plan and the Federal Reserve’s hawkish monetary policy for contributing to the surging inflation. Soaring prices and falling unemployment, which dipped 4.2% in November, will likely cause the Fed to end its pandemic era stimulus by winding down its bond purchasing program by March 2022 rather than the original June date.
The Consumer Price Index increased 0.9% in November, increasing 6.8% on a year-over-year basis, the Bureau of Labor Statistics announced Friday. Meanwhile, the U.S. economy added only 210,000 jobs in November, marking nearly the lowest number since Biden took office.
“Americans can thank Biden and the Democrats for the most expensive holiday season on record,” Republican National Chairwoman Ronna McDaniel told the Daily Caller News Foundation.
“President Biden and congressional Democrats’ never-ending government spending is hurting everyday Americans by driving up the cost of goods and services and taking more money out of our pockets,” Florida Republican Rep. Kat Cammack told the DCNF.
“We now look at an economy that is very strong and inflationary pressures that are high, and that means it is appropriate to accelerate tapering,” Federal Reserve Chairman Jerome Powell said at a Senate Banking hearing on Nov. 30.
“We cannot continue to spend our way into oblivion as prices rise,” Wisconsin Republican Rep. and Ranking Member of the Select Committee on the Economy Bryan Steil told the DCNF.
Today’s inflation was inevitable but avoidable, Republican Ohio Rep. Warren Davidson told the DCNF.
“Thankfully, Chairman Powell and the Federal Reserve have finally committed to tapering, and the Build Back Better debt bomb is stalled in the senate,” Davidson said.
Excessive government spending has contributed to the elevated prices hurting everyday Americans, Cammack said.
“President Biden and the congressional Democrats’ never-ending government spending is hurting everyday Americans by driving up the cost of goods and services and taking more money out of our pockets,” Cammack added.
“The evidence has never been so stronger as this unsustainable flow of money only demonstrates how Biden and Pelosi’s progressive, far-Left agenda is wrong for our country,” Cammack said.
Recent polls have shown that Americans are beginning to lose faith in Biden’s ability to navigate the country through the pandemic recovery.
A CNBC poll released Friday showed Biden’s economic approval has plummeted, with 37% approving and 56% disapproving.
A Trafalgar Group/Convention of States poll said that 56.7% of Americans think the president has little concern for the impact of inflation, with 44.6% of respondents saying Biden is “not concerned at all” and 12% saying he is “not very concerned.”
“With skyrocketing prices at a 39-year high, a supply chain crisis, trillions in reckless spending, and tax hikes on families, Biden has lost the trust and confidence of the American people to get the country working for them,” McDaniel said.
“The new numbers on inflation indicate that we now have an inflation contagion in America that is getting more severe with each passing month,” Stephen Moore, former economic adviser to former President Donald Trump, told the Daily Caller News Foundation. “Many months of easy monetary policy from the Fed combined with multi-trillions of dollars added to the federal budget and to our debt are creating a wave of cheap money and supply chain disruptions.”
To curb the surging inflation, the Fed must immediately end its tapering while Congress needs to cut government spending and add debt by roughly $3 trillion instead of increasing the budget by another three trillion with the Build Back Better Plan, Moore told the DCNF.
“Build Back Better is making America not better, but broker,” Moore added.
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