Biden's policies are strangling American businesses and families.
New data from the Labor Department shows producer prices have spiked at the highest pace on record. This is the 3rd month in a row producer prices have reached a new record high.
- April: 6.2% on an annual basis.
- May: 6.6% on an annual basis.
- June: 7.3% on an annual basis – the new highest jump ever recorded.
- In June, consumer prices “zoom[ed] up” at a 5.4% annual rate - the fastest rate in 13 years.
- Core inflation rose 4.5%, the highest jump since 1991.
Because prices are rising at the highest pace in decades, real wages are going down.
- On an annual basis, real average hourly earnings decreased by 1.7%, and real average weekly earnings fell 1.4%.
- If nothing changes, economists predict rising prices are “here to stay for years.”
- 48% of small businesses have raised their prices, the largest percentage in 40 years.
- On Biden’s watch, the money in your pocket is worth less and less by the day – that’s the Democrats’ hidden tax on all Americans.
Under Joe Biden’s presidency, we are paying more for just about everything. And it is only going to get worse.
- The price of used cars and trucks has increased 45.2% annually. This is the largest change ever reported.
- Restaurant prices are 4.1% higher than last year.
- Home prices have increased by about 15%.
- Gas prices haven’t been this high since 2014.
- Airfare rates have increased about 10% per week.
- In Biden’s America workers, families, and businesses are all impacted by rising prices.