Analyst says inflation spike “is really crushing consumers”

President Joe Biden has attempted to put a positive spin on the economy, something he did again last month during an interview with late-night television host Jimmy Kimmel.

However, it is no secret that Americans are struggling financially, a fact that the most recent inflation figures made clear.   

Biggest inflation spike in four decades

According to Fox Business, the Bureau of Labor Statistics released new Consumer Price Index numbers on Wednesday, and they showed that inflation went up 9.1% year-over-year in June. This represents the sharpest inflation spike America has seen since late 1981

E.J. Antoni is a research fellow at The Heritage Foundation, he told Fox Business the increase will translate into a $3,400 financial hit for the average worker and double that for the average family.

“There are plenty of families that that’s more than their food budget a year,” Antoni told Fox Business in an interview, adding, “I can’t emphasize enough how much this is really crushing consumers.”

“It’s truly crushing the middle class and then the White House spokesperson says these garbage lines like ‘the economy is in transition,'” he continued.

“Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine,” Antoni remarked.

“What we are seeing now is those [food and energy] costs are finally being passed on to other businesses and then, ultimately, to consumers. That’s why they’re being borne out in the core prices,” the researcher stressed.

Republicans blame inflation on “reckless” Democratic policies

Antoni wasn’t alone in calling out the Biden administration, as North Carolina Republican Rep. Patrick McHenry as well in a tweet.

McHenry was not the only Republican lawmaker voicing complaints, House Ways and Means Committee Ranking Member Kevin Brady did so as well in a statement on Wednesday.

“One year ago this week President Biden’s reckless stimulus checks began flooding the economy, and we are seeing the result: Inflation is raging and getting worse, forcing massive pay cuts for American families,” Brady declared.

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

Latest Posts