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EXCLUSIVE: Republican leaders in the House of Representatives attacked President Biden for Friday’s inflation report, which showed inflation reached a new 40-year record, accusing him of failing to address a problem that is causing severe economic pain to middle-aged people. Americans.
The latest inflation figure signals another “sick month” for Americans, said House of Representatives minority leader Kevin McCarthy in one of several statements made by Republican leaders exclusively to Fox News. McCarthy criticized Democrats for their economic achievement, calling it a “historic disaster.”
The labor ministry said on Friday that the consumer price index, a broad measure of the prices of everyday goods, including petrol, food and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April.
INFLATION REACHES 40-YEAR-OLD TOP IN MAY WITH CONSUMER PRICES GROWING 8.6%
These figures were both higher than the headline figure of 8.3% and 0.7% of the monthly profit forecast by Refinitiv economists.
House of Representatives minority leader Kevin McCarthy, R-California, paused during a television interview as the House reviewed President Joe Biden’s $ 1.85 trillion and growing domestic policy package at the Capitol in Washington on Friday. November 5, 2021 (AP Photo / J. Sco) (AP Newsroom)
Inflation in May marked the fastest rate of inflation since December 1981. The White House has repeatedly blamed rising spending on Russian President Vladimir Putin and his war against Ukraine, as well as the COVID-19 pandemic.
“President Biden and President Pelosi have denied economic realities for 17 months, creating rampant inflation. Americans don’t need to hear Democrats say the economy is in a “historic place” and “America is starting to feel more like itself again,” McCarthy told Fox News.
House of Representatives whip Steve Scaliz, R-La., Has criticized Democrats for holding a hearing Thursday night over the Capitol riots on Jan. 6 as inflation rises.
“It’s a disgrace that after inflation has just peaked four decades ago, Democrats are wasting time on political stunts aimed at Donald Trump’s television instead of doing something to deal with this crisis they created,” he said. he told Fox News. “It is significant that while families are struggling to afford to put food on the table and petrol in their cars, Democrats are not devoting any prime-time hearings to these issues, but instead only on January 6. Their priorities are completely out of touch with the reality that everyday Americans face. “
House of Minority Whip Steve Scaliz, R-La., Spoke at a press conference on the steps of the Capitol in Washington on Thursday, July 29, 2021, to complain to House Speaker Nancy Pelosi, D-Calif. , President Joe Biden’s leadership and leadership (Associated Press)
GOP House Speaker Elise Stefanick, RN.Y., told Fox News: “This is just the latest example of how the one-party rule of the far left in Washington has failed the American people. Our rapidly rising inflation, historical gas prices, shortages of infant formula, the border crisis and growing violent crime are the problems that affect Americans every day. Republicans in the House of Representatives will deal with these crises when we regain control of the House in November this November. ”
“The reality is that prices continue to rise at an accelerating rate, and Americans are paying $ 5.00 a gallon nationwide, even though Biden is draining our strategic oil reserves of 1 million barrels a day,” McCarthy said. “Democrats need to know that this is not the ‘incredible transition’ that the president pretends to be, and yet they have no solution to lower costs.”
“Today’s report is alarming because it signals another painful month for American workers, families and small businesses, and shows that Democrat policies continue to push things to get worse,” McCarthy added.
On the other side of the Capitol, Republican Sen. Josh Hawley, R-Mo., Called on Biden to resign if he could not cope with the economic crisis.
“Joe Biden’s war against American families continues. His policies have pushed inflation to high levels for generations and he will still not take any responsibility,” Hawley told Fox News Digital. “If he can’t get the job done, he has to retire now.”
CHRONOLOGY OF INFLATION: MAPPING BIDEN’S ADMINISTRATOR’S RESPONSE TO RAPID PRICE GROWTH
Inflation has exacerbated financial tensions for millions of Americans, with key prices, including more volatile food and energy measurements, rising 6 percent from a year earlier – also more than Refinitiv expected. Base prices also rose by 0.6% on a monthly basis, suggesting that core inflationary pressures remain strong.
President Joe Biden on Saturday called on large G20 energy producers with spare capacity to increase production to secure a stronger global economic recovery as part of a broader effort to put pressure on OPEC and its partners to increase oil supplies. (AP Photo / Evan Vucci / AP Newsroom)
Rising inflation is eating away at the strong wage gains seen by American workers in recent months: real average hourly wages fell 0.6 percent in May from a month earlier as rising inflation eroded overall wage growth of 0.3 percent, according to Ministry of Labor. On an annual basis, real profits actually fell by 3% in May.
The Biden administration announced in March that it would release 1 million barrels of oil every day for the next six months from the US Strategic Oil Reserve in a bid to fight rising gasoline prices.
But Americans are still facing some of the highest in decades, with the national average reaching $ 5 a gallon on Thursday.
Energy Minister Jennifer Granholm predicts a tough summer for drivers this week due to record high gas prices.
“Yes, it will be tough this summer,” she told CBS News this week. “I will be honest with you. Energy information [Administration]who is the entity that forecasts the price of gas relative to the price of oil, said that by the fall it should fall to 4.27 dollars per gallon, and by the end of this year, early next year, will fall to 4 maybe below 4, maybe $ 3 a gallon. “
“So there will be some relief on the horizon, but it will be difficult during the summer driving season, no doubt because we have such a mismatch between supply and demand in the global oil market,” she added.
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The Biden administration said last year that inflation would be “transitional”.
But earlier this month, Finance Minister Janet Yellen said she “was wrong then about the path to inflation.”
A new study from the University of Quinnipiac, published Wednesday, found that Americans ranked inflation as the “most urgent problem” facing the country over 2 to 1 gun violence, as President Biden equaled his lowest rating. approval so far.
According to the poll, 34% of Americans say that inflation is “the most urgent problem facing the country today”, while only 17% believe that gun violence is a major problem.
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