Heritage Economist: Inflation Continues to Wage War on the American People

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Heritage Economist: Inflation Continues to Wage War on the American People

Apr 10, 2024 1 min read

WASHINGTON—The Bureau of Labor Statistics released the March consumer price index (CPI) data, showing 3.5% inflation over the last year while core inflation was 3.8%, once again surpassing expectations. Since President Joe Biden took office, wages have trailed runaway inflation, and price sticker shock has risen to 19%.

Bidenomics is a bloodbath for the working class and continues to saddle everyday American household finances, leading to an all-time high total household debt of $17.5 trillion. Under Joe Biden and his party’s policies in Washington, gas prices remain significantly higher than under President Trump, grocery prices continue to soar, and rent affordability is the worst on record.

Heritage Foundation public finance economist EJ Antoni issued the following statement in reaction:

“Last month, prices rose at an annualized rate of 4.6%. At that pace, prices will double in just 15.5 years. Any bureaucrat who thinks this is acceptable should resign immediately.

 

“It’s no coincidence that this acceleration of inflation is happening while one in eight households expect they’ll be unable to make even minimum payments on their debts over the next three months – that's the highest level since tens of millions lost their jobs during government-imposed lockdowns in 2020.

 

“Stratospheric prices have pushed Americans to the brink. Runaway spending, borrowing, and creating money by the federal government over the last several years gave us 40-year-high inflation and higher interest rates. That deadly combination has effectively reduced the typical American family’s annual income by over $8,000.

 

“The assertions from so-called experts that inflation was trending toward the 2.0% target were completely baseless. Since June 2022, inflation has been trending to 3.0% or higher. We’ve been at that level for several months and we're not going lower until the big spenders in Congress—from both parties—stop treating taxpayers like modern-day serfs.”

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