WASHINGTON—New data released Tuesday showed that the average prices paid by American families have risen an average of 13.8% since Biden took office. Inflation, as measured by the consumer price index (CPI), was up 7.1% over the last year and 0.1% for the month of November. Core inflation, which excludes food and energy prices, was 0.2% for the same month and 6.0% over the last 12 months.
The prices for many consumer staples have risen alarmingly since last November, including lunchmeats by 18.4%, eggs by 49.1%, flour by 24.9%, butter by 27.0%, and milk by 15.6%. Other necessities have seen large price increases over the last year, like health insurance up 13.5%, public transportation up 23.8%, and home heating oil up 65.7%.
EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, released the following statement in response:
“Although the slowdown in inflation is certainly welcome, it’s not a sign of things to come. The latest data illustrate why families cannot afford to live in Biden’s America. Under Biden, prices have risen so much faster than wages that the average family has lost $5,800 in real annual income. That loss is thanks to the ‘hidden’ tax of inflation, caused by the Biden administration and congressional Democrats’ policies.
“Higher interest rates are now costing the typical family another $1,300 annually. Combined with a lower real income, this effectively costs families a total of $7,100 in annual income under Biden. But some families are even worse off, especially if they are trying to buy a home. The monthly mortgage payment on a median priced home is up 84%, or $820, since Biden became president. That’s about $10,000 more per year and $300,000 more over 30 years for the same house.
“The administration’s war on reliable American energy has also contributed to a sharp rise in home heating bills. The average family will spend 16% more to stay warm this winter. These policies are destroying people’s livelihoods, but they are all self-inflicted wounds. They could be reversed if we simply reverse the radical policies which caused them.
“Now, Congress is deciding on the new fiscal 2023 spending package. The lame-duck Congress has no right to go on a last-minute shopping spree for themselves and their special interests that locks in the Biden-Schumer-Pelosi agenda until next fall.”
BACKGROUND: The continuing resolution funding the government expires on December 16. Congress can continue funding the government through either an omnibus appropriations bill or a continuing resolution. An omnibus would lock in the inflationary Biden-Schumer-Pelosi agenda through next year. The outgoing, lame-duck Congress should pass a short-term continuing resolution that lets the newly elected representatives set a budget through regular order.