WASHINGTON—Economic indicators released Friday show that inflation hit a nearly 40-year high in November. Consumer prices rose 6.8% from the same period a year earlier, up significantly from the 5.1% projected by the National Association for Business Economics just three months ago. The core price index jumped to 4.9%, the highest increase since 1991.
Joel Griffith, research fellow with Heritage’s Roe Institute for Economic Policy Studies, released a statement today highlighting how Biden’s reckless policies have contributed to rising inflation, and how his tax-and-spend package currently being pushed in Congress would exacerbate these economic problems hurting working Americans:
“Under President Biden’s leadership, the cost of living has increased at the steepest rate in more than three decades. Given historic government spending and the trillions of additional spending proposed, Americans have good reason to worry about inflation—and higher prices across the board confirm those fears.
“Make no mistake, these enormous expansions of government spending by the left will come at a cost. Americans will pay either through direct taxation, higher borrowing costs, or the hidden tax of inflation. This inflation tax can be the most destructive and painful of all.
“Additionally, Democrats are trying to effectively suspend the debt limit with a one-time bill that eliminates traditional safeguards, allowing Senate Majority Leader Chuck Schumer a blank line to write in whatever debt increase he desires—likely a significant number that would dramatically increase nondefense spending, enact the massive tax and spending package, plus leave funds for future pet projects.”