Alarming inflation rate calls for immediate halt to Biden’s socialist agenda

Biden, Pelosi, Schumer Need to Reverse Course Immediately

Fairfax, Va. – Today’s data from the U.S. Labor Department’s Bureau of Labor Statistics shows annualized inflation has jumped to 4.2 percent. Americans for Limited Government President Rick Manning issued the following statement blaming the alarming inflation rate on the socialist spending and regulatory policies of President Joe Biden and the Democrat-controlled Congress.

“Inflation is back, courtesy of the wild spending spree by the Biden administration in the face of supply limitations that, at least partially, are the result of continued limitations instituted by state governments.  When Joe Biden took office, the annualized inflation rate was 1.4%, and the January inflation rate had ticked up to .3 percent. Just released inflation data from the U.S. Labor Department’s Bureau of Labor Statistics shows annualized inflation has jumped to 4.2 percent with the previous three months showing increases of .4, .6 and in April .8 percent.  While an imperfect calculation as the inflation numbers build upon themselves, the previous three months annualize out to an inflation rate in excess of 7 percent and rising.

“As those who lived through the hard times of high inflation in the 1970s and early 1980s, prices increasing faster than wages is devastating both to the economy and to the nation’s psyche as the feeling that ‘the harder I work, the further I fall behind’ takes hold.

“Congress needs to quit messing around with the left’s attempt to federalize our election laws and impose a socialist wish list on America and behave responsibly.  This means killing Biden’s latest $1.9 trillion spending bill outright, and rescinding the excessive unemployment benefits that are stifling the labor markets.  Because much of the inflation has been fueled by high energy costs which drive up costs for the delivery of goods around the country, the administration also drop their regulatory attack on oil and natural gas.

“At the start of Biden’s term, our nation was energy independent, enjoyed low inflation and a booming employment market which was held back only by Democrat state governors’ Covid lockdowns. In his first 100 days, Biden has rescinded the Trump prosperity program and replaced it with a government-before-people agenda that is directly responsible for this inflation burst.

“The difficult piece of this puzzle is that once the inflation genie is out of the bottle, a number of other ills follow including higher interest rates which impact home and car purchases, but also the amount the U.S. taxpayer has to pay to service our $28 trillion debt.  The Biden, Pelosi, Schumer team need to reverse course now before they kill the goose that laid the golden egg.”

For media availability contact Catherine Mortensen at 703-479-4643 or [email protected]