Staff Reports
On Tuesday, the Labor Department released its latest report on inflation, and several liberal media outlets trumpeted its findings. According to the report, the consumer price index in November was 7.1% higher than in the previous year.
The Bureau of Labor Statistics noted that the annual inflation rate had not been that high since 1982.
On Tuesday, the media claimed that the cost of living had started to cool down. Some outlets, such as the New York Times, referred to it as a "cooling off."
The headline-driven news outlets failed to capture the real story, as the consumer price index has been rising since Joe Biden became president. Food prices were up 12% in November, while energy costs were up 13.1%.
The Republican National Committee released a report on Tuesday to counter the misleading claims about Biden's rise in inflation. Here's some of the "lowlights" exposed in their report:
According to the report, the average hourly earnings of workers fell 1.9% during the past year. This is the 20th month in a row that inflation has outpaced wages.
The producer price index, which is the cost of goods and services that companies pay for, increased by 7.4% in November. For the 20th straight month, the annual inflation rate for wholesalers has been over 5%.
A survey conducted by the Harris Interactive revealed that 80% of Americans believe that the country is already in a recession, and over half think it could be even worse.
The number of Americans who are tapping their retirement accounts to cover their financial emergencies has increased by 24% over the past year. This means that nest eggs are starting to shrink at a fast pace.
Under Biden, the prices of goods and services would still increase by $9,000 for the average household in the next year if inflation stopped now. In November, inflation had cost the average household around $747.
The Christmas price index, which is used to measure the cost of gifts, has increased by 10.5%, the biggest spike since the Great Recession.
According to a survey, about 40% of Americans plan to spend less this holiday season than last. This is the most cautious approach to holiday spending since 2013.
Getting around is no bargain either, as round-trip flights have increased by 39 percent over last year. The cost of lodging has also gone up by 12 percent, and rental cars have gone up by 46 percent. The national average price of gas has increased by 37% since Biden became president.
Despite the rising cost of gas, Biden and his fellow Democrats are still maintaining that the various measures that were enacted during the last few years have been beneficial for the country's economy.
Rick Scott of Florida, who has been a vocal critic of the administration's handling of inflation, released a statement on Tuesday.
In his statement, Scott criticized the Democratic Party for spending more money on frivolous projects and an increase in the IRS's surveillance of Americans' finances.
