The Sconi

Senate Minority Leader Mitch McConnell (R-KY) said voters everywhere have paid the price since President Joe Biden took over in the White House.

“Since President Biden took office, inflation has shot up a staggering 13.2%,” McConnell said in a press release. “For the average American household, this translates to hundreds and hundreds of extra dollars every month. In my home state of Kentucky, for example, the Democrats’ inflation has forced proud, hardworking families to ask for help putting food on the table. In some cases, for the first time in their lives, this is what it happens when Washington Democrats put their own priorities ahead of the peoples.”

Back in September, the U.S. Bureau of Labor Statistics issued its most recent Consumer Price Index (CPI) summary, which found that the rate of inflation over the last 12 months stands at 8.3%. At the same time, food costs have risen by 11.4%, energy costs have increased by 23.8%, gas prices have risen by 25.6% and the cost to purchase a new vehicle has increased by 10.1%.

Amid all the turmoil, on Sept. 13, Biden convened members of Congress and White House staffers on the South Lawn of the White House to celebrate the passage of the Inflation Reduction Act.

According to Politico, the gathering occurred on the same day the Labor Department released the numbers on inflation for August, with Biden asserting “today offers proof that the soul of America is vibrant, the future of America is bright and the promise of America is real.”

Yet, a recent Gallup poll found that 56% of Americans say “price increases are causing financial hardship,” climbing from 49% in January and 45% in November of last year. Researchers added the poll of 1,500 Americans that was conducted from Aug. 1-22, also found that 74% of voters said they are experiencing “severe or moderate hardship.”

With a more recent Gallup Poll finding that inflation and the economy are the top issues for many in the upcoming election, researchers also found that middle-income and upper-income households are now struggling more than last year, with Republicans more likely to mention the hardship than Democrats.

Here in Wisconsin, the Bureau of Labor Statistics recently released data on inflation for the Midwest Region highlighting that rates now stand at 8.1%, meaning the consumer price index has increased 8.1% in August of this year compared to 2021.

Over the last year, food prices increased by 12.9% and energy prices rose 23.9% since last year.

With that, 71% of workers recently told CNN Business their wages are not keeping up with inflation and that the cost of living is “outpacing their salary.” A Bank of America poll also found that 62% of workers are worried about their finances, despite having a job.

Bank of America Head of Retirement and Personal Wealth Solutions manager Lorna Stabbia argues the increasingly dark mood being expressed by consumers can be attributed to all the stubbornly high inflation.

Since Biden took office, Heritage Foundation Center for Data Analysis research fellow in regional economics EJ Antoni finds that Americans have lost $4,200 in annual income.

“This financial catastrophe for American families is the direct result of a president and Congress addicted to spending our money, combined with a Federal Reserve compliantly enabling this addiction by printing more dollars,” Antoni said in a press release. “Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed people’s purchasing power and jeopardized Americans’ financial futures."

According to Smart Asset, a growing number of economists say inflation is tied to increased federal government spending. In the last 100 years, inflation has averaged about 3% per year, but Smart Asset reports the Consumer Price Index started “surging” in 2021, noting that inflation can also stem from federal interest rates, supply chain issues and monetary policy.

According to the Organization for Economic Cooperation and Development, the Consumer Confidence Index (CCI) “provides an indication of future developments of households’ consumption and saving, based upon answers regarding their expected financial situation, their sentiment about the general economic situation, unemployment and capability of savings.”

The Conference Board reports the CCI rose 4.4 points last month to reach 108, compared to being at 113.8 when Biden took office.