We got more bad news this morning. Inflation surged faster than expected to 8.3% in August, and it’s keeping prices historically high. According to the latest numbers, families like yours are paying:
13.5% more for groceries, the largest increase since 1979.
6.7% more for rent, the largest increase since 1986.
15.8% more for electricity, the largest increase since 1981.
In total, it’s estimated that we paid an extra $715 last month just to buy groceries, keep the lights on, and fill up our gas tanks. As if this dramatic cost of living increase wasn’t devastating enough, we are now helplessly watching in disbelief as retirement savings disappear in a plummeting market.
This isn’t about politics. It’s real life. Families are struggling, and our economy is barreling towards a recession.
How does President Biden respond? By hosting a celebration for his “Inflation Reduction Act” at the White House today. (I’m not kidding.)
Not to spoil the ending for you, but the title doesn’t match the story. Biden’s $700 billion Inflation Reduction Act will only push prices higher, drive us deeper into a recession, and raise taxes at a time people can least afford it.
Today’s underserved victory lap is all the proof we need to see how out-of-touch President Biden is with the struggles people in Eastern Washington are facing. We need real results, and I’m not going to stop fighting until we bring an end to this administration’s spending addiction.
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