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Biden admits inflation is unacceptably high after rate hikes

President Biden admitted on Wednesday that inflation was “unacceptably high” after annual inflation rose to 9.1% in June – the highest since November 1981 – as Republicans accused the White House of not having a plan to deal with it of the economic emergency.

In a statement released shortly after his arrival in the Middle East, Biden attempted to deflect the horrifying report by noting that, like any other inflation report, it was “out of date.”

“Today’s data does not reflect the full impact of nearly 30 days of declines in gas prices, which have reduced the price at the pump by about 40 cents since mid-June,” the president said. “These savings provide important breathing space for American families. And other commodities like wheat have fallen sharply since this report.”

But the Bureau of Labor Statistics report found that so-called “core inflation,” which measures the cost of all items minus food and energy, rose 0.7% in June, after rising 0.6% in April and May was – a total increase of 5.9% from June last year.

White House press secretary Karine Jean-Pierre
The White House is under fire as inflation continues to soar.
Getty Images

The White House had tried to forestall the bad news ahead of the report’s release, with press secretary Karine Jean-Pierre telling reporters the administration expected the reading to be “very high.”

Regardless of the warning, Republican lawmakers berated the government after the report was released.

“Working families are struggling to make ends meet as they continue to face the worst inflation in 40 years. The economic sirens are wailing and economists are warning of an impending recession. but @POTUS covers his ears and turns his back on the American people,” said Senator John Barrasso (R-Wyo.) tweeted.

“This is unsustainable and the Biden administration has no plan to ease the high prices that are hurting American families,” said Rep. Gary Palmer (R-Ala.) wrote.

“Democrats don’t care about things that matter to every working American, like inflation, a border crisis, gas prices, or violent crime, they only care about the favorite issues of their white, wealthy, liberal donors and activists,” said Sen. Marco Rubio ( R Fla.) said.

US President Joe Biden
President Biden finally admitted on Wednesday that inflation was “unacceptably high.”
EPA

“New report: inflation hits near 41-year high” wrote Sen. John Thune (R-SD). “Groceries, gas, rent, utilities — almost everything is more expensive these days, and Americans feel the pain every day. This level of inflation is a direct result of the Dems’ spending since they took control of DC.”

“Inflation continued to spike in June on the back of Joe Biden’s reckless spending,” said Sen. Marsha Blackburn (R-Tenn.) interfered. “Inflation rose to a historic 9.1%, the highest level since 1981.”

“Inflation is up 9.1% – a new 40-year high. And what are Democrats doing to help suffering Americans? We’re adding fuel to the fire by reinvigorating Joe Biden’s trillion-dollar spending plan.” said Rep. Tom Tiffany (R-Wis.).

A shopper walks through a grocery store in Washington, DC on June 14, 2022.
Republican lawmakers criticized the president as American consumers continue to struggle with soaring commodity prices.
AFP via Getty Images

Rep. Brian Mast (R-Fla.) called the record June numbers a “wake-up call” for Biden and his fellow Democrats to change their agenda in Congress.

“Inflation is up to 9.1%, the highest in my life,” he said Posted. “Runaway spending has dug this hole. First rule to get out of a hole? stop digging This has to be the wake-up call for Joe Biden and the DC Democrats: Stop putting your liberal agenda ahead of American welfare.”

Rep. Claudia Tenney (R-NY) also directed her anger at the Democrats in Congress on Wednesday. saying, “Biden inflation continues to shoot up. The latest report released today shows costs have increased by a whopping 9.1%! And even now, Congressional Democrats still want to spend more of their money and raise taxes on job seekers and families.”

In this file photo taken on June 23, 2022, a Chevron gas station displays the price per gallon in Los Angeles as over $7
“Today’s data does not reflect the full impact of nearly 30 days of decline in gas prices,” President Biden said of the new inflation report.
AFP via Getty Images

“It’s even worse than expected,” Rep Greg Murphy (R-NC) tweeted. “#Bidenflation hit a new record high with #CPI of 9.1% (y/y). Too many dollars chasing too few goods, and yet Liberal Democrats are still plotting billions in new tax hikes.”

Rep. Clay Higgins (R-La.) accused the Democratic Party of “destroying America” ​​and said “families can’t make it” when inflation is this high.

“Democrats are destroying America. Families can’t make it. We can’t buy groceries and pay rent. And all they can squeal about is woke crap and climate BS. It’s insane. May God preserve our republic,” he said wrote.

The chart shows the CPI increase to 9.1% in June
The annual growth rate of prices rose to 9.1% in June.

“The Biden administration continues to break records: June inflation hit an unfathomable 9.1%,” said Rep. Kevin Hern (R-Okla.) said. “While @POTUS will continue to blame corporations and wars abroad, the American people know their policies are responsible for the pain they feel every day.”

“Remember, this didn’t just happen,” Sen. Ron Johnson (R-Wis.) said. tweeted. “This destructive inflation was caused by the Democrats’ war on fossil fuels and massive deficit spending. Biden and his congressional trailblazers must be stopped.”

Senator Thom Tillis (R-NC) took the opportunity to blast the Biden administration’s pressure for additional spending. saying: “This is the worst inflation we’ve seen in decades, and it’s crushing hard-working North Carolina residents. The Biden administration’s only response was to push for more lavish spending that would exacerbate inflation and cost Americans even more from their paychecks.”

Sen. Bill Cassidy (R-La.) agreed, Write: “Inflation rose by 9.1% in June. Americans are suffering from Biden’s disastrous economic agenda. The last thing Americans need is a Democrat-imposed tax hike and more reckless spending.”

https://nypost.com/2022/07/13/biden-admits-inflation-unacceptably-high-after-rate-surges/ Biden admits inflation is unacceptably high after rate hikes

JACLYN DIAZ

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