This morning, the U.S Department of Labor announced inflation has risen to 7% - the fastest increase since 1982. According to the National Federation of Independent Business, almost half of small businesses will have to raise their prices in the next three months. CNBC reported that while workers were experiencing wage gains, they really received a 2.4% pay cut because inflation outpaced their wage increase.
"Today's inflation numbers confirm what we are seeing in Michigan - rising prices are hurting Michigan’s seniors and families as their money does not go as far as it used to,” said Congressman John Moolenaar. "Before the pandemic we had record levels of employment, rising wages, and low inflation. Now, in his first year in office, President Biden has discouraged energy development, driven up gas prices, paid more money for people not to work, and allowed the backlog at our nation’s ports to hit record highs. Biden’s policies are not working.”
In a tweet on Tuesday morning, Heather Long, economics reporter for The Washington Post, listed how inflation is affecting major economic categories, with a 49 percent rise in gas prices affecting all parts of the economy.
Original source can be found here.
