This morning, the U.S. Department of Labor announced inflation has risen to 7.5%. This is the fastest increase since 1982 and it is the eighth consecutive month that inflation has been above 5.0%.
"Inflation is hurting Michigan residents, especially families and seniors. Their money is not going as far as it used to as they pay more for groceries and energy. President’s Biden’s massive federal spending, energy policies, and vaccine mandates, especially on truck drivers and health care workers, have all contributed to labor shortages and rising prices across the nation,” said Congressman John Moolenaar. "Before the pandemic, the U.S. had historically low unemployment and low inflation. Now, after only one year in office, President Biden has managed to drive up prices, cause labor and supply shortages, and discourage energy development.”
Heather Long, economics reporter for The Washington Post, posted a graphic this morning showing how inflation has risen in the 13 months since Biden's inauguration.
Original source can be found here.
