Political outsider, successful business leader, and Republican nominee for U.S. Senate Joe O’Dea issued the following statement following the new September inflation report showing a massive inflation reading.
Consumer prices including gasoline, groceries, and rents surged by 0.4%% in September compared to the 0.3% expected for the month. Overall, the Consumer Price Index is up 8.2% year over year.
“This election is a referendum on inflation and price increases. Working families need help from Congress, not more reckless spending from Joe Biden and Michael Bennet,” said Joe O’Dea.
“Biden and Bennet’s $1.9 trillion spreading spree caused this inflation crisis, and Michael Bennet was the deciding vote,”said Joe O'Dea. “The Biden stimulus fueled record inflation, and the so-called Inflation Reduction Act won't do anything to lower prices. Single control of Congress won't lower inflation. America, and Colorado, need balance in the U.S. Senate to lower prices.”
Core prices jumped 0.6% from August to September. Rent, medical care services, and new cars all grew more expensive last month. This is 6.6% higher than the previous year, a new 40-year high.
The cost of groceries climbed 13% over the last year. Fuel oil is up 58.1%. Airline fares are up 42.9%. Electricity is up 15.5%. Milk is up 15.2%. Eggs is up 30.5%.
Inflation is driving up costs on families as Real Average Hourly Earnings decrease by 3%.
The Producer Price Index, along with CPI, also accelerated in September, doubling expectations at 0.4% compared with the Dow Jones estimate of 0.2% for the month.
Congress passed a $900 billion economic stimulus package in December 2020, after additional spending earlier in the year. Still, Joe Biden pushed Congress to pass the $1.9 trillion spending package, the American Rescue Plan. Michael Bennet applauded this decision.
Reckless spending worsened inflation, and Biden and Bennet went ahead despite warnings from economists.
Biden pressed Congress to pass another multi-trillion dollar spending package, Build Back Better. Michael Bennet, again, expressed his support for the package, putting the interests of the Democratic Party over the interests of the country.
Learn more about Joe O’Dea’s campaign here.
Original source can be found here.
