'Real wages are FALLING': Kevin McCarthy slams Biden as inflation falls to 8.3% - but still sits nea

[mystery-ak]

EXCLUSIVE: 'Real wages are FALLING': Kevin McCarthy slams Biden as inflation falls to 8.3% - but still sits near 40-year high, with grocery prices up by 13.5% in a year

    House GOP Leader Kevin McCarthy is leading criticism of President Joe Biden's economy after inflation landed at 8.3 percent in August
    The consumer price index has dropped for the second month in a row after reaching 9.1 percent in June, a 40-year high
    It remains at the highest level since the economically volatile 1980s
    McCarthy vowed Republicans would have a 'plan' to curb soaring prices
    House Republicans are preparing to unveil their 'Commitment to America' ahead of the November midterm elections

By Elizabeth Elkind, Politics Reporter For Dailymail.Com

Published: 11:08 EDT, 13 September 2022 | Updated: 11:15 EDT, 13 September 2022

House Republican Leader Kevin McCarthy is tearing into President Joe Biden and Congressional Democrats on Tuesday for their 'radical and reckless spending sprees' which he says are to blame for August's steep 8.3 percent inflation spike.

The minority leader told DailyMail.com that his party has a plan to cut 'wasteful spending' should they win the House of Representatives in November - a likely outcome, according to multiple projections.

Inflation had been steadily rising throughout most of the year until hitting a 40-year high of 9.1 percent in June. It dropped off slightly to 8.5 percent in July, chiefly driven down by gas prices easing after a sharp spike over the summer.  But August's 8.3 percent increase in consumer prices shows inflation is still running hot, while wages are failing to keep pace with rising costs.

'The cost of living is up 8.3 percent over last year, rose further this month despite Democrats' victory lap in July, and is up nearly 13 percent since January 2021. McCarthy told DailyMail.com. 'Joe Biden and Democrats in Congress are to blame, and they have no plan to fix it.'

He specifically targeted Biden's COVID-19 pandemic package known as the American Rescue Plan, which multiple economists have pointed to as helping drive inflation up.

'Real wages have fallen every month since Biden’s $1.9 trillion stimulus spending spree passed. Joe Biden and Democrats in Congress are to blame, and they have no plan to fix it,' McCarthy said.

'Paychecks cover less. Joe Biden and Democrats in Congress are to blame, and they have no plan to fix it.'

more
https://www.dailymail.co.uk/news/article-11206305/Kevin-McCarthy-Biden-inflation-rate-August.html

[libertybele]

I know most of our bills have just about doubled .... so how is 8% inflation close to being accurate?  I'm not believing it.

Inflation costing the average American $717 a month, analysis shows

Higher prices already cost Americans $8,607 over past year


The average American is shelling out an extra $717 a month because of the hottest inflation in decades, according to a new analysis from the Joint Economic Committee Republicans.

The financial squeeze stems from the rising cost of a number of everyday goods, including cars, rent, food and health care. While the rapid pace of price increases eased slightly in July, the consumer price index still climbed 8.5% from the previous year – hovering near a painful, four-decade high, the Labor Department reported on Wednesday.

The JEC Republicans – who launched the State Inflation Tracker in April to monitor how much higher prices are costing Americans across the U.S. – calculated the figure by comparing prices for goods and services in July versus how much households would have paid for those same items in January 2021, when inflation was 1.4%.

"While prices did not change from June to July 2022, prices increased 13.3% from January 2021 to July 2022, costing the average American household $717 in July 2022 alone," the analysis said..................

................. Real average hourly earnings actually decreased 0.5% in July from the previous month when accounting for higher consumer prices, according to the Labor Department. On an annual basis, real earnings actually dropped 3% in July.

https://www.foxbusiness.com/economy/inflation-costing-average-american-717-month-analysis-shows#:~:text=Inflation%20over%20the%20decade&text=Even%20if%20prices%20stopped%20increasing,American%20household%20an%20extra%20%248%2C607.

[Gefn]

 

[Smokin Joe]

A friend just took his savings and paid off his house. He figured the money would be worth 8-10% less in December than it was in January, and he'd save on interest in  the meantime. Instead of another three years of debt, it's his.  Considering he was paying money to borrow money, while his savings (actual value) were dropping by 8-10% a year, he just decided to stop some of the bleeding.  Seems like a sound concept to me.