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