The Biden administration is touting the latest June jobs numbers as a sign that his economic “program is working” to alleviate the inflation Republicans contend he has caused, while Democrats like Rep. Val Demings insist that corporate price gouging is the cause of the increasingly high cost of living in the U.S.
“Big corporations should be held accountable for price gouging and should have to compete to bring down consumer costs,” stated Rep. Demings, joining her Democratic colleague in the Senate, Sen. Elizabeth Warren's recent remark, “This isn’t about inflation. This is about price gouging.”
"This isn't about inflation," Sen. Elizabeth Warren told MSNBC recently. "This is about price gouging."
The U.S. Department of Labor has recently stated that since May 2021, the Consumer Price Index—the measure that gauges consumer goods like groceries, rent, and gasoline—spiked 8.6% in May 2022
With inflation spiking at the highest rate in 40 years, President Joe Biden was quick to pivot his blame from Russian President Vladimir Putin to Congressional Republicans.
“The problem is, Republicans in Congress are doing everything they can to stop my plan to bring down costs on ordinary families. That’s why my plan is not finished, and why the results aren’t finished either," said President Biden when he recently addressed the AFL-CIO Teamsters union.
Republicans have used the growing inflation, or “Bidenflation,” to bolster their chances of winning control of both the Senate and House of Representatives in the 2020 midterm elections.
Florida Senator Marco Rubio, who’s running for reelection, believes that if Democrats held the majority in the Senate, economic conditions would “be even worse.”
“Inflation grew at the fast rate IN 40 YEARS last month And if Biden had 51 Democrats in the Senate things would be even worse.”
“Inflation keeps on rising and now it’s at 8.5 percent! Biden refuses to take responsibility and instead is trying to blame it all on Putin’s war on Ukraine,” said Rep. Brian Mast (R) moments after the news broke that inflation had hit the 40-year high.
Other Republican lawmakers like Rep. Gus Bilirakis, echoed Sen. Rubio and Rep. Mast, blaming President Biden for the “rampant inflation” that is occurring under his “watch.”
"Florida families cannot afford the rampant inflation happening under President Biden's watch. In fact, inflation has increased every month President Biden has been in office. From the gas pump to the grocery store, the cost of daily life keeps getting more expensive," tweeted the veteran Rep. Bilirakis.
Even as the Biden administration presses forward with its economic plan to ease the rising price of bacon, eggs, and gas, economists still believe that the nation’s economic outlook looks bleak.
According to Yardeni Research President Edward Yardeni, more “bad news” for Americans is coming.
"We’ve seen substantial increases in wages, that’s the good news," stated Yardeni, continuing, "The bad news is when they [Americans] go shopping, they find that their purchasing power is basically zip. It’s been unchanged for the past year because prices have gone up so much."
Big corporations should be held accountable for price gouging and should have to compete to bring down consumer costs.
— Rep. Val Demings (@RepValDemings) July 8, 2022