Conservatives have harnessed the Bureau of Labor Statistics’ (BLS) latest Producer Price Index (PPI) report to assail President Joe Biden’s economic policy.
The PPI report gauges inflation for certain sectors of America’s economy.
While the data for the month of July showed an unexpected improvement from previous months, inflation has increased during 2024.
US Senator Rick Scott (R-FL), a vociferous critic of President Biden, quickly responded to the report.
“Under the failure of Bidenomics and the resulting Biden-Harris Price Hikes, the American Dream is growing further out of reach,” said Scott via press release.“Families are having to choose which bills to pay this month and whether they can afford new school supplies for their children.”
According to the PPI report, inflation increased 2.2% since last July.
Prices for food items such as Eggs, Pork, Chicken, Dairy, and Coffee increased 80, 12, 10, 9, and 9 percent, respectively.
Scott claimed such price hikes disproportionately impact low-income families and small businesses.
“Biden-Harris Price Hikes continue to increase prices of goods and services, making it harder for small businesses and families to make ends meet,” Scott said.
Simultaneously, a group of Republican Senators are seeking to aid small businesses survive inflation by combatting new Biden policies that they believe adversely impact businesses.
Senators Joni Ernst (R-IO), Marco Rubio (R-FL) and Jim Risch (R-ID) are opposing Biden’s latest updates to the Small Business Administration’s (SBA) lending policies.
The Senators are rejecting the novel lending policies known as the ‘Green Lending Initiative’, which they allege would pump millions of dollars into businesses with scant collateral guarantees.
“The new “Green Lending Initiative” will prioritize “reducing climate change” instead of helping small businesses that are struggling under the burden of inflation,” claimed the Senators in a statement to the SBA.
