WASHINGTON (Nexstar) — Democrats and Republicans are pointing fingers at each other as inflation continues to climb, and according to a government report, is at its highest point in 40 years.
The U.S. Labor Department released a report Wednesday showing the Consumer Price Index has jumped 9.1% since June 2021 — the largest increase in a 12-month period since November 1980-81. The report also shows the energy CPI has spiked 41.6% in the same time frame. None of the figures in the report were seasonally adjusted, but House Minority Speaker Mitch McConnell still called them “staggeringly bad numbers.”
Sen. Todd Young (R-Ind.), along with other Republicans, blames President Joe Biden, saying Americans are paying the price for his bad policies.
“Inflation has already forced the average household to spend an extra $5,200 this year,” Young said.
President Joe Biden said the numbers in the report are already outdated because they don’t reflect the 40-cent drop in gas prices since mid-June, but still referred to the numbers as “unacceptably high.”
Sen. Bernie Sanders (I-Vt.) said the solution is to raise taxes for some higher-earning Americans.
“The American people are sick and tired of struggling to pay for the basic necessities of life,” Sanders said.
Sen. James Lankford (R-Okla.) said that would “make a bad situation worse.”