The Democrats' $750 billion climate and health care bill, titled the "Inflation Reduction Act of 2022," was recently signed into law by President Joe Biden. However, contrary to what the bill's name implies, budget experts and JPMorgan economists have stated the legislation will have little near-term effect on economic woes.
The U.S. Customs and Border Protection recently released their operational statistics for the month of July. In light of the number of arrests at the southern border during the agency’s fiscal year so far, analysts have expressed concern of surpassing the two million mark for the first time ever. Illicit drug seizures such as fentanyl, have also dramatically increased during fiscal year 2022 to date. Some critics have argued that Arizona Sen. Mark Kelly hasn't done enough to address the problem.
The Bureau of Labor Statistics released its July 2022 Consumer Price Index data, and although it reports a marginally lower inflation number than in June, indexes for some categories increased, including food and shelter, two large components of Arizonians' median household budget.
The Biden administration has blamed Russian President Vladimir Putin and Russia's war with Ukraine for American price hikes, especially the price of gasoline.
Democrats are proposing a minimum corporate tax when many manufacturers are struggling with an impending recession amid inflation and supply-chain disruptions, according to new analysis results from the nonpartisan Joint Committee on Taxation (JCT).
For many states, summer has brought extremely high temperatures, requiring households to constantly run their air conditioning in order to keep cool. Arizona in particular has seen extreme heat in the high 90s and triple digits. With the increased need for cool air, businesses and households have had to bear another effect of inflation: high electric bills – yet another increased cost which many blame Biden for.
Using data from the Federal Reserve Bank of New York, DaQuawn Bruce, an opinion contributor for USA Today, recently made the argument that high rates of inflation caused by President Joe Biden and the Democrats disproportionately affect people of color in Arizona and across the nation.
Many Americans feel that flawed Democratic policies are the cause of some of the country's biggest problems, including rampant inflation, high gas prices, and high rates of crime. Specifically Hispanic Americans, who make up 19% of the total U.S. population and 31% of Arizona's population, are noticing. Recent poll results reveal that those within the Hispanic demographic, which historically voted Democratic, are starting to lean towards the Republican Party.
On March 31, President Biden announced the use of Strategic Petroleum Reserve (SPR) crude oil with the goal of bringing down gas prices for American consumers. Despite this, the price of gas has increased by over 6%, and Arizona's Gas Misery Index has remained high.
Sky-high inflation, which has just been reported at 9.1%, is causing the sharpest real wage decline in several decades. Despite a strong job market, most American workers are ending up financially worse off with each month that passes, and consumer sentiment is falling sharply.
In just the last two weeks, there have been two major fentanyl seizures in the state of California – a problem some say is a result of Biden's open border policy. Last year's fentanyl death rate stands to climb this year, exacerbating the ongoing urgent opioid crisis in Arizona and across the nation.
Prices at the pump have been slightly declining in recent days, but residents in Arizona and across the nation are still paying significantly more for gas than they were at this time last year.