Grand Canyon Times

Senate Minority Leader Mitch McConnell (R-KY) has claimed that Americans are paying 13.2% in inflation since President Joe Biden took office, as evidenced by Arizona's consumer Price Index rising 13%.

Meanwhile, Americans are concerned about the cost of living and worried about their financial future, McConnell claimed in remarks on the Senate floor, citing a release on McConnell's official website.

The Bureau of Labor Statistics (BL) released its latest consumer price index (CPI) on Sept. 13, which said that inflation stands at 8.3% over the past 12 months. Food costs are up 14%, energy costs have are up 23.8%, gas is up 25.6%, and the price of a new vehicle has risen 10.1%, the BLI reported. In total, the CPI is up 13% year over year, the BLI said. The CPI had increased 13% in August of this year compared to 2021. 

According to Politico, Biden marked the passing of the Inflation Reduction Act on Sep. 13 with members of Congress and White House, saying “Today offers proof that the soul of America is vibrant, the future of America is bright and the promise of America is real,” Biden said.

In a Gallup poll, 56% of Americans say “price increases are causing financial hardship," up from 49% in January and 45% in November. In the poll, conducted Aug. 1-22, 1,500 Americans 74% said they were experiencing “severe or moderate hardship, and middle-income and upper-income households are struggling more than last year. 

Gallup also said Republicans are more likely to mention the hardship than Democrats. Inflation and the economy are the top issues in the November election.

According to CNN Business, 71% of workers who were surveyed said their wages were not keeping up with inflation, and that the cost of living is “outpacing their salary," CNN stated. A Bank of America poll showed that 62% of workers worry about their finances, despite having a job.

“Stubbornly high inflation is eroding paychecks and darkening the mood of consumers," CNN reported. "Although gasoline prices have eased in recent months, prices for food, rent and utilities remain high.” 

Lorna Stabbia, head of retirement and personal wealth solutions at Bank of America said inflation trumps all other worries for employees.

“The major contributor to that stress is inflation,” Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, said in the story.

Americans have lost $4,200 in annual income since Biden took office, according to EJ Antoni, a research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis. The center claimed that was because of inflation and high interest rates. 

"Simply put, working Americans are $4,200 poorer today than when Biden took office. This financial catastrophe for American families is the direct result of a president and Congress addicted to spending our money, combined with a Federal Reserve compliantly enabling this addiction by printing more dollars. Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed people’s purchasing power and jeopardized Americans’ financial futures," said a release by the Heritage Foundation.

Some economists argue that inflation is tied to increased government spending, as well as from federal interest rates, supply chain issues and monetary polies, according to Smart Asset. Over the past 100 years, inflation has averaged about 3% per year, but Smart Asset said the CPI started “surging” in 2021.

The Consumer Confidence Index (CCI) “provides an indication of future developments of households’ consumption and saving, based upon answers regarding their expected financial situation, their sentiment about the general economic situation, unemployment and capability of savings” according to a report by the Organization for Economic Cooperation and Development. The CCI rose 4.4 points in September to 108. The CCI was at 113.8 when President Biden took office, the Consumer Confidence Board reported.