Sen. Joni Ernst said Iowans are concerned about rising inflation rates.
Sen. Joni Ernst said Iowans are concerned about rising inflation rates.
Sen. Joni Ernst (R-IA) expressed concern about the recent surge in inflation rates and the rising prices of consumer goods and services.
While President Joe Biden claims the inflation is temporary and won’t be worsened by federal spending, the New York Post reported many believe the situation will become long term.
“Iowans & Americans have made it clear: they’re worried about inflation,” Ernst wrote in a July 25 Twitter post. “The Democrats’ reckless tax-and-spend spree will mean even more money out of Americans’ paychecks.”
According to a July 13 report from the U.S. Bureau of Labor Statistics, the cost of living has increased 5.4% over the past 12 months. Core inflation, which excludes food and energy, experienced the largest increase over a year since November 1991 at 4.5%.
Inflation rose 0.9% in the previous month alone according to the same statistics bureau report.
Market Watch reported that the cost of used cars rose 10.5% in June, accounting for more than a third of the increase in overall consumer prices for the month.
At a recent CNN town hall, as reported by the New York Post, Biden said comparing current prices to the same time last year will be warped since the COVID-19 pandemic caused record-low prices.
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