Hawkeye Reporter

U.S. Sen. Joni Ernst (R-IA) continues to have concerns about the United State’s current inflation level following the approval of a muti-trillion dollar infrastructure plan in the House and rise in the consumer price index. 

“Our families are already feeling the pinch from the rising costs of goods and services, and the last thing they want is higher taxes and higher prices," Ernst told the Hawkeye Reporter. "Washington Democrats are moving forward with their reckless, multitrillion dollar tax-and-spending spree to pass their progressive agenda at the expense of Iowa families, farmers and businesses. And it will only fan the flames of inflation. While trillions of dollars may not mean a lot to Washington politicians, it means a heck of a lot to the taxpayers in Iowa who are footing their bill." 

The $3.5 trillion spending package would provide new funding for social programs such as child care and education, among other federally supported programs.   

The Consumer Price Index rose 5.4% over the last 12 months, ending in July 2021, according to the Bureau of Labor Statistics. This is the highest rate of inflation since August 2008 preceding the Great Recession, The Washington Times reported. The consequence is increased costs of living everywhere for Americans. 

The Bureau of Labor Statistics’ Consumer Price Index reported notable upticks over the past 12 months on items particularly important to average American households: food, up +3.4%; energy, up 23.8% and used vehicles, up 41.7%.

A recent Morning Consult poll found that more than 60% of Americans blame President Joe Biden’s administration for the accelerating inflation causing price increases, The Washington Times reported.

In a post for the Peterson Institute for International Economics, Jason Furman, former President Barack Obama’s chairman of the Council of Economic Advisors and a Harvard economist, said inflation has eaten up all of the wage gains for Americans going back to the Trump administration.

Authors of the initial $1 trillion infrastructure bill said the bill would be "fully paid for." The Congressional Budget Office has since said that the $1 trillion installment of the infrastructure plan would add $256 billion to the federal deficit over 10 years, The Wall Street Journal reported. The bill was in committee on Aug. 24.