Hawkeye Reporter

The inflation rate is on the rise, especially in Iowa. 

Prices increased between 7% and 7.5% in a region that includes Iowa, according to an analysis by the Wall Street Journal. It’s the highest jump in the country devaluing the spending ability of Americans.

Meanwhile, the so-called “misery index” is at 10.5%, the highest since the Great Recession. The misery index is the sum of the inflation rate and unemployment and is expected to fall in the next few months when supply constraints ease, which should lower unemployment and inflation, according to ZeroHedge. And there’s more bad news. The preferred measure of inflation for the Federal Reserve also rose. The core person consumption expenditures index rose by the highest rate on record in September. 

In response to the alarming numbers, Iowa Sen. Joni Ernst tweeted, “Turkey, stuffing, mashed potatoes—& a large helping of inflation—are all on the menu this Thanksgiving. Families across Iowa & America can count on spending more for this year’s feast thanks to #Bidenomics & the Dems’ irresponsible spending habits.” 

Government spending was the cause of runaway inflation in the 1970s and compares to the current economy, according to a Wall Street Journal video.

With all those factors in play, Americans are finding it harder to stretch a dollar. The consumer price index also took a jump in October, increasing by 0.6% passing a forecast by economists that it would rise by 0.4%, Axios reported. Overall, prices rose by 6.2% from 12 months ago, the highest yearly increase in more than 30 years. Fuel prices have jumped by 59.1% over the same time last year.

The inflationary pressures have prompted critics to speak out about the need to rein in spending.

“I think we need to put a pause button on government spending (and) get inflation under control,” former Treasury Secretary Steve Mnuchin told Fox Business, as he called for a moratorium on government spending. 

“It’s the exact wrong time to be raising taxes,” he said in reference to a provision of the infrastructure spending bill.

Mnuchin is concerned that without a pause on spending Americans will continue to get less for their money. 

Real average weekly earnings decreased by 1.6% since October of last year, indicating Americans’ spending power decreased on average because of the inflated prices of goods, services, housing and more, according to a news release from the Bureau of Labor Statistics.