Yesterday Joe Biden hosted a White House event to celebrate the “Inflation Reduction Act.” while markets plummeted due to the Consumer Price Index increase of 8.3% in August and the
forecast that prices will continue to rise.
Breaking down the increased costs, the energy index rose 23.8% over the past 12 months:
gasoline up 26%; fuel oil 68.8%; natural gas 33%; and electricity 15.8%, the largest increase
since August 1981.
The price of food increase of 24% is the highest in 44 years:
- eggs up 40%
- milk 17%
- bread 16%
- chicken 17%
- potatoes 15%
- rice 13%
- baby food 12.6%
Most families are paying $500.00 more/month for food. The highest increases in living
expenses are in food, transportation and rent.
Despite what its name indicates a report by the Penn Wharton Budget Model found the bill’s
effect on inflation is zero.
With the National debt at 13 trillion dollars our way of life is being destroyed!
I am a fiscal conservative who subscribes to reduced government spending, minimize
government debt and transparency. I would not approve expenditures that continue to raise
our debt. I would also follow up about how federal dollars are spent and ask why PA has used
only 6% of nearly 27.7 million in unspent federal Covid Relief dollars.