by Richard Manning
Americans are tapped out. They are struggling to pay for higher prices at the pump, the grocery store, and just about everywhere else. Friday’s Bureau of Labor Statistics August Producer Price Indexes report showed on an unadjusted basis, the final demand index rose 8.3 percent for the 12 months ended in August, the largest advance since 12-month data were first calculated in November 2010.
The Producer Price Index is a precursor to what retail prices will be doing in months ahead, and the August report is more bad news. The 8.3 percent annual increase in final demand signals that Americans will be paying much more for goods and services in coming months and verifies what everyone who pays their own bills already knows, Joe Biden’s America is a much more expensive place to live and it is going to get worse.
It is time for Congress to just put a stop to the madness and refuse to pass the budget reconciliation bill. Our nation cannot afford to hit the accelerator when we are already feeling the inflation pain from our prior debt excesses.
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Richard Manning is President of Americans for Limited Government.