On the recordJune 14, 2022
Mr. President, the latest inflation numbers came out on Friday, and it has become par for the course in the Biden economy that they weren't pretty. Inflation hit 8.6 percent in May, the worst inflation since December of 1981. Grocery prices increased nearly 12 percent on average. Eggs were up 32 percent; chicken was up 17 percent; milk was up 15 percent; and the list goes on and on. Gas prices were up 48 percent. Since President Biden took office, the price of gas has more than doubled. Gas is at $5 a gallon, and the price of diesel, so essential to our Nation's farmers and ranchers, is even worse. The problem is, there is no end in sight. JPMorgan estimates that gas prices could exceed $6 a gallon by August. Other energy costs have also increased with electricity up 12 percent and utility gas service up 30 percent. By one estimate, inflation is costing American households $460 per month. That is right: $460 per month. It is no surprise that in a recent poll, 83 percent of respondents--83 percent--describe the state of the economy as ``poor'' or ``not so good'' or that just 27 percent said they have a good chance of improving their standard of living. President Biden likes to talk about creating ``an economy that works for working families.'' Well, I have news for the President. This economy is not working for working families. Working families can't absorb an additional $460 a month. They have to cut back.…





