On the recordJuly 15, 2022
Consumer prices climbed another 1.3 percent last month, bringing the Nation's total annual rate of inflation to 9.1 percent. The cost of making goods shot up, too. The producer price index hit a whopping 11.3 percent. It is costing Tennesseans and all American families an extra $5,000 a year. There seems to be a growing consensus that we are heading toward a recession. I continue to believe that it didn't have to be this way. The Fed wouldn't have to raise interest rates had President Biden and Congressional Democrats resisted the urge to borrow and spend trillions and trillions of dollars we did not have and couldn't afford to spend. What is their solution for getting us out of this mess? Even more spending. But only increasing domestic production of our natural energy resources can get us back on track. President Biden appears to prefer the destruction of our country's fossil fuel energy industry rather than using it to bring the price of gasoline and diesel back down. ____________________
Source
govinfo.gov




