What Exactly are we Celebrating?

Earlier this week, President Biden and Democrat leaders in Congress “celebrated” the passage of what they called the “Inflation Reduction Act.”

But naming a bill something and having it actually achieve something are two different things. In fact, just this week new economic data showed inflation in August was 8.3% higher than last year and remains at a near 40-year high.

In the Inland Empire, the inflation rate was even higher than the national average at 9.2%. Grocery prices are running 13.5% higher than a year ago.

The American dream of homeownership just got harder for regular Americans. With mortgage rates over 6%, many houses are out of reach especially as wages erode under Biden’s disastrous economic policies.

Families who rent are also facing rising prices with Inland Empire rent spending increasing 8.7% over the past year.

Gas prices here in California are also on the rise once again.

With all these costs increasing, wages are failing to keep pace. Real hourly pay is down almost three percent.

As a result, Americans are taking a pay cut. It’s no surprise that a majority of Californians are experiencing a financial hardship due to inflation.

 

The American people are not fooled, they understand that President Biden and Democrats in Congress only have one trick up their sleeve: tax-and-spend. We can’t spend our way out of inflation. This is NOT a time for celebration – it’s a time to take our country in a different direction to provide American families with relief.

 

KEN CALVERT
Member of Congress