Former Oregon National Guard soldier and U.S. Congressional Candidate for Oregon’s 4th Congressional Candidate Alek Skarlatos released the following statement regarding record-high inflation.

“President Joe Biden and the Democrats who run Washington, have been on a spending binge that has created the highest inflation surge since 1982,” said Alek Skarlatos. “Throughout Oregon, gas prices are near $4.00 a gallon, the cost to heat our homes and buy groceries continue to rise and it’s clear Joe Biden’s tax-and-spend agenda is not working. If elected, I will hold Joe Biden accountable and offer real solutions to lower the cost of consumer goods and energy bills.”

Inflation surged 6.8% in November, even more than expected, to the fastest rate since 1982. “Inflation accelerated at its fastest pace since 1982 in November, the Labor Department said Friday, putting pressure on the economic recovery and raising the stakes for the Federal Reserve. The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% for the month, good for a 6.8% pace on a year over year basis and the fastest rate since June 1982. Excluding food and energy prices, so-called core CPI was up 0.5% for the month and 4.9% from a year ago, which itself was the sharpest pickup since mid-1991.”

Economist Larry Summers says Joe Biden’s White House misread inflation. “Larry Summers, a former top economic adviser to President Obama, said Wednesday that President Biden's White House has been ‘behind the curve’ in their predictions about rising prices during the coronavirus pandemic. ‘I think that the policymakers in Washington unfortunately have almost every month been behind the curve,’ Summers said on CNN. ‘They said it was transitory; it doesn’t look so transitory. They said it was due to a few specific factors; doesn’t look to be a few specific factors. They said when September came and people went back to school, that the labor force would grow, and it didn’t happen.’”


--Staff Reports

Post Date: 2021-12-11 06:09:43

Last Update: 2021-12-10 16:20:47