Despite the Biden Administration’s attempt to paint a rosy economic picture, a Bureau of Labor Statistics report this week revealed consumer prices increased by 3.7% in August. When volatile food and fuel prices were stripped out, that index climbed at an even faster annual pace (4.3%).
Why It Matters: The economic outlook for most Americans continues to decline as families grapple with the rising cost of groceries, gas, and every day goods. These rising costs disproportionately affect low-income Americans and make it harder for younger Americans to achieve basic life goals like marriage, homeownership, and a sustainable stable income.
By The Numbers:
The Bottom Line: The Biden Administration insists “Bidenomics is working.” But inflation hasn’t gone away and cost of living remains to be a critical issue weighing on American families. The longer they see higher prices at the grocery stores and smaller numbers on their paychecks, the more difficult time President Joe Biden will have in the next election.
