President Biden and Pat Ryan’s Inflation Crisis Remains Near Record High

Red Hook, NY – Earlier this morning, a new report from the Department of Labor confirmed that inflation continues to climb and that we remain near the highest level in 40 years.


This inflation crisis is a direct result of the failed policies of the Biden Administration. Washington D.C. Democrats enabled spending sprees, coupled with the Biden White House admittedly misjudging the threat of inflation, has left Americans suffering.


“President Biden, Speaker Pelosi, and Pat Ryan’s economic policies have created the worst inflation crisis in nearly 40 years. They have admitted that they screwed up and misjudged the threat of inflation, and now to make matters worse, they passed another spending bill loaded with goodies for their liberal friends,” said Dutchess County Executive Marc Molinaro. “I’m running for Congress to make things more affordable for families in New York, and that starts by serving as a check and balance on the tax-and-spend policies advocated for by Joe Biden and Pat Ryan.”


BACKGROUND:


Inflation climbed 8.5% in July as prices cool but remain near record high. The torrid pace of inflation slowed in July for the first time in months, but prices remained near the highest level in 40 years. The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries, and rents, rose 8.5% in July from a year ago, below the 9.1% year-over-year surge recorded in June. Prices were unchanged in the one-month period from June. (Fox Business, 08/10/22)


President Biden’s Treasury Secretary Janet Yellen Said The Biden Administration Was Wrong About The Risks Of Inflation. “Treasury Secretary Janet Yellen said she was wrong a year ago when she said she anticipated inflation would be ‘a small risk,’ ‘manageable’ and ‘not a problem.’ In an interview with CNN's Wolf Blitzer on Tuesday, she admitted she had misjudged the threat inflation posed. ‘There have been unanticipated and large shocks to the economy that have boosted energy and food prices,’ Yellen told Blitzer. ‘And supply bottlenecks that affected our economy badly that I didn't, at the time, fully understand.’” (NPR, 06/01/22)


Last Year, President Obama’s Economist Larry Summers Said 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.’” (The Hill, 11/11/21)