RNC STATEMENT ON PRODUCER PRICE SURGE UNDER BIDEN
WASHINGTON – Today, Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on January’s Producer Price Index spiking 9.7% since last year:
“Under Bidenflation, prices are spiking while real wages are going down, costing American families hundreds of dollars each month. While workers and small businesses pay the price for Biden’s failed policies, he just doesn’t care.”
Background:
- The Producer Price Index rose by 9.7 percent since last year, just shy of last month’s highest level ever recorded.
- Core producer prices – which takes out food and energy – also increased at a near record 8.3 percent.
- Bidenflation is costing American families and workers hundreds of dollars each month.
- Moody’s Analytics, a “Wall Street” firm Biden loves to cite, found inflation is costing American families $250 per month.
- Biden’s favorite economist – Moody’s Mark Zandi – estimated last year the average American family was paying an extra $175 per month because of Bidenflation.
- The Penn Wharton Budget Model found inflation cost the average American household $3,500 last year.
- Real average hourly earnings fell 1.7 percent in January, with inflation eating up any wage gains.
- Instead of answering for his failed policies, Biden calls any one who asks about rising prices a “son of a bitch” or a “wise guy.”