The U.S. Consumer Price Index (CPI) for August dropped Tuesday and it immediately caused a stir. Prices for all items went up an average of 0.3% that month alone. This is a slight decrease from July, which saw an increase of 0.5%.
First, Producer prices rose 0.7% in August, which was less than the 1% increase the month before. Economists were anticipating a 0.6% gain. Yet, it was still the fastest annual pace on record for the fifth consecutive month. As a result, “inflation” began trending on Twitter Tuesday, with over 300,000 tweets at the time of this report.
Deputy Spokesman for House Minority Leader Kevin McCarthy (R-CA), Chad Gilmartin, called more attention to the CPI. In a tweet Tuesday, he blamed Biden and his economic plan.
“Americans are paying (literally) for Biden’s failed leadership,” Gilmartin tweeted. “And now Democrats want to spend $3.5 TRILLION on a liberal wish list.”
Rep. Elise Stefanik (R-NY) jumped on the trend. “Inflation is a tax on EVERY American,” Stefanik tweeted Monday.
A Twitter account behind Pomp Investments took the report as an opportunity to advertise its services. “The most vulnerable in society are being crushed by rising costs, while asset owners get richer,” the tweet read. “Don’t complain about it. Start investing.”
Over the past year, CPI increased 5.3% overall since the last 12 months. However, some items increased by much more. For instance, gasoline is up 42.7% from last August. As a result, the energy index also increased by 2% since last month, and has been on the rise for the last three months. Similarly, used cars rose to 31.9% since last year.
You can follow Jenny Goldsberry on Twitter @jennyjournalism.
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BREAKING: House fails to pass stopgap funding bill to avoid government shutdown
The House of Representatives failed to pass a continuing resolution negotiated between conservative and moderate House Republicans in an effort to avoid a government shutdown.
The Spending Reduction and Border Security Act was introduced by Republican Rep. Byron Donalds of Florida on Sept. 18, following negotiations between the conservative House Freedom Caucus and centrist Main Street Caucus, as a compromise between divided factions of the House Republican Conference to achieve unanimity while avoiding a government shutdown. The bill failed the House by a vote of 198 yeas to 232 nays, with all Democrats voting against the bill.
The bill would fund the government until Oct. 31 and cut public spending by 8.1285%, according to the bill’s text. This would yield $1.59 trillion for one month until the House and Senate pass 12 appropriations bills to provide permanent funding for the 2024 fiscal year.
The Biden administration issued a statement on Friday staunchly opposing the bill, claiming that its cuts to public spending were too severe. It indicated that President Joe Biden will veto the bill if it is presented to him, which means it is unlikely to be passed by the Democratic-led Senate, either.
The Senate has been working on its own bipartisan continuing resolution to fund the government, which includes funding for Ukraine. House Republicans have criticized the bill, with Donalds saying that it is “dead on arrival” in the House.
Continue reading: Daily Caller
I will not be voting for another continuing resolution. pic.twitter.com/zV5AZDce2Z
— Rep. Matt Gaetz (@RepMattGaetz) September 22, 2023
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