A state representative was alarmed by increase in inflation under President Biden | Pixabay
A state representative was alarmed by increase in inflation under President Biden | Pixabay
One of Georgia's state representatives recently spoke of his concern that the rate of inflation has grown by 5.4% over the past 12 months.
“Last night, President Biden and the Democratic Party showed just how little they really understand about our American economy," state Rep. Timothy Barr (R-Lawrenceville) said in a post to his Facebook account on July 22. "Biden even thinks that his massive spending bills will drive down inflation. We all know that's not true, even Obama economist Larry Summers acknowledges that "the inflation risk is real." In Congress, I'll fight for a stronger economy, work to lower inflation, and I'll always #StandforAmerica! “
Barr is running for the U.S. House seat representing District 10.
State Rep. Timothy Barr
| File Photo
According to a July 13 report from the U.S. Bureau of Labor Statistics, the cost of living jumped by 0.9 in June, the largest 1-month change since June 2008, when the Consumer Price Index rose 1.0 percent. Market Watch said the cost of used cars rose 10.5% in June, accounting for more than one-third of the increase, but prices for food, energy, clothing, plane tickets and hotels also rose sharply.
Inflation rose to 5.4% from 5% in the 12 months ending in June. The last time prices rose that fast was in 2008, when oil hit a record $150 a barrel, according to Market Watch.
According to Fox Business, President Joe Biden has suggested that the inflation is transitory and that his economic agenda will tamp down inflation even with all of its spending.
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