By Matthew Holloway |
Arizona Rep. David Schweikert shared the shocking July Consumer Price Index (CPI) report of the U.S. Bureau of Labor Statistics that utterly shatters any narrative suggesting that the economy has recovered and inflation is abating. Citing the Bureau, Schweikert’s office noted that consumer prices are up 0.2% month-over-month and 2.9% compared to 2023. This requires the average family to spend $13,138 more per year to maintain the same lifestyle they enjoyed in 2021, while real average weekly earnings dropped 3.9%.
Most damningly, per the report, Cumulative CPI inflation (not seasonally adjusted) is up a devastating 20.2% with the American people effectively losing one-fifth of their buying power since President Joe Biden and Vice President Kamala Harris took power in 2021.
In several states, the cumulative inflation is significantly higher still. In the states of Arizona, Utah, Colorado, and Nevada, all key states in the 2024 Presidential election, cumulative inflation stands at 21.8%, and cumulative additional costs are the highest in the nation with Colorado’s the worst at $36,703 per average household. Colorado is exceeded only by Washington, D.C. where the cost increase is a staggering $41,313 per household. Arizonans have spent $32,625 more due to cumulative inflation.
Schweikert said in the statement:
“Though hardworking Americans received positive news this morning that inflation continued to slow in July, overall prices are still up more than 20% and real average weekly earnings are down 3.9% since the beginning of the Biden-Harris administration.
From Day One, this administration’s radical agenda has been a rubber stamp for growth-slowing tax hikes and runaway inflationary spending that have dramatically reduced Americans’ purchasing power and standard of living. It’s no wonder that consumers have declining confidence in President Biden and Vice President Harris to improve their financial standing after three-and-a-half years of economic calamity.”
The congressman’s office summarized the lengthy report, finding that food prices have increased 22% since January and energy costs have skyrocketed over 40%.
According to the JEC State Inflation Tracker, the average U.S. household was forced to spend $1,095 more in July, or $13,138 more per year, to maintain the same consumption basket they had in January 2021.
Headline CPI-U inflation increased 0.2% m/m and 2.9% y/y.
Core CPI-U inflation increased 0.2% m/m and 3.2% y/y.
Since January 2021:
- Headline CPI-U inflation has increased 20.2%.
- Core CPI-U inflation has increased 18.3%.
- The food price index has increased 22%.
- The energy price index has increased 40.2%.
Real average weekly earnings for all employees have decreased by 3.9%.
On the national inflation tracker, measuring the additional monthly cost for the average U.S. household since January 2021, Arizona placed 11th, well above the national average. The five states that enjoyed the smallest cost increases due to inflation were Arkansas, Oklahoma, Maine, West Virginia, and Louisiana.
On August 2, the Joint Economic Committee Republicans also reported that per the July jobs report, only 114,000 new jobs were added to the economy, well short of the 175,000 projected, and unemployment has increased to 4.3%, further indicating a weakening economy. A week prior, in a fiery speech to a largely empty House, Schweikert sarcastically congratulated Congress for the gross national debt passing $35 trillion.
He admonished his colleagues arguing to protect Social Security, saying they should “know the math and know how it actually works.”
Matthew Holloway is a reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
