09.13.22

Sullivan: As Alaskans’ Paychecks Shrink, Joe Biden and Congressional Democrats Take a Victory Lap

WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska) issued the following statement after the August 2022 Consumer Price Index (CPI) revealed inflation rose 13.2 percent since Joe Biden took office in January 2021.

“Today’s inflation numbers are another reminder of the economic pains this administration has unleashed on hard-working American families. Most concerning of all is that, as Americans struggle to stay afloat and continue to watch their paychecks shrink, especially in Alaska, President Biden and congressional Democrats are taking a victory lap for passing their socialist spending bill, which pours more fuel on the inflation fire.

“As I’ve said before, the Democrats’ so-called ‘Inflation Reduction Act’ is exactly the opposite of what our country needs right now. This bill is loaded with reckless spending, billions of dollars in new taxes on hard-working Americans, and, of course, the radical left’s favorite policy—an attack on the American energy sector. The people who are going to bear the brunt of this are working-class Americans.”

Key Takeaways from the August 2022 CPI and real wages statistics:

  • In the past year, inflation rose 8.1 percent nationwide and 7.6 percent  in urban Alaska.
    • The cost of food increased 11.4 percent – the largest 12-month increase since May 1979.
    • The cost of gasoline increased 25.6 percent.
    • Core goods – excluding food and energy – rose 6.3 percent.
  • Due to record inflation, Americans’ real wages have decreased for 17 straight months – ever since President Biden and congressional Democrats passed their $1.9 trillion so-called “American Rescue Plan.”

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