STATEMENT: James Carter & Mike Faulkender on the July CPI Release

August 10, 2022

Washington, D.C. – Today, the America First Policy Institute (AFPI) released the following statement on the July Consumer Price Index Release from James Carter, Director of the Center for American Prosperity at AFPI, and Mike Faulkender, Visiting Fellow at AFPI:

“Inflation remained well above 8% in July in what has now become the new normal under the Biden Administration. Inflation has been above 8% for the fifth month in a row, and food inflation is now at the highest level since 1979.

Americans have received a massive pay cut due to the inflation tax, and the historic price increases on gas, groceries, and housing hit seniors and low-income Americans the hardest.

The Biden Administration is continuing to double down on its failed tax-and-spend agenda. The latest Big Government Socialism Bill spends hundreds of billions of dollars on China-dependent green energy programs and provides $80 billion in new funding to weaponize the IRS against small businesses and middle-class Americans.

In the middle of a recession, with 40-year high inflation—raising taxes and more out-of-control spending is the last thing our economy needs. This is not an economy that works for all Americans.”