Families across America increasingly feel inflation’s pinch on their day-to-day necessities. Prices of milk, bread, eggs, and gas are up year-over-year. So are diapers. As a mother of two toddlers, I spend more and more money on boxes containing fewer and fewer diapers. The leadership in Washington thinks that the solution to inflation is for government to send more money to give households a cushion against rising prices. But massive spending is helping to drive inflation while stacking up insurmountable long-term debt. It’s time for a new approach that won’t straddle future generations with unfathomable debt or put more pressure on family budgets now.
Consumer prices increased 5.4% in June from a year prior, according to new data from the Bureau of Labor Statistics. This is the biggest monthly increase since August 2008, and if we exclude food and energy, inflation experienced its largest move since September 1991. Households are also feeling pain at the pump as all-time high demand is pushing national gas prices higher.
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