On Tuesday, following the latest Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), U.S. Sen. Rick Scott, R-Fla., went after President Joe Biden and Federal Reserve Chair Jay Powell and “their total inaction on growing inflation.”
As inflation rises, price increases disproportionately hurt small businesses and low and fixed-income families. Today’s BLS data, in conjunction with last week’s Producer Price Index data, proves that prices are rising for families in Florida and across the nation. Year over year, consumer prices increased 2.6 percent in March – a significant increase from the 1.7 percent increase reported for the 12-month period ending in February 2021. Food prices have seen a 3.5 percent increase over the last 12-months while gasoline prices are up 23 percent,” Scott’s office noted.
“President Biden and Chair Powell need to wake up. When you grow up poor, as I did, you know how much it means to a family when prices go up. Today’s CPI data is clear – inflation is on the rise. Yet Biden and Powell remain in la-la land, ignoring the fact that prices of every day goods, like groceries and essential business supplies, are rising and making it harder for folks to make ends meet,” Scott said on Tuesday. “Americans can’t afford for this to be ignored any longer. It’s time for Biden and Powell to return to reality and lay out a clear plan to address rising inflation and protect American families.”
At the end of last week, following the latest Producer Price Index release from the Bureau of Labor Statistics (BLS), Scott demanded that Biden and congressional Democrats take immediate action to combat the impacts of rising inflation, insisting it disproportionately hurts small businesses and low and fixed-income families.
“Today’s BLS data shows clearly that American producers are charging more for their goods, thereby increasing the prices American families and small businesses will pay for everything from basic business supplies to groceries. According to the BLS, the final demand index moved up 4.2 percent for the 12 months ended in March, the largest advance since rising 4.5 percent for the 12 months ended September 2011,” Scott’s office noted.
“For months I have been calling on President Biden, members of his administration and the Federal Reserve to face the facts and lay out a plan to fight inflation and its negative impacts on American families and small businesses. When inflation rises, the prices of every day goods, like groceries and essential business supplies, go up making it harder for folks to make ends meet. I grew up poor and watched my parents struggle to put food on the table. I know just how much a slight rise in prices can hurt a family because I saw it every day growing up,” Scott said on Friday.
“Biden’s ignorance on inflation is not only wrong, it’s dangerous. The president’s refusal to address this critical issue has a direct negative effect on Floridians and families across our nation, and hurts low and fixed-income Americans the most. It’s time for Biden to wake up from his liberal dream and realize that reckless spending has consequences, inflation is real and America’s debt crisis is growing. Inflation is rising and Americans deserve answers from Biden now,” Scott added.