DID YOU KNOW.....?
- Inflation is at a forty-year high of 8.3 percent.
- Since January 2021, inflation has increased 13.7 percent,,real wages have decreased 4.3 percent, gas prices have risen 55 percent, the average monthly payment for used cars has increased 27 percent
- 1 in 6 households are behind on utility payments.
- The average mortgage payment is 42 percent higher than one year ago.
- When Biden took office, CBO projected real GDP would grow 2.9 percent in the first quarter of this year. Real GDP fell by 1.6 percent.
- When Biden took office, CBO projected real GDP would grow 2.2 percent in the second quarter of this year. Real GDP fell by 0.6 percent.
- To combat the President’s inflation crisis, the Federal Reserve is raising interest rates, most recently by another 0.75 percentage points – the fifth rate increase since March with others expected on the horizon. In total, the federal funds rate has risen by 3.0 percentage points, the fastest cumulative rate hike in 40 years, as well as the largest rate hike in 15 years.
- Read the CBO report HERE