The latest report on inflation shows a record higher of 8.3 percent. Adding $3.5 trillion in new, wasteful government spending is not the answer.
Producer inflation in August jumped by a record 8.3 percent from a year ago. Add this to the record in July, which was 7.8 percent higher. This demonstrates our economy is getting worse, not better. You are witnessing substantial inflation beginning to build, which explains why 65 percent of Americans believe the increase will pass on to the retail level as higher prices for goods and services. I think it’s vital to recognize we’re right at the edge of Jimmy Carter-levels of continuous inflation that directly hurt the poor and undermine the whole economy. This is a profound moment that puts more pressure on the Democrats to not pass their $3.5 trillion spending bill since that kind of increase will lead to even further inflation.
The country is in crisis, and this administration is operating in chaos. It is crucial that as 2022 approaches, we have candid conversations about what you, the American public, are concerned about. Please join me for my periodic townhall webcasts to discuss the issues we are facing.
Newt hosts monthly virtual events in which he discusses the news of the day and why it matters to you and your community. These Newt Live events are your opportunity to communicate directly with Newt. We hope you will join us next time and let Newt answer your questions and provide his insight on the issues that concern you most.
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