by Paige Terryberry
Fiscal Policy Analyst, John Locke Foundation
The U.S. consumer-price index (CPI) rose 0.9% in October, doubling the September rate increase. At an annual rate, CPI rose 6.2%, hitting a 30-year high. As inflation intensifies for everyday goods and services, the poor are affected most.
The energy index rose 4.8% over the month while gasoline alone rose 6.1%. Used cars and trucks rose 2.5% this month since September. Households are experiencing the inevitable results of massive government spending and money printing.
As the Christmas season approaches, worker and inventory shortages add to economic woes, especially for small businesses. According to the National Federation of Independent Business (NFIB), 53% of small business owners raised their prices in response to the dismal conditions.
As leaders in Washington continue to tout a budget resolution that would be one of the largest spending packages in history, their egregious policies are crushing American families.