Recently on the Senate floor, U.S. Senator John Kennedy of Louisiana laid out the facts of how inflation is specifically hurting Louisianians.

Everyone is feeling it. Whether you're going to the grocery store or you're jumping into the housing market, the highest inflation in four decades is everywhere.

It’s hurting the least among us the most," said Kennedy. "We’re seeing inflation more in terms of goods, and low-income Americans, as you well know, spend proportionately more of their income on goods than they do on services."

 

One thing that's really frustrating about inflation is that while many workers received pay raises last year, the average worker received a 2.4% pay cut, according to cnbc.com. That's because even though hourly wages increased by 4.7%, inflation grew 7% in December.

The truth is that most Americans are having to spend, on average, about $3,500 more per year." said Kennedy. "Now, to some people, that may not sound like much—that’s a lot of money to the people in my state. An extra $3,500 out of the budget of most working Americans is a lot.

President Joe Biden
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And Kennedy is laying the blame right at President Joe Biden's feet, criticizing his economic policies.

The president’s policies, I regret to have to say, have administered a sucking chest wound on the budgets of the people of my state and the people of America, and it’s got to stop. The Biden administration wants to throw another 5 trillion—not billion, not million—trillion dollars of gasoline on the fire in the Build Back Better bill. And, if we pass that, there’ll be another trillion dollars. I mean, this administration spends money like it was gully dirt. I’ve never seen anything like it.

Let's concentrate on how inflation is hurting the people of Louisiana. Sure, gasoline prices are rising here but you may be amazed by how much.

From December of 2020 to December of 2021 . . . gasoline is up 49.6 percent. In my state, in Louisiana, it costs Louisianians $27 more than it did last year to fill up the tank of a Chevy truck. That’s every time they fill up the tank.

 

And if you need to buy a vehicle, get ready to open that wallet much wider than you did in the recent past.

Used cars and truck prices have increased by 37.3 percent. In New Orleans . . . used car prices were up 38.2 percent through last September.”

 

When will inflation quit rising? Economists and financial experts would love to know the answer to that. But Kennedy says President Biden's policies need to change or Louisianians will continue to struggle.

 

I wish it weren’t so, but this inflation has been caused by the Biden administration’s economic policies. Inflation is not complicated: It’s too much money chasing too few goods...Biden’s policies caused it, and it’s waterboarding Louisianians.”

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