Sen. Rick Scott: As Inflation Rages, Joe Biden’s Reckless Spending Spree Continues

July 14, 2021

WASHINGTON, D.C. – Today, following the latest Producer Price Index (PPI) release from the Bureau of Labor Statistics (BLS), Senator Rick Scott released the below statement calling out the disastrous impacts of President Joe Biden’s reckless spending which has created an inflation crisis in America. Similar to June’s Consumer Price Index (CPI) data, June’s PPI data shows that there has been a notable increase in inflation every month of Biden’s presidency.

Senator Rick Scott said, “As Joe Biden’s inflation crisis rages, he just can’t stop fueling it with more reckless government spending. On the same day that the June CPI report showed that inflation has grown every month under Biden’s presidency, Democrats are out with a new plan for a $4.1 TRILLION dollar spending spree.

“Americans are experiencing 1970’s-style inflation again and it’s because of Joe Biden’s failed economic policies. It’s disgusting that in the face of Biden’s inflation crisis that has devastating impacts on America’s low and fixed-income families, like mine growing up, Joe Biden and the Democrats can’t face reality and be fiscally responsible to protect American families.”

Year over year, producer prices increased 7.3% in June – a significant rise from the 6.6% increase reported for the 12-month period ending in May 2021 and the largest 12-month increase since 12-month data were first calculated in 2010. Annualized, the monthly PPI growth rate reached 13.2% in June. In June, the PPI saw a historic surge in the prices of processed goods, which jumped 22.6%, the highest jump since 1975.

Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation: