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:
- July 13, 2021: Sen. Rick Scott to Secretary Yellen: With Debt Limit Suspension Expiring, Americans Deserve Transparency on U.S. Debt Crisis
- July 13, 2021: Sen. Rick Scott: Biden Must Answer for his Growing Inflation Crisis
- July 12, 2021: Sen. Rick Scott to Chair Powell: It’s Time to Acknowledge and Address America’s Growing Inflation Crisis
- June 16, 2021: Sen. Rick Scott and The Heritage Foundation Launch ‘Road Trip on a Budget’ Video Series to Highlight Washington’s Debt Crisis
- June 14, 2021: Sen. Rick Scott to Chair Powell: Americans Deserve Answers on Inflation
- June 11, 2021: Sen. Rick Scott Issues Weekly Update on Biden’s Inflation Crisis
- June 10, 2021: Sen. Rick Scott: As Biden’s Inflation Crisis Grows, Florida Families Suffer
- June 9, 2021: Sen. Rick Scott Introduces Federal Debt Emergency Control Act to Fight Washington’s Spending & Debt Crisis
- June 4, 2021: Sen. Rick Scott: Biden’s Budget is a Disaster for Florida Families & Pro-Life Protections
- May 28, 2021: Sen. Rick Scott: Biden’s Reckless Spending Spree Would Destroy the American Dream
- May 26, 2021: VIDEO RELEASE: Sen. Rick Scott: Biden’s Inflation Crisis Demands Action
- May 21, 2021: IN CASE YOU MISSED IT… Sens. Rick Scott, Cynthia Lummis in Fox News: Our national debt is almost $30 trillion – let conservative states lead on reducing it
- May 20, 2021: IN CASE YOU MISSED IT… Sen. Rick Scott and Phil Gramm in the Wall Street Journal: Biden’s Plans Are Already Hurting the Recovery
- May 18, 2021: Sen. Rick Scott: Budget Committee Must Address Biden’s Debt and Inflation Crises
- May 14, 2021: Sen. Rick Scott: Biden’s Inflation Crisis is Here – He Must Address the Impacts of Reckless Liberal Spending
- May 13, 2021: Sen. Rick Scott: April PPI Report Further Confirms Reality of Biden’s Inflation Crisis
- May 12, 2021: Sen. Rick Scott: Biden Remains Silent as Inflation Keeps Growing, Hurting Families
- May 10, 2021: Sen. Rick Scott to Biden: Inflation is Happening – Stop Reckless Government Spending
- May 6, 2021: Sen. Rick Scott: Families on the Hook for $16,000 in Tax Hikes this Decade to Pay for Biden’s Spending
- May 5, 2021: Sen. Rick Scott in the Wall Street Journal: Inflation Is More of a Threat Than the Fed Says
- May 4, 2021: Sen. Rick Scott to Biden: Tell the Truth About Taxing American Families
- April 29, 2021: Sen. Rick Scott to Federal Reserve: With Economy Recovering, Stop Manipulating Market with Treasury & Bond Buys
- April 28, 2021: VIDEO RELEASE Sen. Rick Scott’s Request For Inflation Crisis Information Blocked by Democrats: What Are They Hiding?
- April 23, 2021: Sen. Rick Scott: Americans are Worried About Rising Inflation – Biden Must Take Action
- April 14, 2021: Sen. Rick Scott: Biden Administration Lying About Threat of Inflation
- April 13, 2021: Sen. Rick Scott to Biden and Powell: Wake Up and Address Growing Inflation Now
- April 9, 2021: Sen. Rick Scott: Biden’s Inflation Ignorance is Unacceptable, Hurts Families
- April 2, 2021: IN CASE YOU MISSED IT… Sen. Rick Scott in Washington Post: Where’s the anti-inflation plan, Mr. Powell?
- March 24, 2021: Sen. Rick Scott to Federal Reserve: What’s Your Plan to Address America’s Debt Crisis?
- March 17, 2021: Sen. Rick Scott: We’re Watching Federal Reserve & President Biden’s Response to Inflation
- March 4, 2021: Sen. Rick Scott to National Economic Council: What’s Biden’s Plan to Stop Inflation?
- February 23, 2021: Sen. Rick Scott: Fed Chairman Jay Powell Must Address Rising Inflation
- February 16, 2021: IN CASE YOU MISSED IT… Sen. Rick Scott in the Tampa Bay Times: America Can’t Keep Spending Without Consequence, We Must Address Our Debt Crisis Now
- February 11, 2021: Sen. Rick Scott to Colleagues: Inflation from Unsustainable Federal Debt Hurts American Families
- February 3, 2021: VIDEO RELEASE: Sen. Rick Scott: Congress Must Address Our National Debt and Rein in Spending
- January 26, 2021: Sen. Rick Scott: Congress Must Get Serious About America's Debt
- May 4, 2020: After coronavirus, for US to survive, we must tackle looming debt crisis: Sen. Rick Scott
- February 5, 2020: Sen. Rick Scott to Chairman Powell: Take Action to Roll Back Growing Size of Federal Reserve’s Balance Sheet
- August 1, 2019: Sen. Rick Scott: Debt will destroy our country, if we let it