WASHINGTON, D.C. – Today, following the latest Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), Senator Rick Scott released the below statement highlighting the devastating impact of inflation on Florida families and the need to end reckless spending and pay down the debt. May’s CPI data shows that there has been a notable increase in inflation every month of Biden’s presidency. Year over year, consumer prices increased 5% in May – a significant increase from the 4.2% increase reported for the 12-month period ending in April 2021 and the largest 12-month increase since 2008. Annualized, the monthly CPI growth rate reached 10% in May. CPI gasoline prices have seen a 56.2% increase over the last 12-months, up 6.6 percentage points from April’s CPI report.

 

Senator Rick Scott said, “Today’s CPI data again proves true what I have been warning about for months – inflation is rising and so are the prices of goods for Florida families. For five straight months, we’ve seen the data clearly show that spending beyond our means has consequences. President Biden’s inflation crisis is here and it’s devastating for our poorest families. I saw how hard it was for my parents to make ends meet when inflation hit in the 70’s. When food and gas prices went up, we had less food on the table. That’s happening again in Joe Biden’s America. Families in Florida and across our nation are suffering because of his reckless spending spree.

“It’s time to end the madness. It’s clear we cannot rely on Joe Biden and the Democrats to stand up and protect American families. That’s why, yesterday, I introduced the Federal Debt Emergency Control Act to bring down the debt and help stop the reckless spending we have seen from Democrats causing inflation and killing opportunity for families across America. Now is the time to act and I urge my colleagues in the Senate to join me in quickly passing this urgently needed legislation.”

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:

 

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