Denver, CO — Political outsider, successful business leader, and Republican nominee for U.S. Senate Joe O’Dea issued the following statement following the new report showing a high August inflation rate, breaking expectations.
Consumer prices including gasoline, groceries, and rents surged 8.3% in August compared to a year ago.
“Joe Biden’s $1.9 trillion spending bill caused this inflation crisis, and Michael Bennet was the deciding vote,” said Joe O’Dea. “The Inflation Reduction Act won’t lower inflation. Spending trillions won’t lower inflation. One-party control of Washington, D.C. won’t lower inflation. America needs change.”
The cost of groceries climbed 0.7%, marking a total 113.5% increase over the last year — the highest since May 1979. Rent costs climbed 0.8%, up 6.7% from last year. Electricity is up 15.8% and health insurance is up 24.3%.
Congress had passed a $900 billion economic stimulus package in December 2020, after additional spending earlier in the year. Still, Joe Biden pushed Congress to pass the $1.9 trillion spending package, the American Rescue Plan. Michael Bennet applauded this decision.
Reckless spending worsened inflation, and Biden and Bennet went ahead despite warnings from economists.
Biden pressed Congress to pass another multi-trillion dollar spending package, Build Back Better. Michael Bennet, again, expressed his support for the package, putting the interests of the Democratic Party over the interests of the country.
Learn more about Joe O’Dea’s campaign here.
SOURCE: Joe O’Dea For Colorado