EXCLUSIVE: Republican House leaders attacked President Biden on Friday’s inflation report, which shows inflation hit a new 40-year high, accusing him of failing to address a problem that is causing serious financial pain to the average American. The latest inflation rate marks another “painful month” for Americans, said House Minority Leader Kevin McCarthy in one of many statements made by Democratic leaders exclusively to Fox News. McCarthy criticized the Democrats for their economic background, calling it a “historic disaster.” The Ministry of Labor announced on Friday that the consumer price index, a broad index for measuring the price of everyday goods, including gasoline, groceries and rents, rose 8.6% in May from a year earlier. Prices jumped 1% in the monthly period from April. INFLATION IN A NEW HIGH 40 YEARS OLD IN MAY WITH CONSUMER PRICES TO BE EXECUTED 8.6% These figures were also higher than the 8.3% of capital and the monthly profit of 0.7% predicted by Refinitiv economists. House Minority Leader Kevin McCarthy, R-Calif., Pauses during a televised interview as Parliament considers President Joe Biden’s $ 1.85 trillion domestic policy package at the Capitol in Washington, DC, on Friday. November 5, 2021. (AP Photo / J. Sco (AP Newsroom) May’s inflation rate marks the fastest rate since December 1981. The White House has repeatedly blamed rising costs on Russian President Vladimir Putin and his war with Ukraine, as well as the COVID-19 pandemic. “President Biden and President Pelosi have been denying the economic realities for 17 months, creating rampant inflation. like herself, “McCarthy told Fox News. Minority House whip Steve Scalise, R-La., Rebuked Democrats for holding a Thursday night hearing on the Jan. 6 Capitol Uprising as inflation soared. “It’s a shame that as inflation has just reached a four-decade high, Democrats are wasting time on political acrobatics made for television targeting Donald Trump instead of doing anything to address the crisis they have created,” he told Fox News. . “It is indicative that, while families are struggling to put food on the table and petrol in their cars, Democrats are not holding hearings on these issues, but instead only on January 6. Their priorities are completely irrelevant to the reality they face. “Everyday Americans.” Minority House whip Steve Scalise, R-La., Speaks at a press conference on the Capitol steps in Washington, Thursday, July 29, 2021, to protest House Speaker Nancy Pelosi, D-Calif., His leadership President Joe Biden and Guide (Associated Press) GOP House Speaker Elise Stefanik, RN.Y., told Fox News: “This is just the latest example of how extreme left-wing domination in Washington has failed the American people. “Historic gas prices, a shortage of baby milk, a border crisis and growing violent crime are issues that affect Americans on a daily basis. House Republicans will face these crises when we regain control of Parliament in November.” “The reality is that prices continue to rise at an accelerating rate and Americans are paying $ 5.00 a gallon nationwide, despite Biden running out of strategic oil reserves of 1 million barrels a day,” McCarthy said. . “Democrats need to know that this is not the ‘incredible transition’ that the president pretends to be, and yet they have no cost-cutting solutions.” “Today’s report is worrying because it marks another painful month for American workers, families and small businesses, and shows that Democratic policies continue to push things even worse,” McCarthy added. On the other side of the Capitol, Republican Sen. Josh Hawley, R-Mo., Called on Biden to step down if he could not handle the financial crisis. “Joe Biden’s war on American families continues. His policies have pushed up inflation for generations and he still takes no responsibility,” Hawley told Fox News Digital. “If he can not do the job, he should resign now.” INFLATION SCHEDULE: MAPPING BIDEN ADMINISTRATOR’S RESPONSE TO QUICK PRICE DEVELOPMENT Inflation has exacerbated economic pressure on millions of Americans, with base prices, including more volatile food and energy metrics, up 6% from a year earlier — also more than Refinitiv had expected. Core prices also rose 0.6% on a monthly basis, indicating that underlying inflationary pressures remain strong. President Joe Biden on Saturday urged the G20 major power-producing countries with surplus capacity to boost production to ensure a stronger global economic recovery as part of a broader effort to put pressure on OPEC and its partners to increase oil supplies. (AP Photo / Evan Vucci / AP Newsroom) Rising inflation is devouring the strong wage gains American workers have seen in recent months: Real average hourly wages fell 0.6% in May from a month earlier as inflation eroded wage earnings by 0%. , 3%, according to the Ministry of Labor. On an annual basis, real profits fell by 3% in May. The Biden government announced in March that it would release 1 million barrels of oil every day for the next six months from the US Strategic Oil Reserve in a bid to combat the spike in gasoline prices. However, Americans are still facing some of the highest in decades, with the national average reaching $ 5 a gallon on Thursday. Energy Secretary Jennifer Granholm predicted a difficult summer for drivers this week due to high gas prices. “Yes, this summer will be rough,” he told CBS News this week. “I will be honest with you. Energy Information [Administration]which is the entity that predicts the price of gas in relation to the price of oil, said that by the fall, it should be reduced to $ 4.27 a gallon, and at the end of this year, at the beginning of next year , will be reduced to 4 maybe below 4, maybe $ 3 a gallon. “ “So there will be some relief on the horizon, but during the summer driving season, it will be rough, no doubt because we have such a mismatch of supply and demand in the global oil market,” he added. CLICK HERE TO RECEIVE THE FOX NEWS APPLICATION The Biden government last year claimed that inflation would be “temporary”. Earlier this month, however, Finance Minister Janet Yellen said she was “wrong then about the course of inflation.” A new Quinnipiac University poll released Wednesday found Americans ranked inflation as the “most pressing issue” the country faces in a 2-1 violence as President Biden equaled his lowest acceptance score to date. . According to the poll, 34% of Americans said inflation was “the most pressing issue facing the country today,” while only 17% saw gun violence as the top issue.
