Inflation is up, the stock market went down, and Sen. Rick Scott pointed directly at President Biden.
On Wednesday, the Florida Republican ripped President Joe Biden after the Labor Department reported that the year-over-year (YOY) inflation rate was higher than expected.
Scott noted that the Consumer Price Index rose 3.5% last month compared to March 2023.
But even worse, since Biden took office, inflation has jumped 19.4%, and March was the 36th consecutive month that inflation recorded above 3%, Scott said.
Read: Miami And Tampa Make Top 20 List Of Biggest Inflation Problems: WalletHub
As the Tampa Free Press reported, inflation came in hotter than expected in March. The core inflation measure—which excludes food and energy prices—has jumped at an annual rate of 4.5% in the last three months.
The Dow Jones index dropped 422 points, or 1.1%, on Wednesday. The S&P 500 and Nasdaq also dipped by about 1%.
Biden, for some reason, was actually bragging about the report.
“Look, we have dramatically reduced inflation from 9% down to close to 3%,” Biden said during a press conference with Japanese Prime Minister Fumio Kishida. “We’re better situated than where we were when we took office, where inflation was skyrocketing.”
Which is not true.
Read: Fox News Host Debunks Biden’s Claim That Inflation Is Lower Than When He Took Office
For one thing, Biden failed to mention that inflation shot up to 9% because of his policies.
Meanwhile, according to a Labor Department report from February 2021, the YOY inflation rate in January that year was 1.4%, which was down from 1.6$ in December 2020.
In response, Sen. Scott leveled Biden for hurting most American families.
In a press release, Scott pointed out that baby formula is up 9.9% over the past 12 months, beef, 7.6%, lettuce, 5.8%, rents, 5.7%, and sugar, 5.6%.
“Bidenomics is clearly failing Florida families, and the March inflation report proves that’s true,” Scott said in a statement.
“Under President Biden’s failed Bidenomics agenda, inflation has skyrocketed by 19.4% since he took office. Prices keep climbing, and wages can’t keep up. That’s why I have been fighting every day to stop Democrats from doubling down on the reckless spending that got us here in the first place.”
Read: Miami And Tampa Make Top 20 List Of Biggest Inflation Problems: WalletHub
“As someone who grew up in public housing and watched my mom struggle to pay the bills, I know how devastating inflation is for families like mine growing up,” the senator added.
“I made a promise when Floridians elected me to the Senate that I would force Washington to work for you, and I won’t stop fighting like hell to end Biden’s bad policies, deficit spending and burdensome regulation and bring fiscal sanity back to your federal government.”
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