Schweikert Reveals Startling Inflation Stats: U.S. Families Need $13K Extra Just to Survive

Arizona Representative David Schweikert has raised alarms over the latest Consumer Price Index (CPI) figures released by the U.S. Bureau of Labor Statistics for July, indicating persistent inflationary pressures in the economy. The report shows a 0.2% month-over-month increase in consumer prices, with a year-over-year rise of 2.9%. This translates to an additional expense of $13,138 annually for the average family just to maintain a lifestyle consistent with that of 2021, amid a 3.9% decrease in real average weekly earnings.

Moreover, the cumulative inflation since the Biden administration took office has reached a significant 20.2%. This reduction in purchasing power means that households are now effectively contending with a fifth less ability to buy goods and services compared to three years ago.

Amid these economic challenges, public confidence in the Biden administration’s ability to handle financial matters appears to be declining. In a tweet, the Joint Economic Committee Republicans referenced Schweikert’s concerns, highlighting the grim state of consumer sentiment.

In pivotal states for the upcoming 2024 Presidential election, such as Arizona, Utah, Colorado, and Nevada, cumulative inflation rates have surpassed the national average, hitting 21.8%. Particularly alarming is Colorado, where households face an average cost increase of $36,703, trailing only Washington, D.C., at $41,313. Arizonans alone have incurred an additional $32,625 due to inflation.

Rep. Schweikert commented, “While there may be slight signs of inflation slowing, overall prices still reflect a more than 20% increase since the inception of the Biden-Harris administration. This radical agenda has led to burdensome tax hikes and inflationary spending.” He further noted the troubling trajectory of food and energy prices, highlighting a staggering 22% increase in food costs and a more than 40% rise in energy prices since January.

According to the Joint Economic Committee’s findings, American households had to allocate an extra $1,095 in July alone, resulting in an annual total of $13,138 to maintain their typical consumption patterns.

Nationally, CPI-U inflation is reported to have incremented by 0.2% monthly and 2.9% annually. Additionally, core CPI-U inflation also showed a monthly rise of 0.2% and an annual increase of 3.2% since January 2021, when headline CPI-U inflation soared by 20.2% and core CPI-U saw an 18.3% uptick.

In terms of state-level impacts, Arizona ranks 11th for the highest additional monthly costs linked to inflation, well above the national mean. Conversely, states like Arkansas and Louisiana have fared better, experiencing smaller cost hikes.

Recent employment figures compound the negative economic outlook, with only 114,000 new jobs added in July—well below the expected 175,000—contributing to an uptick in the unemployment rate to 4.3%. The troubling figures add to a growing sense of economic urgency as the national debt surpasses $35 trillion.

In a pointed critique, Schweikert recently chastised Congress for the burgeoning national debt, asserting, “Doing the math is MORAL. We need to have hard conversations to save future generations.”

Matthew Holloway is a reporter for AZ Free News. Reach out for tips at Matthew@azfreenews.com.