Originally published at RealClearPennsylvania
The Consumer Price Index (CPI) hit a 40-year high in June, with an increase of 9.1% over last year before holding steady in July. According to one analysis, inflation is costing American families about $500 per month in higher prices.
Americans are feeling the pain, with a recent Quinnipiac poll finding that 34% of voters list inflation as the most urgent issue facing the country.
We know how we got here. In response to the COVID-19 pandemic, Congress passed multiple stimulus bills. Combined, these legislative actions increased the federal deficit by an estimated $5.23 trillion.
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