Most Americans say they’re financially worse off now than they were a year ago, according to a new Rasmussen Reports poll, and Rep. Blaine Luetkemeyer told Newsmax Thursday that people are feeling the results of growing inflation that is affecting the nation’s businesses and will fall victim to a slow, sluggish economy in 2022.
“Inflation is eating away at all their profits,” the Missouri Republican said on Newsmax’s “National Report.” “The Wholesale Price Index, which is what businesses have to pay for their products and services at the wholesale level is up 9.6% and the inflation rate is only 6.8%.”
That means that the prices will be passed on to consumers, said Luetkemeyer.
“I think our economy is going to be very slow and sluggish for the next year, and I’m very concerned about it,” he added.
According to the Rasmussen poll, released on Wednesday, 48% of American adults say they’re worse off economically than they were a year ago, and only 20% said they’re now better off economically. Another 28% said their finances remain about the same.
Meanwhile, the Biden administration is doubling down on all the things it shouldn’t be doing, including raising taxes, said Luetkemeyer.
Even though the Build Back Better Act is on hold, there is still “plenty of money in the system,” and that’s also leading to inflation, said the congressman.
“We need to let it settle down,” said Luetkemeyer. “The Fed keeps pumping money in as well. We need to allow the system to flush itself of these dollars and get back to some sound financial fiscal policy, which the Biden administration is not doing.”
Meanwhile, before the pandemic, the nation’s economy was “roaring along,” but now it’s stumbling, including with higher gas prices that Luetkemeyer blamed on the administration.
“This administration intentionally is causing [them] because of their reluctance to continue the oil and gas industry in our own country to be producing. Now we’re energy-dependent again instead of independent,” he said. “All of these things keep going in the wrong direction, and I’m very concerned that this administration keeps doubling down the wrong way for the wrong reasons on all of these things.”
The congressman also commented on the tornadoes that his state earlier this month, causing heavy damages to southeast Missouri.
“I signed onto a letter yesterday to request for emergency funds from the government as a result of those storms, and hopefully they will help those individuals and businesses get themselves back on their feet again,” said Luetkemeyer.
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