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Thursday, November 21, 2024

Steil on Build Back Better Plan: 'We are facing a 40-year high inflation rate'

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Rep. Bryan Steil (WI) | Twitter

Rep. Bryan Steil (WI) | Twitter

As inflation pushes gas prices to new heights, lawmakers, including Rep. Bryan Steil (R-WI) have expressed concerns over President Joe Biden’s Build Back Better Plan, stating increased spending would only drive up inflation.

In a tweet Jan. 4, Steil said Wisconsin is ringing in the new year with the highest gas prices since 2014. 

“We are facing a 40-year high inflation rate, but Biden and Pelosi want more spending,” Steil wrote in a second tweet Jan. 5.

This comes as the United States’ inflation rate surged to 6.8% in November, the highest reported since 1982. Alongside the record numbers, this marks the ninth consecutive month the inflation rate remained above the 2% target with rising demand, wage pressures, supply chain disruptions and a low base effect from last year pushing prices up, Trading Economics reports. 

According to the American Automobile Association, the average price of a gallon of gas in Wisconsin is currently $3.003, up from $2.120 one year ago. The national average according to data is currently $3.301. 

A report by FOX Business in November 2021 states Republican and moderate lawmakers warned Democrats that Biden’s $1.75 trillion Build Back Better agenda would accelerate inflation. As prices continue to soar, CNN reports critics have pointed to the rise as a reason why it may be the wrong time to authorize $1.75 trillion in new spending. 

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