Inflation nation: These states are paying the highest prices – By Suzanne O’Halloran (FOX Business) / March 2, 2022
Inflation costs the average American family $385 more per month: JEC
President Biden, in his first State of the Union, addressed the elephant in the room: fixing inflation via more government spending.
“I have a better plan to fight inflation, lower your costs, not your wages, make more cars and semiconductors in America, more infrastructure and innovation in Americab…,” he said, alluding to his Build Back Better plan, which calls for at least $2 trillion in spending.
(Source: Joint Economic Committee/Sen. Mike Lee (R-UT))
While some economists debunk his plan to fix inflation, for most Americans’ relief can’t come soon enough. Hours ahead of Biden’s speech, U.S. oil hit $106 per barrel and climbed higher during his address, complicating already sky-high fuel prices, which are a big reason why inflation across the board is at record levels. The conflict between Russia and Ukraine is driving energy prices even higher.
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