Sunshine Sentinel

Sen. Rick Scott (R-FL) has been speaking out against President Joe Biden, notably for the rise in inflation that the U.S. has continued to experience, according to the latest producer price index released by the Bureau of Labor Statistics.

Scott issued a release and took to social media in calling out Biden's "reckless spending" as the primary cause of the current inflation crisis. The current gross-domestic-product-to-debt ratio is more than 127% and will continue to rise if Biden follows through on some proposed spending bills, a previous Sunshine Sentinel article reported. 

"Reckless spending = inflation. Yet, as @POTUS’s inflation crisis rages, he only wants to spend & waste trillions more. Biden’s failed policies are hiking prices & devastating our poorest families," Scott said in a tweet.

U.S. Sen. Rick Scott of Florida | Facebook

In a letter to his congressional colleagues, Scott warned that the national debt, which currently stands at more than $27 trillion, amounting to more than $225,000 per American, is rising at the highest rate in U.S. history. He also points out in the letter that the massive increase in federal spending over the past year has been driving a major spike in inflation, which will lead to a rise in the cost of consumer goods, disproportionately affecting the lowest-earning Americans.

According to a statement issued by Scott, producer prices increased 7.3% in June alone. This increase is significant as the previous 12-month period, which ended in May, saw a 6.6% rise in producer prices, and was the largest 12-month increase since the data was first calculated in 2010.

“As Joe Biden’s inflation crisis rages, he just can’t stop fueling it with more reckless government spending," Scott said. "On the same day that the June CPI report showed that inflation has grown every month under Biden’s presidency, Democrats are out with a new plan for a $4.1 trillion dollar spending spree."  

The jump in producer prices calculated for June is also significant because of a historical surge for processed goods, which saw a 22.6% increase, the highest the prices jump since 1975, according to Scott's statement. 

“Americans are experiencing 1970s-style inflation again and it’s because of Joe Biden’s failed economic policies," Scott said. "It’s disgusting that in the face of Biden’s inflation crisis that has devastating impacts on America’s low and fixed-income families, like mine growing up, Joe Biden and the Democrats can’t face reality and be fiscally responsible to protect American families.”  

CNBC reports that inflation is continuing to grow at a high rate in the United States. The consumer price index rose 5.4% in June, the highest monthly jump since August 2008. Concern is rising across the country and pressure is mounting on the Federal Reserve and Congress to not let the situation get out of hand.

"Higher commodity prices and increased labor costs due to a shortage of willing workers are driving inflation at the factory gate," Reuters reported. "Very low inventory levels because of supply chain issues are making it easy for producers to pass on the costs to consumers. Sectors at the center of the economy's reopening have seen large price increases, though there were signs in June that inflation was broadening to other segments." 

The Congressional Budget Office released a report predicting that if the current tax and spending laws don’t change by 2031, the national debt will reach 107% of the GDP, the highest level in U.S. history. The report also states that the current federal debt held by the public, which was 100% of the U.S. GDP at the end of the fiscal year 2020, is projected to reach 102% of GDP by the end of 2021.