New York’s senior senator thinks the latest round of bad economic news helps make the case for enactment of a second economic stimulus package.
The Bureau of Labor Statistics reported today that consumer prices rose 0.8 percent in July and 5.6 percent over the last 12 months. Real weekly earnings also fell last month by 0.8 percent.
On an inflation adjusted basis, workers are earning 3.1 percent less than they did a year ago.
“If this administration were competing in the â€˜bad economic policyâ€™ Olympics, they’d receive four gold medals today,” stated Sen. Chuck Schumer, D-N.Y. “Inflation jumped for the third straight month, weekly paychecks are smaller, more workers are filing jobless claims, and home foreclosures continue to put more families on the economic edge.
“It is long past time for this administration to help families and workers compete in a stagnating economic environment — economic stimulus should be at the top of the agenda before this administration throws in the towel.”