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Tags: Barack Obama | Biden Administration | Financial Markets | Joe Biden | Newsmax TV | ghomert | biden

Rep. Louie Gohmert to Newsmax: Inflation Causing Money to Be 'Worth Less'

(Newsmax/''Cotres & Pelligrino'')

By    |   Wednesday, 08 September 2021 05:59 AM

Rep. Louie Gohmert, R-Texas, told Newsmax that the economy of President Joe Biden is causing rising inflation and reduced consumer buying power in just the first few months of his term.

''The consumer price index shot up. People are paying much more,'' Gohmert said Tuesday night on ''Cortes & Pellegrino.'' ''The first seven months of this administration, people have seen their money worth less and buying less.''

Gohmert said the results are not surprising because people were hurting financially during much of the administration of President Barack Obama, whom Biden served as vice president.

''Obama and Biden talked about ‘we got to tax the rich,' just like he's doing now, and who suffered? The lower-income, the fixed income, the lower middle class,'' he said. ''That's who he really hit the hardest in the Obama administration, and we are already seeing it happening in the first months of this administration.''

Only 235,000 jobs were added in August, far fewer than the 700,000 predicted when the latest Department of Labor report came out last week.

''The labor market recovery hit the brakes this month with a dramatic showdown in all industries,'' Daniel Zhao, senior economist at the jobs website Glassdoor, told CNBC. ''Ultimately, the delta variant wave is a harsh reminder that the pandemic is still in the driver's seat, and it controls our economic future.''

According to that report, the job gains were the worst since Biden took office in January and are being blamed on the recent surge of COVID-19 throughout the nation.

The article said that the Federal Reserve also viewed the report dimly as it weighs pulling back on stimulus money it has been pumping into the system since the pandemic began last year.

''The weaker employment activity is likely both a demand and supply story — companies paused hiring in the face of weaker demand and uncertainty about the future while workers withdrew due to health concerns,'' Bank of America economist Joseph Song said in a note to clients.

Gohmert said these economic factors are causing the rise in inflation and hurting Americans overall, based on the policies of Biden and congressional Democrats' runaway spending.

He said it is important that the Republicans present a unanimous front, especially on the upcoming debt ceiling vote, even if it means shutting the government down.

''We just saw House Speaker Nancy Pelosi  pass a ridiculous bill, a rule that provided $3.5 trillion that so many of the Democrats said they couldn't support, but they voted for it,'' he said. ''So they expect Pelosi will make threats to get all Democrats in the House to vote, but the key will be if Republicans stay united against it.''

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Rep. Louie Gohmert, R-Texas, told Newsmax that the economy of President Joe Biden is causing rising inflation and reduced consumer buying power in just the first few months of his term.
ghomert, biden, pelosi, economy, inflation, money
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2021-59-08
Wednesday, 08 September 2021 05:59 AM
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