{"id":530845,"date":"2021-05-20T19:20:08","date_gmt":"2021-05-20T23:20:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=530845"},"modified":"2021-05-20T19:20:30","modified_gmt":"2021-05-20T23:20:30","slug":"consumer-prices-outpace-americans-wage-growth-as-inflation-surges","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/consumer-prices-outpace-americans-wage-growth-as-inflation-surges\/","title":{"rendered":"Consumer Prices Outpace Americans\u2019 Wage Growth As Inflation Surges"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fconsumer-prices-outpace-americans-wage-growth-as-inflation-surges%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=530845&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><ul>\n<li><strong>Massive government spending has decreased the value of the American dollar and triggered increased consumer prices, which economic experts said will only get worse.<\/strong><\/li>\n<li><strong>\u201cOver the past few months, we have seen an inflation rate that is much higher than where we\u2019ve become accustomed to,\u201d Heritage Foundation research fellow Joel Griffith told the Daily Caller News Foundation.<\/strong><\/li>\n<li><strong>Peter Schiff, the chief economist and global strategist of Euro Pacific Capital, said there will be \u201cmassive inflation,\u201d which will negatively impact Americans\u2019 standard of living.<\/strong><\/li>\n<li><strong>The price of food, particularly wholesale pork and poultry, gasoline, steel, copper, home appliances, lumber and many other consumer items have increased since President Joe Biden entered office in January.<\/strong><\/li>\n<\/ul>\n<p>Massive government spending has decreased the value of the American dollar and triggered increased consumer prices, which economic experts said will only get worse.<\/p>\n<p>Americans will continue to see higher prices across the board, from food and gasoline to home appliances and cars, as the federal government continues to propose more stimulus into the economy without an adequate plan to pay for it, according to several experts. Even if the government doesn\u2019t pass legislation increasing taxes, higher prices ultimately amount to an \u201cinflation tax,\u201d some of the experts said.<\/p>\n<p>\u201cOver the past few months, we have seen an inflation rate that is much higher than where we\u2019ve become accustomed to,\u201d Heritage Foundation research fellow Joel Griffith told the Daily Caller News Foundation. \u201cWhen we are going to the grocery store, going to the gas station, building our new home, we\u2019re noticing that prices are really accelerating at a much faster clip than what we\u2019re used to.\u201d<\/p>\n<p>Since January, prices have outpaced wage growth meaning Americans\u2019 average salary isn\u2019t keeping up with the cost of goods and services. While wages have grown 1% since the beginning of the year, consumer prices have grown 2.1%, according to <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.t19.htm\" target=\"_blank\" rel=\"noopener noreferrer\">government<\/a> <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">data<\/a>.<\/p>\n<p>Hourly earnings have increased from $29.93 per hour to $30.17 per hour since January, according to the <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.t19.htm\" target=\"_blank\" rel=\"noopener noreferrer\">Bureau of Labor Statistics<\/a>. Average weekly earnings have increased from $1,048.60 to $1,055.95 during the same period. <strong><a href=\"https:\/\/dailycaller.com\/2021\/05\/12\/joe-biden-spending-inflation-hidden-tax-everything-purchase-coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Here\u2019s How Biden\u2019s Spending Could Become A Hidden Tax On Everything You Purchase)<\/a><\/strong><\/p>\n<p>Overall, inflation increased more between May 2020 and April than it has during any other 12-month period since 2008, according to a Department of Labor report <a href=\"https:\/\/dailycaller.com\/2021\/05\/12\/consumer-prices-highest-rate-2008-joe-biden-economy-jobs-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">released<\/a> last week.<\/p>\n<p>Lumber prices have tripled, the price of certain grocery items like chicken are expected to increase 8%, companies like <a href=\"https:\/\/www.cbsnews.com\/news\/proctor-gamble-raise-prices-september-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">Procter &amp; Gamble<\/a>, <a href=\"https:\/\/www.reuters.com\/business\/exclusive-kraft-heinz-conagra-may-raise-some-product-prices-grains-edible-oil-2021-02-16\/\" target=\"_blank\" rel=\"noopener noreferrer\">Kraft Heinz<\/a> and <a href=\"https:\/\/www.cnbc.com\/2021\/04\/19\/coca-cola-will-raise-prices-to-offset-higher-commodity-costs.html#:~:text=Coca%2DCola%20will%20raise%20prices%20on%20its%20drinks%20to%20combat,J.M.%20Smucker%2C%20in%20hiking%20prices.&amp;text=Quincey%20did%20not%20reveal%20which%20Coke%20products%20would%20have%20higher%20price%20tags.\" target=\"_blank\" rel=\"noopener noreferrer\">Coca-Cola<\/a> announced price hikes due to increasing commodity costs and gasoline is 62% more expensive than it was in 2020.<\/p>\n<p>Meanwhile, the average price of gas nationwide has surged to $3.04 per gallon as of Thursday, according to <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">AAA<\/a>. The average price in 2020 was $1.87 per gallon, meaning Americans, whose car has an <a href=\"https:\/\/www.reference.com\/world-view\/many-gallons-gas-car-hold-ed3718d7b3bbb3c2#:~:text=The%20average%20gas%20tank%20size,tanks%20are%20around%209%20gallons.\" target=\"_blank\" rel=\"noopener noreferrer\">average<\/a> 12-gallon gas tank, are spending $14 more every time they fill up.<\/p>\n<p>While the cyberattack targeting Colonial Pipeline caused gas shortages, prices have increased since the hack, according to <a href=\"https:\/\/abcnews.go.com\/US\/gas-hits-highest-price-years-fuel-outages-persist\/story?id=77735010\" target=\"_blank\" rel=\"noopener noreferrer\">ABC News<\/a>. Prices had also been increasing prior to the attack, reaching $2.87 a month ago, AAA data showed.<\/p>\n<div id=\"attachment_7195879\" class=\"wp-caption alignnone\" readability=\"34\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7195879\" loading=\"lazy\" class=\"wp-image-7195879 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-scaled-1.jpg\" alt=\"Workers listen to President Joe Biden speak about infrastructure at a Ford facility in Dearborn, Michigan on Tuesday. (Nicholas Kamm\/AFP via Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-2048x1365-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7195879\" class=\"wp-caption-text\">Workers listen to President Joe Biden speak about infrastructure at a Ford facility in Dearborn, Michigan on Tuesday. (Nicholas Kamm\/AFP via Getty Images)<\/p>\n<\/div>\n<p>In March, President Joe Biden <a href=\"https:\/\/dailycaller.com\/2021\/03\/11\/joe-biden-signs-american-rescue-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">signed<\/a> the nearly $2 trillion American Rescue Plan \u2014 a coronavirus relief bill \u2014 which Democrats <a href=\"https:\/\/www.speaker.gov\/newsroom\/3621\" target=\"_blank\" rel=\"noopener noreferrer\">called<\/a> a \u201cbeacon of hope for America\u2019s families.\u201d The White House has also unveiled trillion-dollar <a href=\"https:\/\/dailycaller.com\/2021\/03\/31\/joe-biden-infrastructure-plan-trump-tax-corporate-cuts\/\" target=\"_blank\" rel=\"noopener noreferrer\">infrastructure<\/a> and <a href=\"https:\/\/dailycaller.com\/2021\/04\/28\/biden-american-families-plan-spending\/\" target=\"_blank\" rel=\"noopener noreferrer\">welfare<\/a> plans, which lawmakers are currently <a href=\"https:\/\/dailycaller.com\/2021\/05\/10\/mitch-mcconnell-supports-800-billion-infrastructure-package-traditional\/\" target=\"_blank\" rel=\"noopener noreferrer\">negotiating<\/a>.<\/p>\n<p>But, the U.S. budget deficit <a href=\"https:\/\/dailycaller.com\/2021\/04\/12\/federal-government-massive-deficit-spending-revenue-coronavirus-pandemic-stimulus-joe-biden\/\" target=\"_blank\" rel=\"noopener noreferrer\">ballooned<\/a> to $660 billion in March, the third-largest monthly budget deficit ever recorded. The federal government received $268 billion in revenue while spending a whopping $927 billion.<strong> <a href=\"https:\/\/dailycaller.com\/2021\/05\/18\/manufacturing-prices-inflation-record-pace-federal-reserve\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Manufacturing Prices Rise At Record Pace, Influential Fed Report Shows)<\/a><\/strong><\/p>\n<p>Biden\u2019s infrastructure plan includes various <a href=\"https:\/\/dailycaller.com\/2021\/04\/07\/joe-biden-american-jobs-plan-infrastructure-spending\/\" target=\"_blank\" rel=\"noopener noreferrer\">unrelated provisions<\/a> on housing, in-home care, climate change, <a href=\"https:\/\/dailycaller.com\/2021\/04\/01\/americans-for-prosperity-joe-biden-international-brotherhood-of-electrical-workers\/\" target=\"_blank\" rel=\"noopener noreferrer\">unionization<\/a> and schools. His families plan \u2014 which provides universal free pre-K, free community college and implements a national paid family leave program among other provisions \u2014 is more expensive than the White House originally promised and would cause negative economic growth, the Penn Wharton Budget Model <a href=\"https:\/\/dailycaller.com\/2021\/05\/05\/joe-biden-wharton-school-of-business-white-house-american-families-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">concluded<\/a>.<\/p>\n<p>Former National Economic Council Director and Treasury Secretary Larry Summers warned that large spending could cause once-in-a-generation inflationary pressures in a February <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/02\/04\/larry-summers-biden-covid-stimulus\/\" target=\"_blank\" rel=\"noopener noreferrer\">editorial<\/a> published in The Washington Post. He <a href=\"https:\/\/dailycaller.com\/2021\/05\/17\/inflation-larry-summers-federal-reserve-economy-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> this week that inflation is increasing even quicker and sooner than he originally expected.<\/p>\n<p>\u201cThe vast majority of these funds allocated so far do not actually address COVID itself or vaccination or health treatment,\u201d Griffith told the DCNF, noting that the American Rescue Plan isn\u2019t simply a coronavirus relief bill. \u201cIt\u2019s a big problem. Those on the left are trying to use COVID as an excuse to pass this wishlist of progressive radical socialist items.\u201d<\/p>\n<div id=\"attachment_7195875\" class=\"wp-caption alignnone\" readability=\"34\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7195875\" loading=\"lazy\" class=\"wp-image-7195875 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-scaled-1.jpg\" alt=\"A customer pumps gas into his vehicle at a Chevron gas station in Mill Valley, California in March. (Justin Sullivan\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-183x120.jpg 183w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-620x407-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-768x505-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-1536x1009-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1305169653-2048x1345-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7195875\" class=\"wp-caption-text\">A customer pumps gas into his vehicle at a Chevron gas station in Mill Valley, California in March. (Justin Sullivan\/Getty Images)<\/p>\n<\/div>\n<p>American consumers can expect to get \u201csticker shocked\u201d in most aspects of their lives, Ethics and Public Policy Center senior fellow Henry Olsen recently <a href=\"https:\/\/dailycaller.com\/2021\/05\/12\/joe-biden-spending-inflation-hidden-tax-everything-purchase-coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer\">told the DCNF<\/a> in an interview. <strong><a href=\"https:\/\/dailycaller.com\/2021\/05\/17\/inflation-larry-summers-federal-reserve-economy-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Inflation Increasing Quicker Than Expected, Former Treasury Secretary Larry Summers Says)<\/a><\/strong><\/p>\n<p>Peter Schiff, the chief economist and global strategist of Euro Pacific Capital, said there will be \u201cmassive inflation,\u201d which will negatively impact Americans\u2019 standard of living. Like Griffith and Summers, Schiff blamed inflation on the government spending money it doesn\u2019t have.<\/p>\n<p>\u201cThe 100% cause of inflation is the government,\u201d Schiff <a href=\"https:\/\/dailycaller.com\/2021\/05\/04\/consumer-prices-surge-economists-inflation-lawrence-summers-peter-schiff\/\" target=\"_blank\" rel=\"noopener noreferrer\">told the DCNF<\/a>. \u201cIt\u2019s when the government spends money that it doesn\u2019t collect in taxes and then the Federal Reserve monetizes the resulting deficits by printing money.\u201d<\/p>\n<p>At-home food costs are expected to jump by up to 2% this year while away-from-home costs could jump 3.5%, according to the <a href=\"https:\/\/www.ers.usda.gov\/data-products\/food-price-outlook\/summary-findings\/\" target=\"_blank\" rel=\"noopener noreferrer\">Department of Agriculture<\/a>. The price of wholesale pork and chicken are projected to increase by up to 7.5% and 8% respectively.<\/p>\n<p><a href=\"https:\/\/www.marketwatch.com\/story\/the-world-risks-running-out-of-copper-and-heres-how-high-prices-may-rise-as-the-economy-reopens-bofa-warns-11620073503#:~:text=Copper%20prices%20have%20rallied%20this,push%20for%20a%20green%20economy.&amp;text=Under%20that%20scenario%2C%20the%20%E2%80%9Cred,pound%2C%20according%20to%20their%20note.\" target=\"_blank\" rel=\"noopener noreferrer\">Copper and steel<\/a> have also increased in price, causing <a href=\"https:\/\/www.businessinsider.com\/appliance-shortages-leads-to-delays-for-expensive-stoves-refrigerators-2021-4\" target=\"_blank\" rel=\"noopener noreferrer\">home appliances<\/a> and <a href=\"https:\/\/investor.kimberly-clark.com\/news-releases\/news-release-details\/kimberly-clark-announces-price-increases-north-american-1\" target=\"_blank\" rel=\"noopener noreferrer\">other items<\/a> to also become more expensive. Lumber <a href=\"https:\/\/dailycaller.com\/2021\/05\/03\/lumber-prices-homebuilding-costs-united-states-economy\/\" target=\"_blank\" rel=\"noopener noreferrer\">reached<\/a> a record cost earlier this month, driving up homebuilding costs, The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/articles\/record-lumber-prices-lift-sawmills-while-homeowners-do-it-yourselfers-pay-up-11620034201?mod=hp_lead_pos10\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>.<\/p>\n<p>The Federal Reserve Bank of New York\u2019s influential <a href=\"https:\/\/dailycaller.com\/2021\/05\/18\/manufacturing-prices-inflation-record-pace-federal-reserve\/\" target=\"_blank\" rel=\"noopener noreferrer\">manufacturing survey<\/a> released on Tuesday showed that prices have increased at a record pace.<\/p>\n<div id=\"attachment_7190696\" class=\"wp-caption alignnone\" readability=\"32\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7190696\" loading=\"lazy\" class=\"wp-image-7190696 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-scaled-1.jpg\" alt=\"Lumber prices have more than tripled since last April. (Scott Olson\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1310970188-2048x1366-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7190696\" class=\"wp-caption-text\">Lumber prices have more than tripled since last April. (Scott Olson\/Getty Images)<\/p>\n<\/div>\n<p>\u201cEven if this is just a temporary phenomenon over a few years \u2013 let\u2019s say you did have inflation at an elevated rate of \u2013 let\u2019s say \u2013 5% per year over the next three years,\u201d Griffith told the DCNF. \u201cThat means after that three-year period, the value of the dollar that you have in your pocket now is worth about 20% less.\u201d<\/p>\n<p>\u201cThat\u2019s why people say inflation really is a hidden tax,\u201d he added. <strong><a href=\"https:\/\/dailycaller.com\/2021\/05\/04\/consumer-prices-surge-economists-inflation-lawrence-summers-peter-schiff\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Consumer Prices Have Skyrocketed In Recent Months. Experts Say It\u2019s Just The Beginning)<\/a><\/strong><\/p>\n<p>Schiff said that the so-called inflation tax will wind up hurting the poor and middle class more than the rich.<\/p>\n<p>\u201cEvery dollar the government spends is the equivalent of a tax, because every dollar the government spends, the money has to come from the American people,\u201d Schiff said.<\/p>\n<p>However, Fed officials have <a href=\"https:\/\/dailycaller.com\/2021\/05\/05\/federal-reserve-eric-rosengren-inflation-government-spending-joe-biden\/\" target=\"_blank\" rel=\"noopener noreferrer\">maintained<\/a> that inflation isn\u2019t a concern. Fed Chair Jerome Powell said \u201cupward pressure\u201d on prices during the economic recovery are expected, according to Reuters.<\/p>\n<p>While inflation could tick up slightly this year to a higher-than-usual rate, it will eventually return to a normal rate,&nbsp;Boston Federal Reserve President Eric Rosengren said in a recent <a href=\"https:\/\/www.youtube.com\/watch?v=HXRnQMMc6nc\" target=\"_blank\" rel=\"noopener noreferrer\">speech<\/a>. The Fed\u2019s normal annual inflation rate <a href=\"https:\/\/www.federalreserve.gov\/faqs\/economy_14400.htm#:~:text=The%20Federal%20Open%20Market%20Committee,maximum%20employment%20and%20price%20stability.\" target=\"_blank\" rel=\"noopener noreferrer\">goal<\/a> is 2%, which it considers to be an appropriate level for encouraging individuals and businesses to make sound financial decisions.<\/p>\n<p>But the Fed has shown signs of potentially changing its current monetary policy, CNBC <a href=\"https:\/\/www.cnbc.com\/2021\/05\/19\/fed-officials-said-rapid-progress-in-economy-could-lead-to-lowerng-asset-purchases.html\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> on Wednesday. Throughout the pandemic, the Fed has chosen to <a href=\"https:\/\/www.cnbc.com\/2021\/04\/28\/fed-holds-interest-rates-near-zero-sees-faster-growth-and-higher-inflation.html\" target=\"_blank\" rel=\"noopener noreferrer\">keep interest rates low<\/a>, a policy which encourages economic activity, but could spur inflation.<\/p>\n<p>Low interest rates incentivize people to invest and take out loans, flooding the economy with cash and <a href=\"https:\/\/www.spglobal.com\/spdji\/en\/documents\/education\/practice-essentials-where-inflation-and-interest-rates-intersect.pdf?force_download=true\" target=\"_blank\" rel=\"noopener noreferrer\">increasing<\/a> prices, <a href=\"https:\/\/journalistsresource.org\/economics\/federal-reserve-fed-interest-rate-explainer\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to Harvard Kennedy School\u2019s Shorenstein Center.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Massive government spending has decreased the value of the American dollar and triggered increased consumer prices, which economic experts said will only get worse. \u201cOver the past few months, we &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2312529,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-scaled-1.jpg","fifu_image_alt":"Consumer Prices Outpace Americans\u2019 Wage Growth As Inflation Surges","footnotes":""},"categories":[],"tags":[],"class_list":["post-530845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232967775-scaled-1.jpg","fifu_image_alt":"Consumer Prices Outpace Americans\u2019 Wage Growth As Inflation Surges","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/530845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=530845"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/530845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2312529"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=530845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=530845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=530845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}