Friday, December 17, 2021                                                          WEBSITE | SHARE ON:  
Foxx Report

Have you heard the news about the Consumer Price Index (CPI) in November? For those who do not know, the CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. If the CPI increases, that means consumers are forking over more money every time they go to the grocery store, gas station, or anywhere else they purchase goods and services. If the CPI decreases, that means consumers are paying lower prices for necessities. It is important to note that the Producer Price Index (PPI) has also hit its highest level ever at 9.6 percent – a leading indicator that higher levels of inflation are on the horizon.

In November, the CPI rose 6.8% compared to a year ago. That is the largest annual increase since 1982 – an almost 40-year inflation high. For reference, the last time that inflation was this bad, the shows M*A*S*H and Three’s Company were still being broadcasted on television. But how bad has it really become in a year’s time? Consider the following:

  • Energy prices have risen 33.3% since November of 2020.
  • Gasoline alone has risen 58.1% since November of 2020.
  • Food prices have risen 6.1% since November of 2020.
  • Used car prices have risen 31.4% since November of 2020.

As if this wasn’t enough bad news, the Congressional Budget Office (CBO) announced just last Friday that the so-called “Build Back Better Act” will add $3 trillion to America’s deficit after House Democrats have claimed that their bill is “paid for” and “costs zero”. My position has always been the same: Congress’ budgetary belt must be tightened. Whenever wasteful spending runs rampant, the consequences are always disastrous. I’ll continue to stand firm against attempts to waste your hard-earned money and bankrupt this country even further. The simple truth is that until our fiscal house is in order, Americans will be feeling the strain of inflation in the many months to come.

An Attack On Retirement Savings

The Department of Labor’s proposed rule that upends crucial protections for retirement plan participants and beneficiaries is a move that appeases only green lobby and union bosses. American workers and retirees are getting the short end of the stick while left-wing special interests are making away like bandits. In response, Congressman Rick Allen (R-GA) and I sent a letter on Monday in opposition to this proposed rule and voiced our concern that the Biden Administration is jeopardizing the retirement savings of Americans to ‘steer private capital to implement an agenda they can’t pass through Congress.’

To read our letter, click here.

New Scam Alert

With a little over a week until Christmas, many people are finishing up their online gift shopping for their friends, family members, and loved ones. In anticipation of new scams emerging that target online shoppers before and after Christmas, the FBI issued a few helpful tips on how to avoid auction fraud, delivery scams, and non-payment scams. Unfortunately, scammers do not take holidays off, and they’re always looking for new schemes to create. However, with the right information, you can stay safe.

To read the FBI’s latest press release on how to avoid these seasonal shopping scams, click here.

Quote of The Week

“If socialists understood economics, they wouldn't be socialists.”

-F.A. Hayek

Have a blessed weekend.


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