Stender Statement on Surge in Consumer Prices

Written by: Tegan R on Aug 5, 2008 2:21 PM EDT

(Disclaimer: This post is from a Linda Stender campaign press release. I do not work for Linda Stender's campaign, but I am an intern at Democracy for America.)

July 16, 2008

FANWOOD – The Department of Labor today released figures showing that in the month of June, inflation increased at almost twice the rate it did in May. The Consumer Price index – which measures prices of various household products – rose 1.1 percent last month, the largest monthly gain since September 2005 [New York Times, 7/16/2008].

The Consumer Price Index is watched as a measurement of inflation, and in the last 12 months the index has risen 5 percent – the biggest yearly increase since 1991. The AP reports two-thirds of the previous month’s surge is blamed on high energy prices, which increased 6.6 percent.

“Our economy is on the brink of a recession, and yesterday we learned the rate of inflation doubled from May to June,” said Linda Stender, candidate for Congress in New Jersey’s 7th District. “As the cost of everything from gas to food to healthcare continues to rise, New Jersey families are struggling to make ends meet. Our housing market is in shambles and millions of Americans are in danger of losing their homes. Too many parents are forced to choose between taking their child to the doctor or filling up a tank of gas.”

“Meanwhile, the Bush Administration continues to spend $12 billion a month on a war that never should have been waged. At the same time we learned our economy moved further toward a recession, President Bush reaffirmed his opposition to a timetable for withdrawal from Iraq. I call upon my opponent, former Republican Leader Leonard Lance, to join me in opposing President Bush’s policy on Iraq and to support a timetable for withdrawal so we may bring our troops home safely and soon.”

“New Jersey families are tired of the failed policies of the Bush Administration, and want and need real change,” Stender added.

Linda Stender is from Fanwood, NJ, where she and her husband Richard raised their three children and still reside today. Stender currently represents the 22nd Legislative District in the New Jersey Assembly, where she has championed policies that benefit working families.

Background information:

•  The Consumer Price index rose 1.1 percent in June, which means inflation increased at twice May’s rate of .6 percent. [New York Times, 7/16/08]

•  In the last 12 months, the Consumer Price Index rose 5 percent, the biggest one-year jump since 1991. [New York Times, 7/16/08]

•  The month of June reported 8.5 million unemployed people, compared to 7 million one year ago [Washington Post, 7/4/2008]

•  After Fannie Mae and Freddie Mac lost nearly half their stock market value on Friday, officials warned the drop threatened to throw international markets into turmoil.

•  Several major companies have continued to announce layoffs in recent days, including GM, Chrysler, American Airlines, and AirTran.

•  The average American will pay $4.11 for a gallon of gas today [AAA, accessed 7/16/08]

•  New Jersey families will pay an average of $3.98 for a gallon of gas today [AAA, accessed 7/16/08]

•  At the White House yesterday, President Bush “reiterated his opposition to what he called ‘an artificial timetable for withdrawal.’” [New York Times, 7/16/08]

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