Hagan on New Inflation Numbers: Grim News Is Deeply Troubling

August 19, 2008

GREENSBORO, N.C. – State Senator and U.S. Senate Candidate Kay Hagan (D-Guilford) today released the following statement after the U.S. Department of Labor reported that wholesale prices rose by 1.2% in July, increasing prices nearly 10% from a year ago. This is the highest annual wholesale inflation rate since the early 1980s, and much higher than the 0.5% increase that many economists predicted.

“Today’s grim news about our nation’s economy is deeply troubling. Middle class Americans are feeling the pain at the pump and at the checkout counter, and no one in Washington is listening. Politicians there are set on doing the bidding of the special interests at the expense of the working families. We need to end tax benefits for companies that send jobs overseas, and redirect those incentives to businesses that create good jobs here in North Carolina. We need to move past partisan gridlock and pass an energy policy that reduces our dependence on foreign oil and gets us moving toward long-term energy sustainability. Elizabeth Dole has voted with this administration 92% of the time – it’s time for us to move toward policies that will help, not hinder, middle class families who have suffered under the weight of the Dole-Bush team’s failed strategies.”

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