What to expect from upcoming inflation data
Economist Edward Yardeni weighs in, warning that consumers should expect the data to remain elevated.
Democrats in tight Senate races heading into the November midterm elections are expressing their disapproval of the Biden administration's handling of the massive rise in inflation and the record-high gas prices plaguing everyday Americans across the country.
Speaking exclusively with Fox News Digital, Democratic Pennsylvania Lt. Gov. John Fetterman and Sen. Mark Kelly, D-Ariz., argued President Biden wasn't doing enough to address the decades high inflation rate, as well as the exorbitant amount Americans have been paying at the pump, and outlined their own ideas for combating the crisis.
The two were the only candidates from a larger list of Democrats running in tight races who did not ignore requests from Fox News Digital to comment on the important economic issues facing Americans.
"No, Washington is not doing enough to tackle inflation and help the working people of Pennsylvania," said Fetterman when asked if the Biden administration was doing a sufficient job handling inflation and gas prices.
Lt. Gov. John Fetterman speaks at a news conference in the Capitol in Harrisburg, Pennsylvania, on Jan. 24, 2019. (AP Photo/Marc Levy)
Fetterman, who is running to replace retiring Republican Sen. Pat Toomey and is in a tight race with Republican candidate Dr. Mehmet Oz, went on to blast oil companies for raking in massive profits while Americans have continued suffering because of higher gas prices. He also called for more goods to be made in America in order to lower their costs and alleviate supply chain issues affecting shipping across the globe and making goods more expensive.
"While hard-working Americans were paying over $5 a gallon this holiday weekend, ExxonMobil was announcing they’re on track to pocket $18 billion in profits in a single quarter," he said. "It does not take a genius to see what is going on here. They are making billions of dollars off the backs of regular people. We need to take on these companies and put an end to this."
"We need to be making more s--- in America to lower costs and make sure that the supply chain starts and ends here, instead of relying on companies overseas. Making more stuff at home will drive down prices for everyone," he said. "Washington needs to act and start taking serious action to lower costs for the working people across the country."
Kelly took a similar tone when asked the same question about the Biden administration's handling of the crisis.
"It’s wrong that Arizona families are paying more for their gas and groceries while corporations make record-breaking profits," he said. "It’s why in the Senate, I’ve been pushing the Biden administration to crack down on corporate price gouging and boost domestic oil and gas production to bring down these higher energy costs."
"There are more steps the administration can take, and I will keep holding them accountable to using every tool at their disposal to get Arizonans relief from these higher prices," he added.
Sen. Mark Kelly speaks after the weekly Democratic caucus policy luncheon on Feb. 8, 2022, in Washington. (Win McNamee/Getty Images)
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A recent Monmouth University poll found that 63% percent of Americans say either inflation, gas prices, the economy, or everyday bills/groceries are their family's top concern. Within the poll, inflation and gas prices alone combined for 47%.
Inflation hit a fresh 40-year high in May, reaching 8.6%, while some economists have predicted the numbers for the month of June, which are scheduled to be released Wednesday, will show another increase.
Biden has faced sharp criticism over rising prices, as well as his decision to cancel construction of the Keystone XL pipeline, which some have estimated could have been completed next year if not canceled. Some have also accused him of moving America further away from energy independence.
He has continually blamed Russian President Vladimir Putin's decision to invade Ukraine as the reason for high gas prices and for exacerbating the inflation crisis, despite less than 10% of America's oil imports coming from Russia and prices rising significantly prior to the start of the war.
President Joe Biden and Russian President Vladimir Putin (Mikhail Klimentyev/Sputnik/AFP)
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Fox News Digital reached out to a number of other Democrats running in highly contested Senate races this year and asked them the same questions regarding inflation and gas prices. Those who did not respond include Sen. Catherine Cortez Masto, D-Nev.; Sen. Maggie Hassan, D-N.H.; Cheri Beasley, the former chief justice of the North Carolina Supreme Court who is running to replace retiring Republican Sen. Richard Burr; and Rep. Tim Ryan, D-Ohio, who is running to replace retiring Republican Sen. Rob Portman.
Fox News Digital also reached out to Sen. Raphael Warnock, D-Ga., but only received a response from a campaign spokesperson that didn't directly address inflation, but touted his "efforts to lower costs for hardworking Georgia families" by "working to cap the cost of insulin, pushing the President to suspend the federal gas tax, and pushing the White House to address supply chain issues and hold corporations accountable for price-gouging."
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