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US troops will receive pay cut in 2022 when factoring inflation
Inflation is here to stay despite what Biden says: Jackie DeAngelis
‘FOX Business Tonight’ host examines the cause of higher gas prices.
The 2022 National Defense Authorization Act signed by President Biden Monday included a 2.7% raise for service members in the U.S. military, which amounts to a pay cut when factoring inflation.
The 2.7% rise in pay comes as prices continue to surge for American consumers, with the latest statistics from the U.S. Bureau of Labor Statistics showing that the Consumer Price Index has risen 6.8% over the last 12 months.
INFLATION HITS HIGHEST LEVEL IN 39 YEARS AS CONSUMER PRICES SURGE
Increases in prices have been especially steep in goods Americans consume most, with the price of food rising 6.1% and the price of gasoline rising 58.1% over the last 12 months.
"The situation is serious now because we have not seen this level of inflation in decades," American Enterprise Institute Senior Fellow John G. Ferrari told Fox News Tuesday.