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Smith: Americans Struggling to Keep Up after Two Years of Biden’s Inflation Crisis

January 27, 2023

WASHINGTON, DC – House Ways and Means Chairman Jason Smith (MO-08) released the following statement after the Bureau of Economic Analysis issued its report for December’s personal consumption expenditures (PCE) showing prices increased 5.0 percent from one year ago:

“Inflation is still way too high for families and small businesses. Americans are still experiencing the now-familiar sticker shock every time they go to the store for their family. After two years of raging inflation, families are struggling so much they pulled back on spending for the Christmas holiday – and that lack of spending spells trouble for future economic growth.

“Democrats’ $10 trillion spending spree forced the Federal Reserve to raise interest rates to combat inflation, and that’s pushing the American dream of buying a home out of reach for many families. Today’s report is more evidence that the inflation crisis isn’t going away anytime soon and more economic pain from high interest rates is ahead.”