WASHINGTON, DC – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement on February’s personal consumption expenditures (PCE) report from the Bureau of Economic Analysis (BEA)–the Federal Reserve’s preferred measure of inflation–that shows prices remain 5 percent higher than one year ago:
“It’s been over six months since President Biden signed the so-called ‘Inflation Reduction Act’ into law and Americans have yet to see the relief they were promised – in fact, American workers have lost $10,000 in wages since Biden took office. Blame for the ongoing surge in prices of everyday goods lies solely on Democrats’ reckless multi-trillion-dollar spending spree, and the President’s budget request for FY2024 only promises more of the same – higher taxes and more spending.”
“Consumer spending drives the American economy, creates jobs, and keeps main street businesses afloat. Inflationary pressure combined with rising interest rates is putting the squeeze on families and businesses, and today’s report confirms our economy is far from solid ground. I will continue fighting back against the Democrats’ radical agenda that continues to wreak havoc on Americans’ paychecks and livelihoods.”
Under Chairman Smith’s leadership, the Ways and Means Committee has prioritized getting outside of Washington and into the real communities impacted by President Biden’s spike in prices, to hear directly from working Americans about the state of the American economy and the challenges farmers, workers, and small businesses are facing as they just try to make ends meet.