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Chairman Smith: Biden Bankrupting Families While Bankrupting America

August 10, 2023

WASHINGTON, D.C. — House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Consumer Price Index showed topline inflation accelerating for the first time in 13 months and prices rising 16.9 percent since Joe Biden became President:

“On their way to further bankrupting America with $10 trillion in new spending, President Biden and Washington Democrats are bankrupting families with the President’s persistent inflation crisis. The worst price spike in a generation has already taken $10,000 from every working family, and the American Dream is moving further out of reach. Today’s report is another grim reminder of the pain from ‘Bidenomics.’ Prices have already risen 16.9 percent since Biden became President, and they are not only getting higher, but they are getting higher faster. While Washington Democrats want to spend like there is no tomorrow, Republicans are focused on delivering relief for families and small businesses struggling to make it in Biden’s economy.”

Key Background:

  • Inflation Gets Worse: Topline inflation accelerated for the first time in 13 months.
  • High Prices Sticking Around: When removing food and energy, this month’s core inflation (4.7 percent) is even higher than the topline number.
  • Prices have increased 16.9 percent since President Biden took office.
  • Real wages have decreased 4.0 percent since President Biden took office.
  • Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • The average monthly mortgage payment is $1,018 and 87 percent higher than when President Biden took office.
  • Credit card interest rates are at the highest level in nearly three decades.

READ: Smith Introduces the American Families and Jobs Act to Cut Taxes for Working Families, Grow Main Street Businesses, and Protect American Innovation & Competitiveness