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Chairman Smith: No End in Sight to Biden’s Cost-Of-Living Crisis

September 13, 2023

WASHINGTON – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Consumer Price Index showed prices rising 17.4 percent since President Biden took the Oath of Office and inflation rising again for the second month in a row:

“The Democrats’ reckless spending policies fueled this cost-of-living crisis, and the President’s so-called ‘Bidenomics’ is powerless to stop it. Rising prices have parents and families hopelessly frustrated and exhausted over the fact that their paychecks are not keeping up with skyrocketing prices on the cost of everything from gas to groceries to school supplies. For 26 straight months under Biden’s presidency, inflation outpaced wages. Families are paying more to get less because of Democrats’ welfare for the wealthy and well-connected, like a $7,500 tax credit for families making over six figures to buy a luxury electric car.

“Instead of looking for new ways to raise taxes on working families and increase spending on his far left priorities, President Biden should be focused instead on returning us to the Trump economy of low prices and high wage growth. Our signature tax bill, the American Families and Jobs Act, will put more money back in working families’ pockets to give them relief from high prices, give small businesses a fighting chance in this stumbling economy, and give American workers and businesses a competitive advantage against China.”

Key Background:

  • Inflation Gets Worse: Topline inflation increased for the second month in a row.
  • High Prices Sticking Around: When removing food and energy, this month’s core inflation (4.3 percent) is even higher than the topline number.
  • Highest monthly increase in inflation since June 2022
  • Prices have increased 17.4 percent since President Biden took office.
  • Real wages and benefits have fallen 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 $1,218 and 107 percent higher than when President Biden took office in January 2021.
  • Credit card interest rates are at the highest level in nearly three decades.