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Chairman Smith: Working Families Continue to Suffer Under Biden’s Inflation Crisis

September 29, 2023

WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditure (PCE) index, showed inflation remaining higher than the Fed’s publicly stated inflation target:

“Today’s report unfortunately shows more pain is in store for the American people, as President Biden’s inflation crisis keeps prices growing well above the Federal Reserve’s two percent target rate. The President first denied inflation existed and then dismissed it as transitory, leaving working families burdened by high prices and high interest rates. The White House has offered a lot of excuses but zero solutions to tame the fire of inflation and get people back to work. Republicans will continue fighting to support working Americans and help them achieve a secure future for themselves and their families.”

Key Background:

  • 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.
  • Mortgage rates are now the highest in almost 23 years. The average monthly mortgage payment has increased by $1,228 and is 108 percent higher than when President Biden took office in January 2021.
  • Credit card interest rates are at the highest level in nearly three decades.