WASHINGTON – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Consumer Price Index showed prices rising 17.7 percent since President Biden took the Oath of Office and the Social Security Administration released its annual cost-of-living adjustment for the 65 million Americans on Social Security:
“Seniors may be getting a slightly larger check in the mail but that’s only because the Biden Administration’s failed economic policies have made everything from gas to groceries more expensive. Democrat spending is the very reason seniors need a larger check to try to keep up with high prices. President Biden’s cost-of- living crisis hurts seniors not just today but will continue to run down the resources of the trust fund for retirees.
“‘Bidenomics’ rears its ugly head every time seniors buy medicine, put food on the table, or heat their homes. Ways and Means Republicans have a plan to keep more money, that is today being stolen by high prices, in the American people’s pockets so they can afford to provide for their families and enjoy their retirement.”
Key Background:
- Seniors Feel Inflation Pinch: Social Security’s cost-of-living adjustment is 3.2 percent, higher than the 20-year average of 2.6 percent, because of high inflation.
- High Prices Sticking Around: When removing food and energy, this month’s core inflation (4.1 percent) is even higher than the topline number. Core inflation rose for the second month in a row.
- Prices have increased 17.7 percent since President Biden took office.
- Real wages and benefits have fallen 3.9 percent since President Biden took office.
- Since President Biden’s first month in office, Americans have faced 31 straight months of rising prices.
- Inflation outpaced wages for 26 straight months of Biden’s presidency.
- The average monthly mortgage payment is $1,270 and 112 percent higher than when President Biden took office in January 2021.
- Credit card interest rates are at the highest level in nearly three decades.