Skip to content

Chairman Smith: House Republicans Are Unified Behind Ending Cost-of-Living Crisis for Working Families

October 27, 2023

WASHINGTON – 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 above its publicly-stated target of 2 percent:

“Working Americans are being told the economy is improving but they have yet to see it. They are still facing some of the highest prices ever. Interest rates are blocking them from buying a home, high credit card debt has made it harder to make ends meet, and more are being forced into default because they cannot keep up with rising prices. Inflation that is almost double the Fed’s stated target is not a win. It is another sign that more working families will be forced to have hard conversations about which bills they will be unable to pay. Washington Democrats’ spending binge created this mess, yet they refuse to support Republican passed solutions that cut wasteful spending and grow the economy. Under Speaker Johnson, House Republicans are energized and unified behind bringing down the inflation that continues to rob families.”

Key Background:

  • 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 32 straight months of rising prices.
  • Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • Mortgage rates are now the highest since November 2000. The average monthly mortgage payment has increased by $1,275 and is 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.

“Bidenomics” In Action