WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) for November 2024, showing core inflation remained above the Federal Reserve’s 2 percent target:  

“This report is further evidence of the economic mess the Biden-Harris Administration is leaving for President Trump to clean up. The over 20 percent rise in prices since President Biden took office – spurred by reckless, out-of-control spending from Washington Democrats – has been eating up paychecks for nearly four years. Families and small businesses have also been paying higher interest rates as the cost of combating out-of-control prices. 

“What is worse is that every single American is currently facing a tax hike if the Trump tax cuts expire. Families struggling to afford basic goods and services will pay the equivalent of nine weeks of groceries in higher taxes. The American people gave President Trump a mandate to provide relief from the bad Biden-Harris economy as soon as possible. That’s why Ways and Means Tax Teams have spent this year listening to Americans so that we are ready on day one to partner with President Trump and enact an economic package that sparks robust growth, more jobs, and higher wages. No matter where we are, people tell Ways and Means Republicans that the expiration of the Trump tax cuts would spell disaster for families and small businesses. Every American would face a tax increase and Mom-and-Pop stores would fork over 43.4 percent of their revenue to Uncle Sam. We will work to protect Americans already suffering from four years of price hikes from dangerous tax hikes.”

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Key Background:

• Everything Costs More: Prices have increased 20.6 percent since the beginning of the Biden-Harris Administration.
• Americans Making Less: Real wages and benefits have fallen 3 percent since the beginning of the Biden-Harris Administration.
• Inflation Above Fed’s Target: For 45 straight months, inflation has been above the Federal Reserve’s 2 percent target.
• Inflation Higher Than Wages: Inflation outpaced wages for 26 straight months under the Biden-Harris Administration.
• Historic Interest Rates: Under the Biden-Harris Administration, interest rates hit their highest levels in 23 years.
• Mortgage Costs 99 Percent Higher: The monthly mortgage payment for a median priced new home has increased $1,121 and is 99 percent higher than when President Biden and Vice President Harris took office in January 2021.
• $1 Trillion+ Credit Card Debt: Credit card interest rates are at their highest levels in more than three decades, while consumer credit debt has exceeded $1 trillion for six calendar quarters. The number of Americans struggling to pay credit card bills has increased to levels not seen since the great financial crisis. More than 11 percent of credit card balances are more than 90 days past due.
• Shrinking Savings: Thanks to higher prices, families have spent the entirety of their pandemic savings by 2024, and they are able to save less of their income. The average personal savings rate since President Biden and Vice President Harris took office is 3.0 percent lower than the pre-Biden-Harris average and it remains comparatively low at 4.4 percent today.
• Families Falling Behind on Bills: Over one-third of families (37 percent) paid a late fee in the past year.