WASHINGTON, DC – House Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation measure, showed prices rose 5.4 percent over a year ago:
“America is firmly stuck in an ongoing inflation crisis caused by Washington Democrats’ reckless spending. Reports show families, farmers, and small businesses continue to suffer as a result of President Biden’s radical partisan agenda, yet he insists he will not abandon it. The consequences are clear as the Federal Reserve is being forced to continue its policy of elevated interest rates in order to clean up the mess Washington Democrats have created – making it even harder for families to pay off credit cards, buy a car or even a first home.
“The Biden Administration has no plan to bring down inflation – but it does have a plan to make it worse. President Biden thinks the solution to spending-driven inflation is more spending on Green New Deal handouts for big corporations, welfare for the wealthy, and higher taxes on our supply chains. Republicans are fighting for solutions that will provide relief to families, farmers, and small businesses, rein in the reckless spending that’s driving today’s inflation crisis, end the labor shortage, and strengthen the economy.”