After the Federal Reserve’s preferred measure of inflation had the highest annual increase in nearly 40 years–up 6.4 percent from the year previous–Ways and Means Republican Leader Kevin Brady (R-TX) issued the following statement:
“Americans were hit with another Biden paycut in March, and yet the President’s new budget doubles down on the very policies responsible.
“Democrats’ higher taxes will only be passed on to cash-strapped families whose incomes fell for the seventh straight month while prices rose at their fastest pace in nearly 40 years.
“Americans don’t buy President Biden’s blame game and are now suffering with socialist sticker shock.”
- The personal consumption expenditures (PCE) price index increased 6.4 percent from a year ago, the largest increase in nearly 40 years.
- Federal Reserve officials consider the PCE gauge to be the most reliable inflation indicator.
- Personal income increased by a mere 0.5 percent in February over the prior month, a pickup after it was nearly flat in January.
- After adjusting for inflation, workers disposable personal income fell for the seventh straight month.