After the Bureau of Economic Analysis released its report for September’s personal consumption expenditures (PCE) showing core prices increased 5.1 percent from one year ago, the third-highest level under the Biden Administration, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) released the following statement:
“This is more bad news for families and workers. Today they struggle with the third highest increase in core prices in President Biden’s cruel economy, surging 5.1 percent from last year. The President may foolishly insist the economy is ‘strong as hell,’ but it’s inflation that is strong as hell and continues to punish working families and Main Street businesses.
“After Republicans modernized America’s tax code, incomes grew twice as fast as inflation — especially for low- and middle-income workers — effectively giving them a pay raise each month. Under President Biden, workers face a pay cut each month thanks to his cruel inflation and many have lost a full month of wages to Biden-Flation.”