After the Bureau of Economic Analysis released its report for December’s personal consumption expenditures (PCE) showing core prices continued to increase, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) released the following statement:
“This report shows yearly inflation is worse than expected. With Biden-Flation persisting in the December PCE report that showed prices are still stubbornly high, the Federal Reserve is unlikely to slow their approach.
“No wonder families are worried and holding back on spending – after depleting their savings, holding off retirement, and adding to their credit card debt, an imminent recession means even more hardship.
“This cruel economy will get even worse when President Biden’s new tax increases go into effect in just a matter of weeks.”