“Nearly a year after the President promised American families inflation had peaked, now core inflation is at the highest on record under Biden,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) on Varney & Co. on Fox Business in a conversation with Stuart Varney, discussing how President Biden’s so-called “Inflation Reduction Act” has failed workers and has the economy headed towards a recession if it’s not already in one.
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Nearly a year after President Biden promised Americans inflation had peaked, core inflation is now the highest on record in his presidency.
“Overall this report is terrible news for both workers and seniors. Nearly a year after the President promised American families inflation had peaked, now core inflation is at the highest on record under Biden.
“Obviously food prices are just shockingly high, but now you’re seeing housing prices so high – as expected – and now health care costs are nearly 30 percent up over the past year.
“If you look at the wholesale prices yesterday, what are businesses paying for inflation? It’s clear we’re going to see high inflation, it’s persistent, and right now there’s no end in sight.”
READ: Core Inflation Hits Highest in Biden Presidency
As prices continue to rise, there’s no question President Biden’s so-called ‘Inflation Reduction Act’ has failed American workers.
“I don’t know what the highest level of inflation will be. I do know that businesses and others have been paying high prices for their core commodities, ingredients, and all of that.
“I think inflation will be high for another year or two because of what’s already baked into this economy. Again, the President drove this inflation with his so-called stimulus bill, and the Inflation Reduction Act has done nothing, as you can see. The President is making no changes that would reduce inflation.”
READ: Brady: As Local Biz Pays Higher Prices, Expect Higher Inflation and Worsening Recession
Job creators and businesses are bracing for a Biden recession as the economy heads towards a recession, if it’s not already in one.
“I think we’re all hopeful for a mild one, but it certainly doesn’t look that way. Right now you’re seeing an economy that’s contracting in a big way. Job growth is slowing as well, inflation is pretty crushing for a lot of Americans.
“Most CEOs, about 90 percent, think we’re in a recession or the one we see will be pretty rough. Some estimates show we’ll have to shed 6 million jobs to get the Biden-Flation down to a manageable level, and that’s a pretty cruel outlook. I hope that’s not the case.”