With inflation climbing to the highest levels since 1982, Republican Leader of the Ways and Means Committee Rep. Kevin Brady (R-TX) issued the following statement:
“Just one year of President Biden’s bungled economy has wiped away three years of Americans’ wage gains, with inflation growing at the fastest pace since 1982.
“Food, energy, and housing prices all continue to climb, while working families watch as their income decreases.
“The threat of crippling tax hikes and more runaway spending only worsens our labor shortage, supply chain crisis, and inflation. The American people will continue to pay the high price of the Biden Administration’s incompetence.”
The Federal Reserve Bank’s preferred measure of inflation, the personal consumption expenditures price index (PCE), increased over 5.8 percent. It is the highest rate since 1982.