After the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures (PCE) price index rose 6.3 percent from the year previous in July, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:
“This is what a recession does, drives energy prices down as families can no longer afford the cost.
“While the White House bizarrely brags about ‘Zero Inflation,’ raging Biden-Flation has shrunk family paychecks for the past five consecutive quarters, and this is before taking into account the disastrous effects of Democrats’ ‘climate bill’ and inflationary student loan amnesty that will raise prices even higher.
“The future looks bleak for working families who are waiting to get hit with 710,000 new IRS audits, while being forced to pay off the student debt for a tiny portion of qualifying well-off Americans.
“We did better when Republican tax reform led to higher paychecks for the middle class that outpaced inflation. No wonder President Biden keeps repeating his debunked lies about it.”