WASHINGTON, DC – Americans will continue to suffer under President Biden’s inflation crisis, after the latest Consumer Price Index report showed inflation at 5.0 percent, an over 30 year high, and inflation rising 14.9 percentage points since Joe Biden became President.
Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Bureau of Labor Statistics issued its report:
“Despite wishful thinking from President Biden, higher prices on every single thing that Americans buy is not just going to go away. Whether it’s putting food on the table or buying clothing and school supplies for children, inflation is showing no sign of letting up. Just like death and taxes, Americans now fear sticker shock every time they go to the checkout counter.
“The Biden Administration’s $10 trillion spending spree sparked and fueled this crisis. Instead of focusing on helping workers, the Biden Administration pushes for 87,000 IRS agents to audit middle-class families and tax credits for the wealthy to buy electric vehicles. Those are not solutions that will bring American families – who have seen $10,000 stolen from their wallets – relief. In our Ways & Means hearings across America, workers and small business owners are telling us they and their neighbors, employees, and customers need tax relief to make ends meet.”
Americans think inflation will remain above the Fed’s target rate for at least the next three years. The Federal Reserve looks at consumer expectations for inflation as a key factor when determining whether to continue its historic interest rate increases to control Biden’s inflation surge.
The Consequences of the Democrat Inflation Crisis:
- Inflation has become so deeply ingrained in the economy that when removing food and energy this month’s core inflation number of 5.6 percent is even higher than the topline figure.
- Inflation has increased 14.9 percent since President Biden took office.
- Real wages have decreased 3.5 percent since President Biden took office.
- The average mortgage payment is 15 percent higher than one year ago.
- Interest rates in the last year have increased more than in the previous 15 years combined.