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Chairman Smith: Americans Need Relief from 3 Years of Inflated Prices

February 13, 2024 — Blog    — Press Releases    — Select Revenue Measures   

“Congress must act as soon as possible to build on the pro-family, pro-growth policies from the Trump tax reforms and give the American people some well-deserved relief from today’s inflation crisis.”

WASHINGTON, D.C. – House Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Consumer Price Index report for January 2024 showed prices have risen nearly 18 percent since Joe Biden became President:

“A nearly 18 percent rise in prices since Joe Biden took office is one of the many reasons the American people are not buying the Democrats’ out-of-touch sales pitch on the economy. The fact that core inflation remains higher than the topline number is more evidence that ongoing sticker shock is in store for families. We have heard continually from working families and small businesses about how hard it is to make ends meet today. That is why Congress is working to enact bipartisan tax policies that will provide direct relief to families and small businesses stretched thin by high prices and high interest rates. Under the Tax Relief for American Families and Workers Act, small businesses will get a break from the rising cost of borrowing that is right now crushing their ability to expand and create new jobs for their communities. Working parents will have more money in their pocket to buy food, school supplies, and to put a roof over their family’s heads. Congress must act as soon as possible to build on the pro-family, pro-growth policies from the Trump tax reforms and give the American people some well-deserved relief from today’s inflation crisis.”

Key Background

  • Prices have increased 17.9 percent since President Biden took office.
  • After inflation, wages have fallen 4.3 percent since President Biden took office.
  • Inflation has become so deeply ingrained in the economy that core inflation (3.9 percent) is even higher than headline inflation.
  • Inflation outpaced wages for 26 straight months of Biden’s presidency.
  • Mortgage rates reached a 23 year high of 7.8 percent in October. The average monthly mortgage payment has increased by $985 and is 87 percent higher than when President Biden took office in January 2021.
  • Credit card interest rates are at the highest level in nearly three decades, while consumer credit debt has reached an all-time high of more than $1.1 trillion and the percentage of Americans struggling to pay credit card bills is now back up to the same level as during the worst part of the COVID-19 pandemic.