House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the June Consumer Price Index report showed prices continuing to increase at a high rate with core inflation increasing 4.8 percent year over year and the broader measure still substantially above the Federal Reserve’s target rate of 2 percent:
“Out-of-touch Washington Democrats will try to spin this report, totally ignoring how skyrocketing prices have stolen two months of pay from American families and inflation remains higher than the Fed’s target. Signs point toward the Fed continuing to hike interest rates at its next meeting, putting the American Dream further out of reach for more working families. But House Republicans are working to dig Americans out of the mess created by the Democrats’ $10 trillion spending spree. Based on feedback given from workers and small business owners in hearings held outside Washington, Ways and Means Republicans’ advanced the American Families and Jobs Act that would provide relief to families and small businesses hammered by Biden’s inflation.
“Democrats’ big spending pickpocketed $10,000 from every working family. House Republicans are taking action to put money back into the pockets of those same families.”
Key Background:
- Prices have increased 15.7 percent since President Biden took office.
- Real wages have decreased 3.0 percent since President Biden took office.
- The average monthly mortgage payment is $1,083 dollars and 92 percent higher than one year ago.
- Interest rates in the last year have increased more than in the previous 15 years combined.
- Inflation has become so deeply ingrained in the economy that when removing food and energy this month’s core inflation number of 4.8 percent is even higher than the topline figure.