WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation remaining at an over 30-year high of 4.9 percent and prices increasing 15.3 percent since President Biden took office:
“Today’s report is more evidence that inflation is not going away on its own and that President Biden needs to do more of what he did this week, which is sit down with Republicans to figure out a way to rein in reckless spending. The American people demand action. House Republicans offered our solution by passing the Limit, Save, Grow Act that addresses the debt ceiling, reins in spending, and helps the economy grow. But even Biden Administration officials admit they have no alternatives.
“Families, farmers, and small businesses continue to feel the sting of inflation that has stolen $10,000 from the pockets of American families. At Ways and Means hearings across the country, we have heard how the spike in prices has impacted families, small businesses, their employees, and their customers. That is why House Republicans are fulfilling our commitment to fight inflation by putting forth common sense solutions to limit spending, save taxpayer dollars, and lift more Americans out of poverty.”
- Inflation has become so deeply ingrained in the economy that when removing food and energy this month’s core inflation number of 5.5 percent is even higher than the topline figure.
- Prices have increased 15.3 percent since President Biden took office.
- Real wages have decreased 3.3 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.
- The Limit, Save, Grow Act addresses the debt ceiling while implementing commonsense spending reforms to limit wasteful spending, save taxpayer dollars, grow the economy, lift families out of poverty, and revitalize the American workforce.
In Their Own Words: Working Americans Are Struggling in President Biden’s Economy
At Ways and Means field hearings across the country, working Americans have testified how their families and small businesses are struggling under President Biden’s economic policies:
- West Virginia – Ashley Bachman, mother of three and local restaurant owner: “Unfortunately, after COVID we have been hit with another crisis. The crisis of rising costs of everything…Our little restaurant has been bleeding money due to all the increased costs and I don’t know how much longer we’ll be able to continue with the prices the way they are…” February 6, Field Hearing on the State of the American Economy: Appalachia
- Oklahoma – Chuck Mills, owner and operator of his family’s manufacturing company: “The lack of workforce and supply chain issues, combined with inflationary pressures, have made this economy the most difficult economy I have dealt with in over four decades.” March 7, Field Hearing on the State of the American Economy: The Heartland
- Georgia – Matt Livingston, owner of a small home construction business and family restaurant: “I’m not sure anything I could say will change the minds of those that believe this economy is thriving or it is the best that it has ever been. Anyone that has those beliefs obviously has not been to my small town.” April 21, Field Hearing on the State of the American Economy: The South