As American families are struggling to pay 7.9 percent more in higher costs due to inflation, Republican Leader on the Ways and Means Committee Rep. Kevin Brady (R-TX) reminds viewers on “The Story” with Martha MacCallum on Fox News that inflation skyrocketed after enactment of President Biden’s $2 trillion spending plan last year, and has been wiping out workers’ wages ever since.
CLICK HERE to watch the interview.
Responding to Speaker Pelosi’s claim that inflation is “Putin’s gas hike”, Rep. Brady said:
“That claim is nonsense. Inflation has been raging in America for the past year, so high on families and small businesses that it has so far wiped out three years of wage gains for American families.
“I think the White House right now is trying to ignore the report this week showing that inflation is accelerating, and has been over the last half of a year.
“In fact, what your paycheck can buy – what they call real wages – have dropped so fast this year, it is the fastest decline in the history of measuring these issues.
“Look, inflation took off right after President Biden’s nearly $2 trillion COVID stimulus. It continues to grow, and very little, if any, is reflected from Russia.”
Rep. Brady warned that the economy is in a wage-price spiral and headed for a recession:
“My worry is that because of this inflation, we’re already in a wage-price spiral. As wages grow, products get more expensive. The only way to get out of it is a recession. As of today, most economists believe we are in that wage-price spiral and that we’ll be in a recession within a year.”
Rep. Brady added:
“[President Biden] is still obsessed with more government spending, more programs that encourage people not to reconnect back to work, and those higher taxes on businesses will show up in higher prices for a longer period.”