“Reckless spending by President Biden and Washington Democrats ignited and has thrown more fuel on the inflation fire,” Ways and Means Republican and Republican Leader of the House Committee on Budget Rep. Jason Smith (R-MO) writes in a new op-ed for Fox News, warning that President Biden’s inflation crisis is not only reminiscent of the 1970s – it’s even worse.

CLICK HERE to read the full op-ed.

Key Excerpts: 

President Biden has created the crises the country faces.

• “Joe Biden’s presidency has frequently been compared to the malaise of the Carter era. In the 1970s, Americans felt that our country was doomed to permanently decline from its former greatness. Today, America is overwhelmed by the crises created by President Biden and Washington Democrats – record inflation, unchecked violent crime, high gas prices, record illegal crossings at the southern border, and the list goes on.”

Inflation is now 500 percent higher than it was when Biden took office.

• “Reckless spending by President Biden and Washington Democrats ignited and then has thrown more fuel on the inflation fire, where now inflation has grown over twice as fast as it did under Carter. To put matters in perspective, inflation is now 500 percent higher than it was when Biden took office. Even at its peak, inflation under Carter had only grown by 200 percent compared to when he took office.”

Democrats’ spending is out of control.

• “President Biden has set records for the biggest increase in spending and debt in a president’s first 20 months in office. Under one-party rule, the Democrats in control of government have increased spending by $10 trillion more than projected when Biden took office.”

Republicans will deliver on our Commitment to America.

• “When Republicans earn back the majority in Congress, we will put an end to Biden’s political vanity project and advance solutions to build a strong economy for the millions of American families that have been left behind by Democrats’ failed policies.”

CLICK HERE to read the full op-ed.

Skyrocketing prices, a labor shortage, and a weakened economy are the result of President Biden and Democrats’ tax-and-spend agenda.

• The Congressional Budget Office (CBO) and the Penn-Wharton Budget Model have estimated that President Biden’s inflation tax costs the typical family $5,000 a year, and hits the middle class and those just starting their career or families the hardest.
• For working Americans, in just one year, Democrats wiped out three years of wage gains through inflation.
• More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.

Under Biden’s cruel economy, Americans are suffering and job creators are bracing for a recession. 

• More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.
• Biden-Flation has robbed workers of a whole month of wages – the steepest pay cut in 25 years, according to analysis from the Dallas Federal Reserve. 
• More than 90 percent of chief executive officers (CEO) believe there will be a recession in the next year, according to a recent survey. Only a third believe it will be a “short” or “mild” recession. 

READ: Like Inflation, President Biden’s Denial Doesn’t Make a Recession Go Away