More Inflation Pains Ahead for Americans & Small Businesses
Inflation is hammering workers and businesses at a 40-year high, and Americans should brace for even more inflation pain ahead, said Republican Leader on the Ways and Means Committee Rep. Kevin Brady (R-TX) on “Your World with Neil Cavuto” on Fox News.
READ: With Record Surge in Wholesale Prices, Americans Should Brace for Even Higher Inflation Ahead
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Rep. Brady warned that accelerating inflation is still on the rise for American families:
“I think Americans should brace for more pain ahead.
“Yesterday the CPI report showed us that prices are going up three times faster than paychecks. The average family right now has lost about $5,700 in purchasing power. That’s why most Americans feel like they’re in worse financial shape than they were during the height of the COVID pandemic.”
READ: Accelerating Inflation Hits Americans: “I’m More Concerned With Feeding My Family”
Small businesses are also feeling the pain:
“We also learned yesterday small business optimism was at record lows for much of the same reason: inflation and the worker shortage.
“The wholesale prices today at double-digit numbers reinforced that we’re going to see higher inflation, because it’s been accelerating over the last six months. It’s going to last much longer.”
READ: NFIB Survey: Small Businesses Forced to Raise Prices at Record High, Optimism Plummets to All-Time Low
With more tax hikes and runaway spending on the table, Democrats are threatening Americans with even higher prices:
“Since tax reform, we’ve had the three highest record revenue years in American history. When you grow the economy, people come back to work.
“Washington does not have a revenue problem. It has a big spending problem and it will get worse if any of this Build Back Better agenda gets through.”