Press Release

ICYMI: Smith on Mornings with Maria: The American people want the bleeding to stop when it comes to this reckless spending

WASHINGTON, D.C. –  House Budget Committee Republican Leader Jason Smith (MO-08) slammed the Biden Administration for its reckless, inflationary spending on Fox Business’s Mornings with Maria today, as the latest inflation report shows prices remaining at a 40-year high of 7.7 percent:
“Inflation is 7.7 percent year-over-year, but if you compare how much inflation has gone up since Joe Biden has taken office, it’s 14.4 percent. And real wages, Maria, real wages for Americans have decreased by 4.5 percent since Joe Biden took office. And that is what is affecting real Americans, just to put food on their tables, clothes on their backs, and gas in their cars…[Americans] feel like [inflation] is much, much worse because they’ve lost a month of their income.”

– House Budget Committee Republican Leader Jason Smith (MO-08)
Smith slammed the Biden Administration for its wasteful $2 trillion so-called “American Rescue Plan” and vowed to conduct aggressive oversight on the trail of waste and abuse left in its wake:
“Less than 9 percent of all that spending was for COVID. $400 billion of the roughly $2 trillion bill was used to pay people not to work. But then there was almost a half-trillion dollars that was used on just pet projects all over the country, whether it was $783 million of checks to federal prisoners, including the Boston marathon bomber. Whether it was $1,400 stimulus checks to Japanese citizens that live in Japan. $2.1 million for a golf course in Florida. $2 million for a ski resort in Iowa. $5 million for a bird sanctuary in Texas…We’ve sent over 40 letters to this administration, not one response. But now since Republicans will be taking control in January, they will have to answer to the American people of how they’re spending this money, why they’re spending it, and where else they’re spending it.”

– House Budget Committee Republican Leader Jason Smith (MO-08)
Smith also made clear that Republicans are committed to ending President Biden’s reckless spending agenda:
“The American people want the bleeding to stop when it comes to this reckless spending. The Republican majority is united in stopping this reckless spending. I’m confident we will be able to make sure this doesn’t continue.”

– House Budget Committee Republican Leader Jason Smith (MO-08)
Click here or on the image above to watch the full interview.
Democrats’ $10 trillion spending spree
Under President Biden and Washington Democrats, spending has increased by $10 trillion, including:
Consequences of Democrat Spending
The highest spike in prices coupled with the fastest increase in interest rates in 40 years.

  • To combat the President’s inflation crisis, the Federal Reserve recently raised interest rates by another 75 basis points – the sixth rate increase since March.
  • In total, the federal funds rate has risen by 3.75 percent, the fastest rate hike in 40 years and larger than the last 15 years combined.
  • Inflation is at a forty-year high of 7.7 percent.
  • Inflation has increased 14.4 percent since President Biden took office.
  • Inflation is 500 percent higher than it was when Biden entered office. At its peak, inflation under Carter had only grown 200 percent compared to when he took office.
  • Real wages have decreased 4.5 percent since President Biden took office.
  • Gas prices have risen 111 percent at their peak since President Biden took office.
  • The average mortgage payment is 48 percent higher than one year ago.
  • Average mortgage interest rate has doubled since President Biden took office, making home ownership unaffordable to working families.
Consequences of Democrat Spending
The American Rescue Plan left a trail of waste, fraud, and abuse that sparked inflation at the start of Biden’s presidency:

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