October 13, 2022

Smith: Americans Are Fed Up with Unaffordable Democrat One-Party Rule

House Budget Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed inflation remains at a 40-year high of 8.2 percent, with overall prices having risen 13.9 percent since Joe Biden became President:
"Americans are fed up with paying the price for one-party Democrat rule in Washington. In two years, Democrats have added $10 trillion in new spending and left taxpayers holding the bag. Families know that Biden’s claim that inflation is ‘zero’ or that spending more will solve this crisis is ridiculous. Americans are feeling the sticker shock of rising prices every time they visit the grocery store or the gas station. The Republicans' Commitment to America will create an economy that’s strong by taking the checkbook away from Democrats so they can no longer fuel these high prices that have caused so much pain and anxiety for millions of Americans.”

- House Budget Committee Republican Leader Smith

Democrats' Spending Agenda Under President Biden and Washington Democrats, spending has increased by $10 trillion, including:
  • $2.5 trillion increase in interest payments on the growing federal debt
  • $1.9 trillion American Rescue Plan Act
  • $745 billion Inflation Reduction Act
  • $1+ trillion on Biden’s Executive Actions
  • $625 billion Infrastructure Investment & Jobs Act
FACT SHEET: The Cost of One-Party Democrat Rule
“Families are being hit twice on inflation – once through higher prices and again from rising interest rates to combat those high prices. President Biden and Washington Democrats have put working families further behind, while giving handout after handout to their wealthy friends, allies, and political donors. Some of America’s wealthiest can now get their student loans paid for, taxpayer subsidies to buy and sell their electric vehicles, and subsidized Obamacare plans while the President and Washington Democrats send the bill to working families.”

- House Budget Committee Republican Leader Smith

Consequences of Democrat Spending The highest spike in prices coupled with the fastest increase in interest rates in 40 years.
  • Inflation is at a forty-year high of 8.2 percent.
  • Inflation has increased 13.9 percent since President Biden took office.
  • Real wages have decreased 4.4 percent since President Biden took office.
  • Gas prices have risen 111 percent at their peak since President Biden took office.
  • Average mortgage payment is 49 percent higher than one year ago.
  • To combat the President’s inflation crisis, the Federal Reserve is raising interest rates, most recently by 75 basis points – the fifth such rate increase since March with others expected on the horizon. In total, the federal funds rate has risen by 3.0 percent, the fastest rate hike in 40 years and larger than the last 15 years combined.