January 12, 2022

Smith Statement on Highest Inflation Rate in 40 Years

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index registered the highest pace of inflation in 40 years:

“For months, Republicans and economists have warned about the inflationary impact runaway government spending, especially the President’s $2 trillion Bailout Bill, would have on the economy. At the Budget Committee, we sounded the alarm months ago that the country was on track to experience a price spike not seen in 40 years. Predictably, America has seen inflation rise 7% over the last year, which has decimated the ability of hardworking Americans to provide for their families, to put food on their tables or gas in their cars. The Congressional Budget Office even warned that inflation was outpacing wage growth and American’s were losing purchasing power. Yet President Biden and Washington Democrats routinely ignored these warnings about how their reckless spending habits were fueling this spike in prices. Throughout 2021, as prices steadily rose, President Biden urged Democrats in Congress and American families, to dismiss the problem as ‘transitory’ and focus instead on his reckless agenda, including his $5 trillion spending plan. Even today, Washington Democrats are still busy scheming about how to pass this socialist spending package. The needs of the American people must take priority over a partisan agenda.”

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