December 13, 2022

Smith: Thanks to Biden Inflation Crisis, Americans are Facing a Blue Christmas

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Consumer Price Index showed prices remaining at a 40-year high of 7.1 percent, with overall prices having risen 14.3 percent since Joe Biden became President:
“Thanks to the spike in prices brought on by the Biden Administration and Congressional Democrats’ reckless spending, Americans are bracing for a blue Christmas. The tree, the presents under the tree, food on the table, and energy to power lights and heat the home will take an even bigger bite out of the family budget this year. Inflation sparked by Democrats’ $10 trillion spending spree has squeezed American pocketbooks for almost two years now. The rise in inflation since Joe Biden took office is now costing workers nearly two months’ worth of their paychecks. As a result, Americans are expected to buy fewer gifts and give less to charities that rely on year-end donations to survive.

“Washington Democrats’ reckless spending put families in this mess. The Federal Reserve has been forced to respond by aggressively hiking interest rates, with more expected to come tomorrow. In a new majority, House Republicans will work to clean it up by combating wasteful spending that fuels inflation. Our Commitment to America focuses on building a strong economy that increases wages, gets American’s back to work, where we produce more energy here in America and strengthen our supply chains. Americans are tired of the constant anxiety about how they will afford to take care of their families. Starting on January 3, 2023, help is on the way.”

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
The Consequences of Democrat Spending ?      Inflation is at a forty-year high of 7.1 percent. ?      Inflation has increased 14.3 percent since President Biden took office. ?      Real wages have decreased 3.8 percent since President Biden took office. ?      The average mortgage payment is 38 percent higher than one year ago. ?      The partisan American Rescue Plan Act was the spark for the highest inflation in 40 years.
Christmas Inflation Compared to last Christmas, everything needed to make the holiday merry and bright costs more:
  • Children's Toys
    • Baseball glove: 39% higher
    • Basketball: 14% higher
    • Trampoline: 20% higher
    • Mini-scale toy car track set: 16% higher
  • Ham for Christmas dinner: 7.8% higher
  • Energy to heat your home: 15.7% higher
  • Sugar to bake cookies: 14.1% higher
  • Clothes for everyone on your list: 3.6% higher