November 10, 2022

Smith: We Must End Reckless Spending to Deliver a Stronger Economy, Lower the Cost of Living

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Consumer Price Index showed prices remaining at a 40-year high of 7.7 percent, with overall prices having risen 14.4 percent since Joe Biden became President:

“Today’s inflation report underscores the pain and frustration the American people are feeling as a result of the radical, reckless spending passed by President Biden and his Democrat accomplices in Congress that created the worst inflation crisis in 40 years. While Democrats are focused on giving welfare to the wealthy and financing their woke agenda, Republicans know that better solutions will build a stronger economy that delivers better wages, a lower cost of living, and financial security as well as greater safety and prosperity for the American people. Families want an end to President Biden’s wasteful spending and want Congress to work to get Washington off the backs of small businesses and workers who are trying to make ends meet. The new Republican Majority will fight for a stronger economy for the millions of Americans that have been left behind by Democrats’ failed policies.”

- House Budget Committee Republican Leader Jason Smith (MO-08)

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
  • READSmith-Lummis: Congress Must Act to Stop Rising Inflation
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 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.
  • 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.