Press Releases

WASHINGTON – Today, U.S. Representative Jason Smith (Mo.), Republican Leader of the House Budget Committee, released the following statement after the Consumer Price Index showed inflation remains at a 40-year high of 8.2%, with overall prices having risen 13.9% since President Joe Biden took the oath of office:

“Americans are fed up with paying the price for one-party Democrat rule in Washington. In two years, Washington Democrats have added $10 trillion in new spending and left taxpayers holding the bag. Families know that President Joe 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 Washington Democrats so they can no longer fuel these high prices that have caused so much pain and anxiety for millions of Americans.”

Under Biden and Washington Democrats, spending has increased by $10 trillion. As a result, working-class families are struggling with the highest spike in consumer prices and interest rates in 40 years.

Missouri families will pay an extra $8,900 a year because of the economic crisis Washington Democrats created – and continue to fuel – with their reckless spending.

Smith continued, “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.”

As Budget Republican Leader, Smith has led the effort in Congress to expose Washington Democrats’ wasteful spending. Following are examples of the consequences of the Left’s  spending:

• Inflation has increased 13.9% since Biden took office.
• Real wages have decreased 4.4% since Biden took office.
• Gas prices have risen 111% at their peak since Biden took office.
• Average mortgage payment is 49% 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%, the fastest rate hike in 40 years and larger than the last 15 years combined.

Last month, House Republicans released their Commitment to America to provide a roadmap of how they will get the country back on track. Specifically, the Commitment to America lays out House Republicans’ plans to deliver an economy that’s strong, a nation that’s safe, a future that’s built on freedom, and a government that’s accountable.