Chairman Smith: Inflation Twice the Federal Reserve's Target Is No Reason to Celebrate

Press Release

"We would not be in this inflation crisis if not for Democrats' big spending bills that fueled the labor shortage and gave billions in special interest tax breaks to the wealthy and well-connected, billion-dollar corporations, and big banks. Inflation was only 1.4 percent when Biden took office. Inflation that is almost double the Federal Reserve's target is not a win for American wallets and budgets. In fact, core inflation is higher than topline, meaning sticker shock is not going anywhere for a while. Family budgets continue to get rocked not once, but twice -- first through higher prices and then through high interest rates. While Democrats got us into this mess, Republicans are providing relief for families who have lost more than two months of pay. Ways and Means Republicans passed legislation to help families and small businesses dealing with the largest price spikes in a generation."

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