This week, I signed onto H.R. 6629, the Informed Lawmaking to Combat Inflation Act. The legislation would direct the Congressional Budget Office (CBO) to release a statement on the inflationary impact of any major bill before it comes to the floor for a vote. This bill comes in response to news that inflation has continued to surge past 7%, making it the fastest rate of increase in 40 years.
The Wall Street Journal reported that the average household is spending an extra $276 per month due to the rise of inflation – that will add up to over $3,000 this year. Groceries rose 1% in January from December, the Labor Department reported. Meat prices have risen rapidly over the past year and are 12.2% higher than they were a year ago. January’s 4.2% increase in the price of electricity was the biggest monthly rise since 2006. This January, the price of power was up 10.7% compared to last January. Household gas prices are an astonishing 23.9% higher than where they were a year ago. The price of rent also increased in January, rising 0.5% on the month, the fastest pace since 2001.
It is far past time for the Biden Administration and Democrats in Congress to acknowledge that out-of-control government spending is playing a lead role in skyrocketing inflation. Inflation spikes hit low-income folks the hardest as they watch their paychecks evaporate while the coastal elite see their assets increase in value. Joe Biden and his party leaders have an obligation to hit the brakes on their spending habits and shore up America’s economic outlook or else costs will keep hitting the most vulnerable families in their pocketbooks.