American Families are Paying the Price for Administration’s Economic Mismanagement
Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the statement below following the release of the consumer price index (CPI) for September, which came in higher than expected at 8.2 percent and remains more than double the historic long-run average of 3.3 percent.
“At 8.2 percent, inflation continues to hammer American families and eat away at their paychecks. Consumer price inflation has been above eight percent for seven consecutive months, reflecting the reckless and irresponsible spending policies of the current administration. It is now left to the Federal Reserve to dampen inflationary pressures, which means higher interest rates for families needing a mortgage or credit, and higher interest costs to service the federal government’s runaway debt. Before the shock of the pandemic, Republican policies led to low inflation, low unemployment, and robust growth. Now, the economic mismanagement by the Biden Administration has families dipping into savings to afford everyday necessities.”
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