Crapo: Historically High Inflation Fueled by Reckless Spending

Raising taxes, killing jobs, smothering wages and imposing price controls won’t solve inflation crisis

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the below statement following the release of the consumer price index (CPI) for June, which shot up to 9.1 percent year-over-year, the highest since 1981.  

“Today’s consumer price inflation reading of 9.1 percent is a painful reminder that Americans’ paychecks continue to be strained by the high inflation that was fueled by Democrats’ untargeted and partisan spending spree.  As the economy faces runaway inflation and rising odds of a recession and stagflation, raising taxes, killing jobs, smothering wages and imposing price controls makes no sense.”

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