Crapo: Stagnant Economy Needs Pro-Growth Policies
Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the statement below following release of data on the personal consumption expenditures price index (PCE) for August, which showed that core PCE inflation increased from 4.7 percent to 4.9 percent, year over year. A third estimate for second quarter GDP was also recently released, confirming prior estimates that GDP contracted for two consecutive quarters.
“While year-over-year PCE data edged down, core inflation edged up, and all figures are well over the Federal Reserve’s target rate of 2.0 percent. The stock market has plummeted, the cost of living has soared, and real wage earnings have declined for five consecutive quarters under the Biden Administration.
“Before the pandemic, Americans were experiencing one of the strongest economies in a lifetime. Employment was up, wages were up, capital formation came back to the United States, and the inflation rate hovered around 1.5 percent. We should be getting inflation under control by unleashing American energy; cutting the red tape of burdensome regulations; and stopping unrestrained government spending. We know these pro-growth policies work, and I will continue to fight for them.”
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