House Republican Leader Kevin McCarthy (CA-23) issued the following statement in response to the report on November’s skyrocketing inflation.
“A year ago economists predicted a two percent inflation rate, but in less than 12 months of one-party rule in Washington, consumers are instead facing the highest inflation rate in 40 years. This did not happen by accident — President Biden’s anti-worker, anti-American energy agenda have consumers paying more virtually every time they go to check out.
“The impact on families has been profound. Nearly 50 percent of Americans report experiencing financial hardship as they deal with the increased costs. To put the inflation rate in perspective, a household making $50,000 in 2020 would need about $3,400 a year more to have the same buying power in today’s economy. This means less money for savings, less money for emergency expenses, and less money to put away for retirement.
“We know the solutions we need to stop this expensive trend — stop the massive spending, stop the war on American resources, and stop the government mandates. As Democrats continue to push counterproductive policies that will only mean higher costs for Americans, Republicans will fight back against Biden’s flawed agenda, while we continue to push for policies that support American workers and small businesses.”