Kevin McCarthy: Inflation Accelerates at a 40-Year High

Washington, D.C. – House Republican Leader Kevin McCarthy (CA-23) issued the following statement in response to the January CPI report.

Leader McCarthy quote:

“The White House’s policies have defied the most basic principles of economics. They injected trillions into the economy while forcing lockdowns, driving inflation to another 40-year high. Washington Democrats were warned by both Republicans and even members of their own party this would happen. But they did it anyway because recklessly spending taxpayer dollars appears to be the only thing the Democrat Party seems to know how to do.

“The only ‘transitory’ aspect of this entire situation has been the short time Americans experienced lower costs at the beginning of 2021 before they were sabotaged by the Biden administration.

“And now, under Democrats’ one-party control,  paychecks of American workers are worth 7.5% less today than a year ago. We cannot continue on this path. The American people need relief – it is time for a leadership change in Washington who will focus on lowering costs, getting our economy back on track, and returning our country back to normal.”

Additional context to President Biden’s self-created inflation crisis: 

Current gas prices are at an 8-year high, a financial burden that is felt by nearly every family across America. The trend has been far from ‘transitory,’ and has actively worsened because of the energy policies of this administration:

  • Anti-American energy actions have made us energy dependent.
  • Spent trillions in government spending – a policy decision that has driven up costs across the board
  • Released oil from the Strategic Petroleum Reserve, tapping into an emergency supply, which did nothing to alleviate costs.

Oil prices have skyrocketed to $90 a barrel and gas prices have risen to an average of $3.47 a gallon nationwide. The soaring gas prices have hit American families especially hard.