WASHINGTON—Today, Republicans on the Oversight and Reform Committee led by Ranking Member James Comer (R-Ky.) called on National Economic Council Director Brian Deese to provide answers about how the Biden Administration plans to fix its self-made inflation crisis. The Biden Administration’s economic policies have disproportionately impacted middle class Americans, especially those hit hardest by Democrat lockdowns.
“The exponential rise in inflation since the Biden Administration took office shows the clear consequences of massive deficit spending and the fallout from installing an extreme left-wing agenda,” wrote the Republicans. “The Biden Administration has pushed trillions of dollars of taxpayer money out the door with little consideration of the adverse consequences … The obvious consequence of reckless government spending is inflation.”
Since January, President Biden and Congressional Democrats have rushed trillions of dollars out the door and propose to spend trillions more under the guise of infrastructure and COVID-19 relief. As a result, in April inflation increased at its fastest pace in more than a decade. Over the past year, food is up 3.5 percent, gas is up 22 percent, lumber is up 250 percent, housing is up 11 percent, and new cars are up 9 percent.
The Oversight Republican lawmakers concluded, “Inflation is a regressive tax on hard-working Americans. Those families hardest hit by the burdensome Democrat COVID-19 lockdowns are now the ones hardest hit by the Biden Administration’s harmful economic policies.” In their letter, the Republican lawmakers request any and all information from the Biden Administration relating to their plans to combat inflation before the crisis gets further out of hand.
The letter is available here.