Cloud Calls for Hearing on Skyrocketing Inflation Before August Recess

WASHINGTON—Economic and Consumer Policy Subcommittee Ranking Member Michael Cloud (R-Texas) and Subcommittee Republican lawmakers today called on Chairman Raja Krishnamoorthi to immediately hold a hearing on skyrocketing inflation before Congress leaves town for August recess. Democrats have found time to examine pet flea and tick collars but are ignoring the worst inflation crisis in decades that is impacting Americans’ ability to purchase essential products.  

“The Subcommittee on Economic and Consumer Policy must immediately hold a hearing on the 9.1 percent inflation rate that is impacting everyday Americans’ ability to purchase essential products like electricity, food, gas, and clothing. The Subcommittee has jurisdiction over “policies that affect the growth and prosperity of the middle class.” No issue affects the growth and prosperity of the middle class more than the skyrocketing inflation we are experiencing today. Yet, you have spent more time examining pet flea and tick collars than addressing issues affecting all Americans. The Subcommittee has not only failed to hold the Biden Administration accountable for its failed economic policies, but also failed to make any effort to address inflation—one of the biggest economic crises our country has faced in decades,” wrote the Republican lawmakers.

Since President Biden took office, the inflation rate has skyrocketed. In June 2022, gasoline was up nearly 60 percent from the prior year, which was 11.2 percent higher than month before. Housing costs were up 5.6 percent, home gas bills were up 38.4 percent, home electricity bills were up 13.7 percent, eggs were up 33 percent, and milk was up 16.4 percent compared to June 2021. Core prices, which exclude food and energy changes, rose 0.7 percent in June—more than their 0.6 percent increase in May—further signaling we are headed in the wrong direction.

“Economists are beginning to warn that the irresponsibility of both the White House and the Federal Reserve will lead to a recession. Larry Summers recently stated that he thought it ‘very unlikely that we will see inflation come down to target range without a significant economic downturn. Even now, rather than admit families are suffering under the weight of an inflationary economy headed toward recession, the Biden Administration said the latest 9.1 percent rate does not reflect the full picture. As American families struggle, the Biden Administration deflects,” continued the Republican lawmakers. “The American people need answers, and the Biden Administration needs to be held accountable. We urge you to schedule a hearing before August recess to examine the Biden Administration’s failure to adequately respond to inflation and what the federal government should do now to ensure inflation does not continue to rise.”

The letter to Subcommittee Chairman Krishnamoorthi can be found here

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