On Thursday’s broadcast of the Fox Business Network’s “Fox Business Tonight,” House Ways and Means Committee Ranking Member Rep. Kevin Brady (R-TX) reacted to the September inflation report by pointing out that core inflation hit a 40-year high almost a year after President Joe Biden said that we were at “the peak” of the inflation crisis.
Brady said, “I think, one, this is terrible news for workers, for families, certainly for seniors as well. So, here we are, nearly a year after President Biden promised voters that inflation had peaked, and here we have core inflation is at the highest on record during his presidency. It is — clearly housing costs…are just crushing both rents and housing and mortgage rates, now at a 20-year high. Health care saw a nearly 30% increase in one year. That’s the highest level on record. That’s crushing for seniors and working families. Obviously, food and all that.”
He added, “So, what’s in the pipeline here that drives inflation? You’ve got a couple of things going. You’ve got a wage-price spiral. No country wants to be in that because, ultimately, it drives inflation high and ends up in recession. We also have, obviously, a worker shortage driving inflation in a big way. And, at the end of the day, I worry the President’s really kind of misleading Americans about the severity of inflation and how cruel the economy he created really is.”
Follow Ian Hanchett on Twitter @IanHanchett
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