With inflation at a 40-year high, the average American household spent $3,500 more in 2021 to receive the same goods and services as the year before. Not only are prices up, but workers real wages are down by 2.4% on average. As a result, working families have less purchasing power than the year before.
And don’t expect real action from the Biden administration to ease the strain on our supply chains. Remember when President Biden announced that the Port of Los Angeles would operate 24/7 with his administration’s assistance? That never happened.
American families need real plans with concrete results. That’s why Republican Whip Steve Scalise (LA-01), Ranking Member Patrick McHenry (NC-10), Ranking Member Jason Smith (MO-08), Rep. Jeff Duncan (SC-03), Rep. French Hill (AR-02), Rep. Barry Loudermilk (GA-11), Rep. Stephanie Bice (OK-05), and Rep. Young Kim (CA-39) gathered with panelists to discuss the impact that high prices are having on families — and what can be done to alleviate those costs.
Here are the takeaways from their conversation:
Republican Whip Steve Scalise: “Inflation is what really hits low and middle-income families the hardest. Those were the people Joe Biden promised wouldn’t be affected by his policies, and unfortunately, they’re the most — and hardest — hit by his policies.
Ranking Member Patrick McHenry: “For one year, Democrats have controlled the House, the Senate, and the White House. And it’s been a year of crises — preventable crises… The labor force participation rate, those who are actively participating in our economy, remains stagnant. Our economy is not actively creating any new jobs at this point.”
Ranking Member Jason Smith: “The increase of [Democrats’] reckless spending is having a direct result on all the prices going up — of what [consumers] purchase at the grocery store [and] to put gas in their car”
Rep. Jeff Duncan: “Gasoline prices are up well over a $1 a gallon more. Diesel prices well over a $1 a gallon more. For every 18-wheeler that has a three hundred gallon tank, that’s $300 more it takes that trucker to fill up. Do you think that’s coming out of his pocket? No, that’s being passed on in consumer prices down the road.”
Rep. French Hill: “The top issue we talked about was inflation and the impact of a 7% cost-of-living [increase] last year… They asked why do we have this sudden, avalanche of inflation. The number one issue is too much fiscal stimulus and uncontrolled spending in Washington, D.C.”
Rep. Barry Loudermilk: “This is something that even the media cannot spin away from the American people, because they’re experiencing it every time they go to the store: Empty shelves. You’re waiting longer. You’re paying more and getting less.”
Rep. Stephanie Bice: “In order to find the roots of today’s inflation, you’d have to go back a ways. The last year, the glut of federal dollars that’s been pumped into our economy, has fueled the surge in prices.”
Rep. Young Kim: “In the state of California, where I’m from, we talk about inflation. We talk about small businesses struggling to keep their doors open and their employees on payroll. We see gas prices on an average that is a dollar higher than any national average you see around the country.”
Kevin Hassett, Former Chairman of the Council of Economic Advisers: “We’ve basically seen these disruptions get worse and worse since the summer and President Biden’s team is telling us it’s temporary, but it’s not temporary.”
Kevin Riley, President of Riley Permian: “Being an operator in West Texas, we certainly feel the squeeze from the supply chain [and] price increases, which is causing oil prices to increase across the board.”
Russ Gant, Owner of Mega Motorsports, 5G Farms/Property Owner for Burton Creek Rural Medical: “As time went on, the supplies dwindled and dwindled even more… I see on the news that there’s 100 ships, 150 ships, 200 ships out there with the goods we need.”