Cape News

House Ways and Means Committee Chairman Jason Smith has voiced concerns following the release of the Consumer Price Index (CPI) for September 2024 by the Bureau of Labor Statistics. In a statement, Smith criticized the Biden-Harris Administration's policies, attributing a 20 percent increase in prices to their actions.

Smith highlighted that families are currently struggling with high costs and claimed that Vice President Harris played a crucial role in passing legislation contributing to this price surge. He argued that these policies benefit wealthy entities and foreign interests while burdening American workers and small businesses.

He further expressed apprehension about potential tax increases, suggesting that allowing Trump-era tax cuts to expire would negatively impact families and small businesses. "With Americans struggling to afford the basics, Democrats want every family to pay even higher taxes," Smith stated.

Smith also emphasized efforts by Ways and Means Republicans who have conducted site visits across 19 states, gathering feedback from families and businesses already affected by inflation. He advocated for returning to economic policies from the Trump administration, which he believes resulted in stable prices and economic growth.

Key statistics cited include a 20.5 percent rise in prices since the Biden-Harris Administration began, real wages falling by 3.4 percent, and mortgage payments increasing by 80 percent since January 2021. Additionally, credit card debt has surpassed $1 trillion for five consecutive quarters.

The data also indicates that savings rates have decreased since the current administration took office, with many families facing financial difficulties as they struggle to keep up with bills.