Cape News

House Ways and Means Committee Chairman Jason Smith has commented on the latest Consumer Price Index (CPI) report for November 2024, released by the Bureau of Labor Statistics. The report indicates that core inflation remains above the Federal Reserve's target of 2 percent.

Chairman Smith criticized the economic policies of the Biden-Harris Administration, stating, "This report is further evidence of the economic mess the Biden-Harris Administration is leaving for President Trump to clean up." He highlighted a more than 20 percent increase in prices since President Biden took office, attributing it to what he described as "reckless, out-of-control spending from Washington Democrats."

Smith expressed concern over potential tax increases if Trump-era tax cuts expire. He warned that families might face higher taxes equivalent to nine weeks of groceries. "The American people gave President Trump a mandate to provide relief from the bad Biden-Harris economy as soon as possible," Smith stated.

He emphasized that Ways and Means Tax Teams have been preparing an economic package aimed at fostering growth, job creation, and wage increases. According to Smith, without action, small businesses could see their revenue heavily taxed.

Key statistics were also noted: prices have risen by 20.6 percent since the start of the Biden-Harris Administration; real wages and benefits have decreased by 3 percent; inflation has exceeded the Federal Reserve's target for 45 consecutive months; and interest rates are at their highest in 23 years.

Additionally, mortgage costs have nearly doubled since January 2021, consumer credit debt has surpassed $1 trillion for six quarters, and personal savings rates remain low compared to pre-Biden levels. Over one-third of families reportedly paid a late fee in the past year due to financial strain.