Price of Inflation Paid By Middle-Class Families

Floor Speech

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Mr. CLINE. Madam Speaker, despite our Nation sitting on the edge of a fiscal cliff, the Biden administration continues to propose trillions upon trillions of dollars in new taxpayer spending.

Sadly, yet not unexpectedly, the American people are beginning to see the consequences of taking their hard-earned tax dollars for continued and unprecedented levels of deficit spending.

The Consumer Price Index has increased 5 percent from this time last year, which marks the fastest rate of inflation since right before the economic crisis in 2008 and a nearly 13-year high. This is in addition to producer prices rising 6.6 percent over the past year, the fastest increase on record.

I don't care what the reasons are; I know that Americans are feeling it right now in their pocketbooks. Rising inflation at this rate is the same thing as a tax, and American consumers are feeling it as they shop for the essentials.

Gasoline is 56 percent more expensive today than it was 12 months ago. Transportation services are up 11 percent since last year. Together, food and energy prices have increased 3.8 percent, which is the fastest rate since 1992.

Middle-class families are paying the price for the lack of fiscal responsibility shown by this administration.

It is time to get our fiscal house in order to ensure our children and our children's children are left a thriving economy.

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