Inflation Surge

Floor Speech

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Mr. HILL. Madam Speaker, I rise today to bring attention to the latest Consumer Price Index data released by the Bureau of Labor Statistics just yesterday.

This new data shows a 7 percent annual increase in inflation--the largest 12-month increase since 1982. The last time inflation was this out of control, Michael Jackson had just released ``Thriller''. So from moonwalking to now sleepwalking with President Biden, we have continuously seen negative real wages, meaning that our pay is actually decreasing when you account for inflation.

The President's only idea is to print and spend more money. Gasoline is up 50 percent. Propane, kerosene, and firewood are up 34 percent; and beef, veal, and bacon are up 18 percent. Higher inflation is eroding the true purchasing power for all American families, and these record-breaking CPI numbers underestimate the real cost of inflation.

Americans need leadership that will prioritize getting our economy and our Nation back to its pre-pandemic performance.

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