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Worst Inflation Crisis in 40 Years

Floor Speech

Date: April 7, 2022
Location: Washington, DC

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Mr. SMITH of Missouri. Mr. Speaker, Americans are facing the worst inflation crisis in 40 years because of the Democrats' reckless spending agenda, including President Biden's $2 trillion bailout bill.

President Biden's new budget deliberately doubles down on that agenda. It spends $73 trillion over the next 10 years, a 66 percent increase. The President's budget assumes inflation will average 4.7 percent this year. Right now, inflation is 7.9 percent. To hit their target, inflation would have to be 2 percent, starting today, every month for the next 10 years.

Despite ample warning that the President's agenda would fuel the inflation fire, inflation has now risen 8.9 percent since President Biden took office. Hardworking families have already paid a $3,500 inflation tax last year and are expected to pay a $5,200 inflation tax this year. The American people can't afford that.

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