WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today released the following statement in response to the latest Consumer Price Index (CPI) and Real Earnings releases from the Bureau of Labor Statistics (BLS), showing a seven percent annualized rate of inflation for December:
“It may be a new year, but the pain of inflation is still very much a reality as confirmed by today’s Consumer Price Index. Every month Americans are hoping for relief from these soaring prices, but it’s more of the same from President Biden and congressional Democrats—spend, spend, spend. Inflation is at a 40-year high, yet the Senate Banking Committee, which has jurisdiction over monetary policy, has yet to hold a hearing on this historic situation that is robbing the American people of their hard-earned money. Americans under the age of 40 have never experienced this level of price misery. It’s reckless that Democrats would rather bury their heads in the sand than actually confront issues like inflation, which has also wiped out any wage gains seen last year. Tennesseans deserve better.”