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) release from the Bureau of Labor Statistics (BLS), showing a seven and a half percent annualized rate of inflation for January:
“As confirmed by today’s Consumer Price Index, President Biden’s spending-fueled, historic inflation hasn’t lost any steam. It’s going up like a rocket, and Americans are feeling it. Instead of rising wages, Tennessee workers are facing pay cuts in real terms, net of inflation, and their savings are being depleted from runaway increases in the cost of everyday goods. It’s a nightmare for those on fixed incomes. In their alternate reality, the Biden Administration might tout economic ‘success,’ but the American people see right through their desperate smoke and mirrors when all Democrats want to do is continue to tax and spend. Americans need relief from these higher prices with sound, pro-growth economic policies, which means the party that controls Washington—Democrats—needs a course correction.”
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