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 7.9 percent annualized rate of inflation for February:
“American workers and families are paying more for everything. From the food they put on the table to the gas they put in their tank, and the reason, according to the White House, is because defending freedom has costs. But to put it plainly—that’s hogwash. These rising prices, resulting in depleted paychecks, are a direct result of President Biden and Democrats’ big-government spending and anti-energy policies, not Vladimir Putin invading Ukraine or any other flippant excuse they start peddling. As inflation continues to soar coupled with energy prices at levels the American people have never seen before and without a change in course, I am deeply concerned that the Biden Administration may be putting us on course for an economic recession.”
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