“No cause for celebration”
Washington, D.C--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after the Consumer Price Index (CPI) release showed inflation holding high at 8.3 percent year over year in April.
“Today’s data on consumer price inflation shows the Biden Administration’s runaway inflation is not contained and a slight, one-month dip downward is no cause for celebration, as Americans continue to feel the pain of broad-based and rapid price increases. With increasing risks of a recession and rising mortgage rates, this is no time to resurrect failed tax-and-spend proposals that will only cause further economic damage.”
As Crapo has said, this inflationary environment preceded Russia’s invasion of Ukraine, and has outpaced inflation in other developed countries in no small part due to the outsized, unnecessary spending in the American Rescue Plan.