I hope you had a blessed Thanksgiving with family and friends. This great occasion marked the beginning of the holiday season.
Rather than feeling a sense of cheer and looking forward to the holidays, many Americans are feeling the pressure of rising prices, and some may be wondering how they will afford it all. Since January 2021, prices have risen 17.1% due to surging inflation and the Administration’s flawed ‘Bidenomics.’
This holiday season, the price of just about everything is up due to inflation. According to the Consumer Price Index (CPI) for October, baby food and formula is up 8.3%, rent of primary residence is up 7.2%, transportation services is up 9.2%, frozen fruits and vegetables is up 8%, motor vehicle insurance is up 19.2%, white bread is up 7.1%, and I could go on and on. Economists estimate that Americans are spending an additional $700 a month to buy the same goods and services as they did just two years ago.
My office has heard from many Arkansans directly impacted by record inflation. Some have said that the inflation rate is outpacing their paychecks, making it difficult to make ends meet, especially with the demands of the holidays upon us.
House Republicans have made a commitment to rein in reckless government spending and bring inflation down to ease the pressure that so many American families are feeling. We’ve passed several historic measures to reduce costs for Americans, including H.R. 1, the Lower Energy Costs Act, which is projected to save Americans $795 annually on energy costs alone. The House passed H.R. 1 over seven months ago, and Senate Democrats have yet to act.
Hardworking American parents should not have to wonder if they can afford to give their children the holiday experience they deserve. I’ll continue to work with my colleagues to pass common-sense legislation to lower costs for American families and ease the pressure many feel due to high inflation.