Washington, D.C. - House Ways and Means Committee Chairman Jason Smith expressed concern over the impact of rising prices on families during the holiday season. The Consumer Price Index (CPI) revealed a 17.4 percent increase since President Biden assumed office. Chairman Smith highlighted that this inflation crisis is making it difficult for parents to afford holiday meals and presents for their children. He criticized the lack of action from Democrats in addressing the high cost of living, stating that working families are aware of the truth and are forced to leave items unchecked on their children's Christmas wish lists.
According to a Gallup survey, families earning less than $40,000 anticipate spending less on holiday gifts. Additionally, 38 percent of Americans expect to incur credit card debt during the holiday season. These findings further highlight the financial strain faced by families amidst rising prices.
The statistics reveal a concerning economic backdrop. Prices have increased by 17.4 percent since President Biden took office, while real wages and benefits have fallen by 3.7 percent. Inflation has become deeply ingrained in the economy, with core inflation even surpassing headline inflation at 4.0 percent. Furthermore, inflation has outpaced wages for 26 consecutive months under President Biden's presidency.
The housing market has also been significantly impacted. Mortgage rates reached a 23-year high of 7.8 percent in October, resulting in a substantial increase in the average monthly mortgage payment. Since President Biden took office in January 2021, the average monthly mortgage payment has risen by $1,051, representing a 93 percent increase. Meanwhile, credit card interest rates are at their highest level in nearly three decades, and consumer credit debt has surpassed $1 trillion.
Chairman Smith's concerns echo the sentiments of many Americans who are grappling with the consequences of rising prices. As the holiday season approaches, families are being forced to cut back on their spending, leaving items unchecked on their Christmas wish lists. It is crucial for policymakers to address the inflation crisis and take measures to alleviate the financial burden on working families.
In the face of these challenges, it is important for both government and business leaders to acknowledge the reality and prioritize solutions that restore stability and affordability for all Americans.
To learn more, click on this link: https://waysandmeans.house.gov/chairman-smith-high-prices-leaving-items-unchecked-on-christmas-wishlists-this-holiday-season/
