[Congressional Record Volume 168, Number 62 (Thursday, April 7, 2022)]
[House]
[Page H4400]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   WORST INFLATION CRISIS IN 40 YEARS

  (Mr. SMITH of Missouri asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Missouri. Mr. Speaker, Americans are facing the worst 
inflation crisis in 40 years because of the Democrats' reckless 
spending agenda, including President Biden's $2 trillion bailout bill.
  President Biden's new budget deliberately doubles down on that 
agenda. It spends $73 trillion over the next 10 years, a 66 percent 
increase. The President's budget assumes inflation will average 4.7 
percent this year. Right now, inflation is 7.9 percent. To hit their 
target, inflation would have to be 2 percent, starting today, every 
month for the next 10 years.
  Despite ample warning that the President's agenda would fuel the 
inflation fire, inflation has now risen 8.9 percent since President 
Biden took office. Hardworking families have already paid a $3,500 
inflation tax last year and are expected to pay a $5,200 inflation tax 
this year. The American people can't afford that.

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