JEC Chairman on May CPI Data
Washington, June 10, 2022
Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics reported the May Consumer Price Index rose 1.0% on a seasonally adjusted basis, up from 0.3% in April.
“Prices remain far too high for U.S. workers and families, blunting Americans’ gains from a red-hot economy. Putin’s price hikes are pushing up prices on food and energy, and households are feeling these burdens.
“The Fed is best positioned to address inflation in the short term, and I have confidence in Chairman Powell’s ability to temper prices while maintaining our recovery’s momentum.
“From all angles, Democrats are working on bringing down out-of-pocket costs for U.S. workers and families. The Biden administration is increasing the oil supply and working with the FTC to boost competition in oil markets to bring down gas prices, and Congressional Democrats are working to combat price gouging to ensure greedy companies aren’t lining their pockets while U.S. drivers foot the bill. The White House has led the charge to fix the supply-chain snarls that have burdened households, and the Infrastructure Investment and Jobs Act is beginning to make our supply chains more resilient. President Biden recently announced a series of actions to boost food production and support farmers to lower grocery costs for U.S. shoppers, and the House is considering legislation next week to directly address rising food prices.
“For the long term, to ensure workers and families keep more of their hard-earned dollars, Democrats are fighting for investments that will bring down costs on the most expensive household essentials—like child care, health care and housing—and we’re pushing for investments that will insulate U.S. workers and families from future energy price spikes.
“Republicans have proposed nothing, and they have blocked or voted against everything Democrats have put forth. That is sabotage, not good governance.“The American Rescue Plan contained the economic fallout and jumpstarted our economic recovery. Now is the time to invest in our future.”