Crapo Statement on Record-Breaking Inflation

Statement

U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following video statement regarding key inflation indicators surging to year-over-year highs not seen in 40 years. As of March 10 and March 15, the Consumer Price Index surged to 7.9 percent and the Producer Price Index surged to 10.0 percent, respectively.

To view Senator Crapo's remarks, click HERE.

"Inflation has skyrocketed during the last year, and continues to hit highs not seen in 40 years.

"This stealth tax is hammering away at Americans' household budgets and eating into their paychecks.

"Anyone who has recently filled up at the gas station is hyper-aware of inflation's sting, with gas prices at all-time highs across the country.

"While energy prices have largely driven inflation, everything from food to clothing to airfare has accelerated to burdensome highs for consumers.

"Unfortunately, Russia's invasion of Ukraine, and the global response to the invasion, promise yet more inflation for American consumers.

"To argue that we can spend our way out of inflation, as some Democrats are currently suggesting we do, is simply not credible.

"Many economists argue the reckless, untargeted, nearly $2 trillion stimulus from the American Rescue Plan Act provided too much of a demand stimulus in an already overheated economy.

"Rather than considering further damaging measures, Congress should be taking practical steps to address runaway inflation through greater spending discipline and policies that fuel job and small business growth."

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