U.S. Senator Todd Young (R-Ind.), a member of the Senate Finance Committee, today issued the following statement after the Consumer Price Index (CPI) release showed inflation surging to 9.1 percent year over year in June:
“This report confirms what Hoosiers already know: the impact of President Biden’s inflation crisis is being felt in ways big and small. Hoosier families are paying more for everyday necessities, like utilities, gas, groceries, and housing. Inflation is forcing the average U.S. household to spend an extra $5,200 this year. The pain of these rising prices is felt the most by working families and those on fixed incomes.
“The solution to record-high inflation and a supply chain crisis is not more tax increases, yet that’s what Washington Democrats are currently working to pass. A tax increase of any size is a tax hike during a looming recession. Our economy simply cannot handle another massive tax-and-spend bill.”
Article provided by Senator Young’s office.