Government and Politics
September 13, 2022
Cole Statement on America's Worsening Inflationary Crisis
Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the U.S. Bureau of Labor and Statistics reported that the Consumer Price Index (CPI) increased 0.1 percent in August and 8.3 percent in the past year.
“Only the tone-deaf Biden Administration would hold an event celebrating the passage of the laughably misnamed ‘Inflation Reduction Act’ on the very day that the CPI showed a year over year inflation rate of 8.3 percent. That rate is both higher than expected and higher than last month,” said Cole.
“The truth is that the economic chickens are coming home to roost. Reckless Democratic spending has ignited the worst inflation in more than 40 years. Rather than putting on the brakes when it comes to government expenditures, the Biden Administration and its Democratic colleagues in Congress have used August to pass more reckless spending bills and announce their intention to forgive hundreds of billions of dollars of student debt. Both these actions will only add fuel to the raging fire of inflation.
“The Biden Administration needs to reverse course immediately. More government spending will only make matters worse not better. American families are watching their purchasing power erode and their savings and investments diminish in value at a frightening rate. They can thank Joe Biden and the Democrats for mismanaging the economy and lowering their standard of living and quality of life.”