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Recent Uptick in Inflation in Our Country

Floor Speech

Date: June 17, 2021
Location: Washington, DC
Issues: Economy and Fiscal

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Mr. OBERNOLTE. Mr. Speaker, I rise to note with great alarm the recent uptick in inflation in our country.

Last month, the Consumer Price Index rose over 5 percent, which is over 2\1/2\ times the Fed's target rate for inflation in our country.

The price of lumber--although, thankfully, it has declined the last week--is still over three times what it was just a few months ago. The price of fuel is over 50 percent higher. And that mirrors the price of many commodities from corn to soybeans.

This is alarming, not just from a macroeconomic standpoint, but most importantly, from the standpoint of the constituents we represent. The Members of this Chamber might be able to afford to spend 50 percent more to fill the tank of their car, but unfortunately, many of the people we represent cannot. And that burden of inflation is an unseen tax on the least advantaged members of our society, the members of the lower class, and the working poor.

Economists tell us that this uptick in inflation is directly related to the spending policies of our government, and we need to get our fiscal house in order to prevent this in the future.

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