April 29,2022

Crapo Statement on Rising Inflation, Shrinking GDP

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after data for the personal consumption expenditures (PCE) price index, a measure of consumer prices, jumped to 6.6 percent.  The data follows a Bureau of Economic Analysis report for gross domestic product (GDP) which showed a -1.4 percent growth for January through March of this year. 

“Yesterday’s unexpected decline in GDP, combined with today’s data on continued high inflation, shows just how fragile our current economy is.  There could not be a worse time to consider raising taxes on households and businesses, or to propose more runaway, deficit-financed federal spending.”

PCE Price Index