July 29,2022

Inflation Soars, GDP Declines: Economy Needs Pro-Growth Policies

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the below statement following the release of the personal consumption expenditures price index (PCE), which jumped to 6.8 percent in June, up from 6.3 percent in May. 

“Two consecutive quarters of negative GDP, continued high inflation, declining consumer and business confidence—it’s clear that Democrats’ economic policies have not worked.  Americans’ perception of the economy continue to crater as they see the wreckage of Democrats’ reckless economic policies.  Instead of pursuing more of the same tax-and-spend policies that contributed to this economic disaster in Democrats’ partisan objective of ‘changing America,’ lawmakers should focus on policies that helped to create one of the strongest economies in a generation and build on the successful 2017 tax reform law to promote U.S. global economic leadership and Americans’ livelihoods through competitive corporate tax policies.”