Metro Lex News

Washington, DC – Today, the U.S. Department of Labor's Bureau of Labor Statistics released the March 2024 Inflation Report, revealing concerning statistics regarding the state of the economy. The report indicated that the Consumer Price Index (CPI) has surged by 3.5% over the past year and a staggering 19.4% since President Biden assumed office. This persistent surge in inflation marks the third consecutive month of increases, debunking the Biden Administration's claims of effectively managing inflation through its economic policies.

In response to these alarming figures, Congressman Barr, a prominent figure in financial oversight, expressed his concerns about the current economic situation. Barr, who serves as the Chairman of the Subcommittee on Financial Institutions and Monetary Policy, emphasized the importance of addressing the ongoing inflation crisis. He stated, "As a senior member of the House Financial Services Committee... it is my responsibility to monitor the ongoing inflation crisis, to ensure that the Federal Reserve is working independently... and to seek solutions to counteract our national debt."

Furthermore, Barr criticized the Biden Administration's economic approach, attributing the escalating inflation to what he described as "reckless spending and failed policies." He highlighted the substantial financial burden placed on American households, noting that "the average household [is] paying an astonishing $16,368 more a year for the same goods and services than they were on the day Joe Biden took office." Barr pointed to the administration's actions against capital markets and the energy sector as contributing factors to the rising costs across various sectors.

In conclusion, Barr called for a reevaluation of current economic strategies, urging a return to "fiscal sanity" in Washington to address the challenges posed by escalating inflation rates and their impacts on the American population.