On the heels of new inflation numbers released today, which showed a 7.5% spike in inflation over the past year under Democrat leadership, Sen. Chuck Grassley (R-Iowa) joined Sen. Joni Ernst (R-Iowa) in putting forward the Providing Reports on Inflation Costs and Economic Impact (PRICE) Act. The PRICE Act would require the nonpartisan Congressional Budget Office (CBO) to issue an inflation report on all spending proposals, which would detail the impact that any spending would have on prices and paychecks.
“At my 99 county meetings, I often hear from Iowans frustrated by skyrocketing costs for gas, groceries and other everyday goods – a direct result of reckless spending policies by the Biden administration,” Sen. Grassley said. “With inflation at a 40-year high, Democratic leaders ought to be transparent with the American people about how much their future spending proposals would fuel the flames of inflation. It’ll only get worse if they continue turning a blind eye to the inflation inferno that’s already burning up Iowans’ paychecks."
“Hardworking Iowans are paying more and getting less under the reckless spending of the Biden administration and politicians in Washington. It’s past time these lawmakers, who are adding trillions to our debt and causing inflation to soar, are held accountable,” said Senator Joni Ernst. “The PRICE Act will give Iowans and all Americans a clear view of who in Washington is causing them to spend more at the grocery store, at the pump, and on their heating bills. If Congress is forced to understand the effects of their massive spending on hardworking Americans, they might think twice before passing additional pork-filled packages.”
When the Senate Democrats passed their $1.9 trillion so-called American Rescue Plan last March, Grassley warned this tax and spending package would fuel inflation, calling it a “regressive, stealth tax on every single American” and cautioning it could “fuel inflationary pressures” that would harm the economic recovery. In December, he sounded the alarm on Democrats’ $4.9 trillion Build Back Better Act, calling their attempt to pass this massive inflation-inducing spending “legislative and economic malpractice.”
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