With inflation growing last month to 7% compared with December 2020, the highest rate of growth since 1982, Rep. Brian Babin told Newsmax that the American people ''have no faith'' in the economy under President Joe Biden.
''Inflation is taxation,'' the Texas Republican said on ''The Chris Salcedo Show.''
''It's going up every month in Biden's presidency, and I can tell you that the polls are showing the American people have no faith, and no confidence, that this president and his administration are going to be able to do anything to be able to improve the situation that they have 100% created themselves. We're sitting at [a] 40-year high.''
The Bureau of Labor Statistics on Wednesday reported an increase of 7% in prices over last year, with the most expensive shifts coming from shelter costs and used cars and trucks, making it the largest increase in the inflation rate since 1982, the agency said.
If there was any good news in the report, food prices rose only slightly compared with recent months, at 0.5%. There were small declines in the rates for the energy index, falling 0.4%, with similarly small decreases for gasoline and natural gas prices.
According to the agency, it is the sixth time in the last nine months that the rate, not counting food or energy, has risen at least 0.5%.
Other items that increased in price included home furnishings, clothing, new vehicles and medical care, according to the report.
''I was in the United States Air Force, serving under President Jimmy Carter, and I remember well, 40-plus years ago, when we had equal inflation,'' he said. ''I think the American people know well, their paychecks are going down, their groceries or building materials or automobiles, everything, it's just skyrocketed, and we've got to hold this president's feet to the fire.''
The White House downplayed the report by economic adviser Brian Deese, instead citing the drop in unemployment, increased jobs creation and rising home values as signaling the ''strongest economic recovery in 40 years.''
''We saw a welcome deceleration in the rate of price increases'' in the report, Deese told reporters in Wednesday's press briefing at the White House.
The inflation rate ''is still too high, but moving in the right direction,'' he said.
Deese said the month-to-month changes, such as the 0.3% drop between November and December, are a better indicator of the economy than the 7% year-over-year increase that ''headlined'' the report.
''Most independent forecasters continue to project that we will see moderation in price increases over the course of 2022,'' he said.
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