Rep. Tom Reed (R-Corning)
Congressman Tom Reed says government needs to act to curb inflation that’s resulted in higher prices for consumers.
Reed, in his weekly media call, said wholesale inflation has increased 9.7% over last year. According to the January consumer price index, overall prices have increased 7.5% during the last year.
Reed said the pain of inflation is real for Americans, even for those whose wages are going up, “The reality is, is food prices, energy prices, and all of the indicators show that inflation in the foreseeable future, absent new leadership changes by the White House as well as members of Congress coming together to solve this problem, is going to continue.”
The Labor Department reports that overall wages fell an average of 2.4% for all workers when adjusted for inflation.
Reed said government needs to stop dumping money into the economy in a way that exacerbates inflation and instead adopt policies that increase the supply chain, “That are going to increase things like our micro-processors, our computer chips and the innovative and creative items that we need to domestically build and support here in America.”
Reed said dependency on other countries, such as China, are causing supply chains to be limited.
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