Hagerty Statement on Inflation and Rising Prices

August 11, 2021

NASHVILLE, TN—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today released the following statement in response to the latest Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), showing that prices rose again in July as a result of inflation:

“The Biden Administration can deny it all they want but inflation—an insidious tax—is here and real. Consumer prices in July rose again at the fastest rate since 2008 and another 6 percent annualized above where they were just in June. Yet just a few hours ago we saw Democrats hell-bent on continuing to throw around another $3.5 trillion-plus like Monopoly money. From cars, to gas, to groceries, to homes—prices are going up. The inflation that the Democrats’ partisan spending sprees are fueling is cutting into Tennesseans’ hard-earned savings, decreasing real earnings, and hurting our retirees most by eroding the value of their cash savings.”