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 an 8.6 percent annualized rate of inflation for May:
“Empty wallets and empty tanks—it’s the sad reality that far too many Americans are experiencing in Biden’s America. Tennesseans on fixed incomes, those trying to plan a vacation, and people who must drive to work daily — all are being forced to make life-altering choices because of these spiraling costs. The national average for a gallon of gas has hit $5—once unthinkable—and diesel is even higher, putting more stress on already strained supply chains. The Biden Administration is lost in an alternate reality where they continue to deflect and scapegoat others while ignoring the inflationary impact of their devastating war on American energy, regulatory attacks on American business, and collapsing of our Southern border. Rather the Biden Administration argues that more legislation targeting American job creators and more government stimulus is the answer, all while the American worker suffers.”
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