Hagerty Statement on 8.2 Percent Annualized Rate of Inflation for September

October 13, 2022

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 8.2 percent annualized rate of inflation for September:

“Today’s Consumer Price Index release is another stark reminder of the harsh economic reality created by President Biden and congressional Democrats’ tax-and-spend agenda. They pulled a sleight of hand in August by deliberately misnaming their woke spending spree the ‘Inflation Reduction Act,’ hoping the public wouldn’t notice that it did nothing to reduce inflation and was instead chock-full of tax increases and green giveaways to their supporters ahead of November. As I said then, that bill should have been called the ‘Income Reduction Act.’ Democrats know that inflation is destroying the ability of working families to make ends meet, but instead of working to alleviate the American people’s pain, they are trying to trick them into disbelieving the obvious reality that Democrats’ big-government taxing, spending, and over-regulating has fomented an economic nightmare. Today’s news proves that they’ve done nothing to tackle the most important issue facing our country, with total inflation under President Biden rising to a staggering 13.5 percent. Change must come to Washington. American workers and families deserve better.”