Washington, DC – Today, U.S. Representatives Young Kim (CA-39) and Michael Waltz (FL-06) introduced the Combatting Painful Inflation (CPI) Act as inflation continues to near at the highest levels in 40 years.
The CPI Act would ensure the federal government is prioritizing addressing inflation by directing the National Science Foundation to conduct a study to:
- Measure the impact of inflation on cost of living;
- Evaluate how inflation impacts wages;
- Consider the impact of inflation on American competitiveness;
- Examine the impact of inflation on rural and underserved communities; and,
- Make recommendations about government spending.
“Americans continue to see the highest prices in over 40 years due to rising inflation everywhere from the grocery store to the gas pump. I hear every day from small business owners struggling to stay afloat as they adjust every aspect of their operations due to inflation. Meanwhile, President Biden continues to blame everyone but himself for his administration’s failure to address persistent high prices and inflation,” said Rep. Kim. “The CPI Act will ensure that the federal government is prioritizing the impacts of inflation and identifying solutions to lower inflation and get our economy back on track. I’ll keep fighting back against reckless federal spending and working on pro-growth policies to make life more affordable for workers, families and small businesses in California’s 39th District and across the nation.”
“The Biden Administration refuses to address our inflation crisis and it’s time we force their hand to understand the hardship inflation is having on hardworking Americans,” said Rep. Waltz. “Under this bill, the federal government will be required to commission a study to examine the impacts inflation is having on working class Americans who are seeing the prices of their goods go up but are still receiving a stagnant wage.”
“Inflation has made it harder to keep our business running as we pay more for supplies and for workers, which in addition to supply chain issues, can hurt our bottom line. The last thing we want is to have to raise prices for customers,” said Nikki Ware, owner, Nikki’s Kitchen in Yorba Linda. “I thank Rep. Kim for working to address inflation hurting restaurants and small businesses.”
Read the bill HERE.
