JEC Chairman-Designate Heinrich on March CPI Data
Washington DC—Today, Senator Martin Heinrich, (D-NM), Chairman-Designate of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics reported that prices measured by the Consumer Price Index increased 0.1% in March 2023, compared with the 0.4% increase in February. Data also show that annual prices increased 5%, down from 6% last month and significantly below the peak of 9.1% in June 2022.
“Today’s data is clear: we continue to make steady progress in our push to lower inflation throughout the economy. Annual inflation is down sharply from its highs last summer, and the monthly March data for March shows that prices fell in key categories like groceries, gasoline, and electricity.
“When paired with the strong jobs report from last week, these promising developments are good news for American families.
“To lower household costs more, Democrats passed the Inflation Reduction Act, which will further bring down the price of home energy, prescription drugs, and health care premiums.
“Meanwhile, the Republican legislative plan to create a default crisis and slash vital programs would raise costs for families, cut taxes for the wealthy, and disrupt our economy. Debt limit brinkmanship is like a tax on American families. A recent JEC report spells out how the longer it takes House Republicans to raise the debt limit, the more likely they are to push up the cost of mortgages, small business loans, and other household borrowing.
“The GOP’s proposed budget cuts would also shrink programs that keep down the cost of food, energy, and health care for low-income families, while simultaneously slashing funding for schools, infrastructure, and workforce programs.
“Democrats will continue pushing to lower the costs of housing, childcare, and other key household expenses. I urge my Republican colleagues to stop playing politics with the debt limit and join us in passing a budget that invests in American families."
About Chairman-Designate Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman-Designate of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.