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drugs and drug companies wouldn t have to reimburse patients when they hike prices faster than inflation o Seniors would lose out on the 2 000 out of pocket cap for prescription drugs o This would remove...production that are cutting pollution and lowering emissions see page 365 Project 2025 would repeal the Inflation Reduction Act which is helping to combat climate change and spurring billions of dollars in clean...

October 2023 PCE Inflation Report Republican Staff Commentary KEY TAKEAWAYS At 8 30am BLS announced that in Oct Headline CPI inflation was zero m m after rising 0 4 last month o The food and shelter indexes...were offset by declines in other categories o Notably the gasoline index fell by 5 0 m m Core CPI inflation was 0 2 m m after rising 0 3 last month o This measure excludes the volatile food and energy categories...categories o Notable increases occurred in rents car insurance medical care and recreation Headline inflation is 3 2 y y still well above the Fed s 2 target Separately BLS announced that in Oct Real average...

KEY TAKEAWAYS At 8 30am the BLS announced that in September Headline CPI inflation was 0 4 m m a decrease from 0 6 last month o Housing prices accounted for more than half of the increase rising 0 6 m...to the increase rising 2 1 m m Core CPI inflation was 0 3 m m unchanged from last month o Core CPI excludes volatile food and energy prices It indicates inflation s near term trend o Housing prices were...1 raise you ve effectively gotten a pay cut Real inflation adjusted STATE LEVEL INFLATION According to JEC s updated estimates for state level inflation families in 14 states are facing an additional 1000...

earnings includes meeting basic needs funding other investments o V4 Why the McCarthy Bill s Repeal of Inflation Reduction Act Climate Incentives is Ill Advised VI Why Revenues Must Help Stabilize Debt VII Why...sizeable from the start and would become increasingly severe over time as they failed to keep up with inflation and population growth The legislation does not set separate caps for military and domestic discretionary...poverty Public investments supported those with the greatest need and put our country on track to a historic recovery preventing those in poverty from falling further behind Record reductions in poverty in...

operations to conserve energy Furthermore investments in robust supply chains may also help curb inflation by helping to ease bottlenecks Without a robust manufacturing sector broad based growth will be...

United States EU 28 Germany U K France Japan Figure 1 Annual Real Growth in R D Expenditures 2000 2020 UK data is based on 2019 latest data provided Including public and private sources Analysis based on OECD...benefits of 796 million to livestock producers and 2 8 billion to the U S as a whole not adjusted for inflation o https www aphis usda gov animal health emergency management downloads rrg econimp act nws pdf...

been absent the coronavirus recession But the United States has not escaped the global spike in inflation that is denying workers and families the full benefits of the recovery Global supply chain disruptions...

infrastructure and people Blocking these investments in the name of fighting the recent rise in inflation makes no sense from either an economic or a policy perspective o Fighting inflationary surges by...and is fully paid for These investments will hence not be inflationary o The evidence linking the inflation of 2021 and early 2022 to overheating caused by too generous fiscal relief passed in early 2021...future inflationary outbreaks like we ve seen in the past year far less likely The past year s inflation has its roots in past policy failures most conspicuously the failure to invest enough both in fighting...

Despite this substantial increase in labor supply business demand for labor was such that real inflation adjusted wages for the bottom 10th of the wage distribution rose 9 6 compared to 4 6 for the top...and real aggregate supply the difference was reflected in a substantially higher price level via inflation The fiscal expansion in early 2021 not only strained a supply side of the U S economy that was still...exacerbation of the mismatch between aggregate demand and supply that was introduced in March 2021 inflation in the United States which had been rising at the same or slightly slower pace 1 0 as in the Euro...

hurting the most Democrats 1 9 trillion in partisan spending has ignited the worst inflation in four decades inflation that is hitting my home state of Utah harder than almost anywhere else Even if prices...at the beginning of the Biden Administration according to the Joint Economic Committee s state inflation tracker Meanwhile school closures have caused devastating learning losses for the youngest and lowest...will make our problems worse Plans to keep spending money we don t have will pour more fuel on the inflation fire Tax hikes on businesses will make it harder for Americans to innovate at home and compete abroad...