Congressman Bill Huizenga (R-MI) announced his support for the Inflation Prevention Act.

 

In December, the year-over-year inflation rate hit a 40 year high of 7% in part because of out-of-control federal spending. Soaring inflation increases the cost of everything from groceries to gasoline. The Inflation Prevention Act would bar legislation, based on an analysis of each bill from the Congressional Budget Office, found to increase inflation until the year-over-year inflation rate drops below 4.5%. The Inflation Prevention Act was introduced on Thursday by Republican Congressman Mike Garcia of California.

 

“Washington’s addiction to spending is having a negative impact on our economy and raising costs on families across Michigan and throughout the nation,” said Congressman Huizenga. “By preventing legislation from being enacted that would increase inflation, the Inflation Prevention Act takes a common sense, fiscally responsible approach to address deficit spending and inflation over the near-term. Over the long-term, I continue to believe, support, and advocate for a balanced budget amendment to fully address Washington’s out of control spending.”

 

“All across America, hardworking Americans are concerned with the rising costs of basic goods because of reckless government spending,” said Congressman Mike Garcia. “I am proud to lead my colleagues in Congress in introducing the Inflation Prevention Act to help alleviate the inflation crisis for American families through practical barriers limiting out-of-control government spending. We must put an end to this now and get America back on track.”

 

The Inflation Prevention Act will have companion legislation in the U.S. Senate from Senators Tim Scott of South Carolina and John Thune of South Dakota.

 

“American families cannot continue to endure the burden of skyrocketing costs of everyday goods brought on by reckless spending in Washington,” said Senator Tim Scott. “A sound financial future requires wise financial action now.” 

“Our country is facing the highest level of inflation in nearly 40 years, and South Dakotans are paying more for food, utilities, and gas,” said Senator John Thune. “I’m proud to join Sen. Scott in the fight to stop the Democrats’ reckless tax-and-spending spree, which would significantly worsen the already damaging inflation crisis.”

 

The Inflation Prevention Act is also supported by the National Taxpayers Union and FreedomWorks.

 

"Historic levels of inflation have functioned as an unofficial tax on millions of American families, making it more difficult for many to afford basic necessities like food and gas. While there's debate over which policies will help reduce inflation, one thing all Members of Congress should agree on is that spending huge sums of new money financed by more government debt will likely make the inflation crisis worse. NTU is glad to support the Inflation Prevention Act from Representative Garcia and his colleagues, which would ensure that Congress doesn't further accelerate inflation with irresponsible spending bills," said Andrew Lautz, Director of Federal Policy at National Taxpayers Union.

“Americans are hurting as prices rise on everything from gas to groceries. As the result of decades of out-of-control spending, inflation is wreaking havoc on hardworking Americans nationwide. Unfortunately, many in Washington have yet to receive the message that their irresponsible spending habits have devastating consequences. Rep. Mike Garcia’s resolution to create a point of order against spending that would increase inflation is a rare statement in Washington that puts the well-being of the American people ahead of Congress’s dangerous spending addiction,” said Adam Brandon, President of FreedomWorks.