July CPI Report Reaffirms Need for the Inflation Reduction Act
Today, the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) report for July 2022. Although the overall rate of inflation has slowed, it remains extremely high — and working Americans continue to face increased prices for some essential goods like food and housing. Over the weekend, the Senate passed the Inflation Reduction Act to bring down costs for everyday Americans, rein in corporate greed, and make corporations and the wealthy pay their fair share in taxes. While every Democratic Senator voted in favor of the bill, every Republican instead chose to align themselves with corporate interests and oppose it. The House of Representatives is expected to vote on the bill this Friday.
In response, Sarah Baron, Campaign Director for Unrig Our Economy, issued the following statement:
“The inflation rate remains too high as working Americans struggle to afford necessities while massive corporations like oil giants Exxon, Chevron, and Shell announced record profits in Q2.
The Senate passage of the Inflation Reduction Act is a significant step in the right direction — but the fact that every Republican Senator opposed the bill makes it very clear that they have chosen to side with corporations and the wealthy over their own constituents. To finally deliver relief to working people across the country, the House of Representatives must follow the lead of Senate Democrats by passing the bill and sending it to President Biden’s desk.”