Sen. Rand Paul, R-Ky., is taking action to address matters important to Americans by calling on Treasury Secretary Janet Yellen to testify before the Senate’s Small Business Committee amid the highest inflation in 40 years.
According to Fox Business, a letter from Paul, signed by Republican members of the Senate Small Business Committee, was sent to Yellen on Thursday, demanding that she testify over gripping inflation.
Paul told Fox in a statement, “It’s clear that Secretary Yellen is blatantly ignoring a legal obligation to testify before the Small Business Committee, despite the fact that we’ve been more than willing to accommodate her schedule.”
“Apparently, she – and the rest of the Biden administration – evidently believe they are above the law, and are unbothered that Americans and businesses everywhere are grappling with a 40-year-high inflation rate of 8.6% that is only bound to get worse amid the Biden administration’s economic incompetence,” Paul wrote on Twitter.
On Friday, the Bureau of Labor Statistics released damming information, stating the 8.6 percent increase is “the largest 12-month increase since the period ending December 1981.”
Top economist and chief economic advisor at Allianz, Mohamed El-Erian, argued that June’s report could be worse than the previous month’s, as he believes inflation has yet to reach its peak, according to The Epoch Times.
“Amplifying the economic/social/political discomfort, headline is a new high for this inflation cycle,” El-Erian wrote on Twitter. “Also, if the first 10 days of June are anything to go by, the next monthly measure would be higher.”
President Trump’s new ad condemned the Jan. 6 Committee’s political witch hunt, accusing Democrats of ignoring the problems Americans are truly concerned about.
“Gas prices, five, six – even seven dollars a gallon!” the ad narrator stated. “A baby formula crisis, hurting young families, illegal immigrants flooding the border. Inflation! War! Our country is in trouble!”
“Biden is failing badly,” the ad continued. “And yet the Democrat Congress ignores our problems, instead, spending millions on another partisan witch hunt.”