The slight dip in the nation's inflation rate is no reason for President Joe Biden to run a victory lap, Rep. Ron Estes said on Newsmax Tuesday.
"It really isn't when you look at how people are still suffering," the Kansas Republican said on Newsmax's "National Report." "We're still seeing prices overall increase. We've seen a temporary drop in gas prices, but natural gas and electricity went up last month, so people are still feeling an increase in costs. It's not like we're seeing prices go down."
Each month "adds more to the burden" than what was happening before, said Estes, "so it's way too early. The president's not on target if he's saying that this is good for the American people and that inflation is tapered off, so they should be happy with their economic situation."'
According to a government report Tuesday, the dropping price for gasoline slowed the United States' inflation for a second straight month, with consumer prices at 8.3%, down from an 8.5% jump in July and a four-decade high of 9.1% in June.
However, the report showed that as prices across the economy on other goods kept rising, inflation remains difficult for most Americans.
"Gasoline has a big impact for so many Americans in terms of what they do, and we saw a huge drop in gas prices, but that's pretty typical," Estes said, pointing out that after the Fourth of July, gas prices tend to come down, as children are going back to school.
Meanwhile, China has kept its economy cut back, which has driven prices up, said Estes.
Food prices are also still high, he added, and "that's the part that's hitting" people's pockets.
Parents are also feeling the pinch as they send their kids back to school and have to tell them they have to use last year's supplies because of the higher prices of food and gasoline.
"You know the last four months we're at 40-year highs of inflation," said Estes, "But if you go back to the beginning of the Biden administration, it's up 13.2%, as opposed to a comparison of a year ago, because that's when inflation started was after Biden came into office and started spending so much money."
Estes also spoke out about the Inflation Reduction Act's provision for hiring some 87,000 IRS agents during upcoming years and called it problematic.
"Only 4% of that $80 billion that they're going to spend goes to customer service, and I can't tell you the number of constituents that I talked to that are having problems," said Estes. "People have lost mortgages for houses because they couldn't get their tax returns to show their proof of income."
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