Statement on U.S. Inflation Hitting New Four Decade High

The Massachusetts Fiscal Alliance issued the following statement in response to the U.S. Labor Department announcing this morning that inflation in the United States hit 9.1% in June, its highest rate in nearly 41 years. 

The consumer price index for June surpassed May’s annual rate of 8.6%.

“With 18 days left before state lawmakers go on vacation, they are sitting on a record amount of taxpayer money due to over-benchmark tax collections from its taxpayers and inflation driving up that number. Speaker Ron Mariano and Senate President Karen Spilka are alluding to giving back about $1 billion of their estimated $3.6 billion in surplus money. That means our State House leaders are vowing to keep about 72% of the extra money they could give back,” said Paul Diego Craney, spokesman for the Massachusetts Fiscal Alliance.

“Taxpayers are experiencing the largest inflation spike in 41 years and our State House leaders have a pile of money they could give back to help taxpayers with these high costs. Instead, they are choosing to hold onto the vast majority of the money and they even have the nerve to continue to push for their graduate income tax surcharge amendment which will increase the state income tax by 80% on some high-income earners and small businesses,” continued Craney.

“This level of greed by our State House leaders will result in a slower economic recovery and potentially devastating impact to our state economy if their 80% tax hike passes this November,” concluded Craney.

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