Working to Bring Costs Down

For the past three years, reckless government spending, burdensome government regulations, and misguided energy policies have driven up costs for Wisconsin families. I am working to tackle those issues and bring costs down.

The Joint Economic Committee (JEC) State Inflation Tracker estimates that the average household in Wisconsin is paying $1,002 more per month to purchase the same basket of goods and services as they did in January 2021. Cumulatively since January 2021, the average Wisconsin household has spent $27,878 more due to inflation.

Inflation is also hurting potential homebuyers. Purchasing a home is out of reach for too many people. Rising home prices and significantly higher interest rates are driving mortgage payments higher. If you bought the median home in 2021 for $271,000 the mortgage would have been roughly $900 a month. Today, you would pay nearly $1,700 a month for that same home. That's before taxes and insurance. Until we get inflation under control, interest rates will not come down.

As Wisconsin families continue to feel the impact of inflation, it is critical to work to lower steep prices and rein in big government spending. It is my priority to bring down the cost of living and make buying a home more affordable. Here are just a couple of my efforts to get costs under control for American families.

• Helped pass the Fiscal Responsibility Act (P.L. 118-5), which was signed into law last year. This comprehensive bill cut government spending by $40 billion, the largest cut of discretionary spending in U.S. history.
• Cosponsored and helped pass the Regulations from the Executive in Need of Scrutiny (REINS) Act (H.R. 277) that would require Congress to approve any new rule from a federal agency that is expected to cost at least $100 million a year or increase costs for consumers and employers.
• Supported the Lower Energy Costs Act (H.R. 1) to harness American innovation and restore energy independence. This bill would drastically reduce the high costs we all face at the gas pump, on our grocery bills, and in heating and cooling our homes.

I recently joined Capital City Sunday to highlight how American families are still struggling under the impacts of high inflation.

To watch the full video, click here.

On Wisconsin,

Bryan Steil
Member of Congress

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