Representatives David Schweikert (R-AZ-06) and Byron Donalds (R-FL-19) co-sponsored H.R. 8579, the Retirement Protection Act, which would significantly raise the limits on yearly contributions to retirement plans.
Phoenix is experiencing one of the nation’s highest rates inflation annually within the continental states – topping more than 12 percentage points in June, according to the Bureau of Labor Statistics.
In a statement, Schweikert said, “This bill would play a critical role in fighting inflation while helping Americans protect their savings.”
He told The Arizona Sun Times, “It improves people’s retirement future so they stay even and don’t become a victim of inflation.”
During an appearance on Newsmax, Schweikert said, “They’re destroying, they’re just crushing the middle class. Think about this: If you’re in the Phoenix area, and you’re in that middle class working group and you haven’t had a pay raise, you’re now working a month and a half for free, because inflation is eating up so much of your paycheck.”
Read the rest of the article at The Arizona Sun Times