‘Bidenomics’ Code For Shrinking Paychecks
‘The effects of historic inflation are inescapable. Even after paying the rent or the mortgage, and footing steep utility bills, families still have to put food on the table in the face of a food price surge that’s making the wrong sort of history.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the economy:
“Since President Biden took office, consumer prices have risen 17.9%. On his watch, our economy has seen inflation grow at its fastest rate in four decades.
“As prices soared, wages failed to keep up. Paychecks have risen just 14.5%. In other words, the Biden economy has effectively imposed a pay cut across the board.
“The effects of Washington Democrats’ reckless spending have forced working families to do more with less. As the American people struggle to make ends meet, they’re carrying record high credit card debt – 34% more than they were just three years ago.
“And polls continue to report that the country isn’t very bullish on the prospects of undoing the Biden Administration’s damage anytime soon. By one recent survey, fewer than three in ten Americans rate today’s economic conditions positively, and barely one in four expect things to improve over the coming year!
“So Madam President, this President’s economy is leaving workers feeling suffocated.
“The effects of historic inflation are inescapable. Even after paying the rent or the mortgage, and footing steep utility bills, families still have to put food on the table in the face of a food price surge that’s making the wrong sort of history.
“Since January 2021, nationwide grocery costs have increased 21%. The cost of dining out has increased nearly the same. And by USDA’s own figures, grocery budgets are now taking up a larger share of disposable incomes than at any point since 1991.
“As one woman in suburban Chicago recently told reporters, her family’s food costs alone were rising faster than their income. And surveys indicate that fully 94% of Americans share her concerns about the prices of food and other consumer goods.
“This is the Biden economy. This is Bidenomics in action. And bizarrely, this is what the Biden Administration has decided to spin as a roaring success.
“Both the White House and the President’s re-election campaign continue to insist he’s proud of his economic record.
“Imagine telling anyone who will listen that today’s economy has you and your family in a bind… Only for the President of the United States to declare a job well done!
“Don’t get me wrong – the Biden Administration is quite keen to assign blame for economic hardships. They’re just looking everywhere but in the mirror.
“On Super Bowl Sunday, in the middle of the worst food budget crisis in a generation, the President himself cut an ad warning that the real problem in American families’ pantries was bags of potato chips with fewer chips inside.
“President Biden calls shrinkflation a ‘rip-off.’ But the American people know the real rip-off is the historic inflation that’s shrunk their paychecks and forced them to make tough choices about tomorrow to get through today.
“In fact, they say so – repeatedly. The only question at this point is when Washington Democrats will start listening.”
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Related Issues: Economy
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