Democrats Want to Follow Up Historic Inflation With Massive Tax Hikes
‘You would think the worst inflation in 40 years would be enough to convince Democrats to stop running these painful experiments on American families. But, if you can believe it, almost every House and Senate Democrat would like to follow up this historic inflation with massive new tax hikes. The same people who spent us into inflation want to tax us all the way into recession.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the economy:
“Ninety-three percent of the American people are concerned about inflation.
“Forty-two percent say they are struggling just to stand still financially.
“Sixty-three percent say that gas prices, inflation, bills, or the economy are their biggest concern.
“That, Mr. President, is because 100% of the American people live in a country experiencing the worst inflation in more than 40 years. And 100% of the American people live in a country where things did not have to be this bad, but for Democrats’ deliberate policy choices.
“Don’t take it from me. Listen to Larry Summers, Treasury Secretary to President Clinton and NEC Director to President Obama.
“This is Larry Summers. I’ll quote him at length: ‘There wouldn't have been nearly the same kinds of supply chain problems… if we weren't giving people who were laid off unemployment insurance that was far more than the salaries they had been earning… if we weren't mailing checks willy-nilly… there would have been less spending, that would have meant less bottlenecks.’
“He went on: ‘Printing money and distributing it well ahead of the supply of goods is a prescription for inflation — and that's what we did. We injected enough money into the economy to make total spending grow at an 11.6 percent rate last year. When you have 11.6% growth rate in spending, then on any reasonable theory of how much capacity there is, you're going to have a lot of inflation. And that's what we did.’
“This is a top Democrat talking, Mr. President. But he is intellectually honest. He tried to advise Washington Democrats not to dump nearly $2 trillion onto the economy, but they didn’t listen. And now working families are stuck with skyrocketing costs and bills as a consequence.
“You would think the worst inflation in 40 years would be enough to convince Democrats to stop running these painful experiments on American families. But, if you can believe it, almost every House and Senate Democrat would like to follow up this historic inflation with massive new tax hikes.
“The same people who spent us into inflation want to tax us all the way into recession.
“Let’s hope the small handful of Democrats who see the insanity of this approach continue to stand strong for our country.”
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Related Issues: Senate Democrats, Inflation, Democrats' Reckless Taxing And Spending Spree, Economy, House Democrats
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