Inflation Effectively Cutting Americans’ Pay While Democrats Plot More Spending
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding Democrats’ reckless tax and spending spree:
“Speaking of Democrats’ reckless taxing and spending —
“This unified government is behind closed doors brainstorming ways to make inflation even more painful for American families.
“Their next reckless taxing and spending spree is packed with radical, left-wing policies and the biggest tax hike on the American people in half a century.
“So far, the bill is more than 2,400 pages long. But it can be summarized in just four words:
“Hurts families… helps China.
“Wasting trillions and trillions of dollars on socialism would be a bad idea any day. But it is a uniquely bad idea at a time when American families are already being hammered by inflation and soaring costs.
“The government’s own data continue to indicate that the historic and painful inflation that began to take hold of our economy this spring isn’t going anywhere any time soon.
“The Chairman of the Federal Reserve acknowledged last week that rising prices have become an increasingly broad and structural problem.
“Last week, the Commerce Department reported that inflation has continued to rise faster than at any time since 1991.
“The Democrats’ inflation is so bad that even though the average American worker has gotten a multiple-percentage-point pay raise over the last year, their actual purchasing power has been cut. Their paychecks have gone up but their buying power has gone down.
“Wholesale inflation just marked the steepest 12-month jump on record. Even dollar stores are having to raise their prices!
“Just ask any American family about their last few trips to the supermarket, the gas station, or the toy store. Heaven forbid if they’ve had to participate in the housing market or the auto market anytime lately.
“And the Democrats are uniting around yet another multi-trillion-dollar taxing and spending spree?
“I guess our colleagues think they can inflate their way out of inflation. That is going to be an extraordinarily painful experiment for the middle-class families of this country.”
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Related Issues: Budget, Middle Class, Inflation, Taxes, Tax Reform, Economy
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