Inflation is Already Turning Workers’ Pay Raises into Pay Cuts, But Democrats Want to Spend Trillions More
‘Americans cannot afford another socialist borrowing, taxing, and spending spree that will kill jobs and raise costs for working families.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding spending:
“Earlier this week, new June figures further confirmed what working families across America already know too well:
“Runaway costs are hitting the American people where it hurts.
“Sadly, this was 100% predictable. Even top Democratic experts like Larry Summers warned that the jaw-dropping $2 trillion that Democrats borrowed and spent back in March might unleash inflation and do more harm than good.
“The economy was already packed with dry powder. Households already had record savings. Supply chains and inventories were already strapped.
“American families didn’t need a grand socialist experiment. They just needed the government to let things finally get back to normal!
“But the President, the Speaker, and the Democratic Leader still slapped another $2 trillion on the country’s credit card. And it’s bought us a level of inflation that is unprecedented in recent memory.
“Costs for working families have shot up.
“Inflation is running so hot that even though American workers have seen a 3.6% pay increase on average since last year, it’s been completely swamped and then some by inflation. In real terms, American workers’ pay has actually gone down nearly 2% since last July.
“Let me say that again. On Democrats’ watch, inflation has turned a 3.6% annual pay raise for American workers into a nearly 2% pay cut.
“And yet, in a spectacle that could only occur in Washington D.C., Democrats picked the very same week to announce they want to tax, borrow, and spend yet another $4 trillion in the coming weeks.
“Yet another budget-busting socialist package, twice as big as the last one!
“I’m sure this is just what working Americans want to hear. They’re already struggling to keep up with the soaring costs of gas, groceries, diapers, housing, automobiles, you name it.
“And now the Democrats’ big idea is to try and inflate their way out of inflation?!
“Inflate their way out of inflation. That will be one wild ride for working Americans, middle-class families, and anybody with any savings.
“For good measure, Democrats say they’ll probably pair this spending spree with a set of massive tax hikes, dumped right on top of our economic recovery.
“Our colleagues need to take this summer and think very carefully about what they’re discussing. It would be hard to imagine a proposal less suited to the conditions our country is facing.
“Americans cannot afford another socialist borrowing, taxing, and spending spree that will kill jobs and raise costs for working families.”
Related Issues: Jobs, Taxes, Economy