Runaway Inflation Was 12 Months in the Making — Not 3 Weeks
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the economy:
“Last week marked one year since Democrats rammed two trillion dollars of runaway liberal spending through the Senate on a party-line vote.
“Working families were certainly not celebrating this anniversary. They were too busy contending with the worst inflation in modern American history, unleashed in large part by that very bill.
“Democrats’ policies have conjured up the worst inflation in 40 years. Consumer prices rose 0.8% in the month of February alone. Annual inflation hit 7.9%.
“And it’s still getting worse. We just learned yesterday the producer price index, which measures inflation upstream at the wholesale level, is up 10% since last year.
“This is hammering American families. Experts estimate that inflation alone is costing the average household more than $296 every month. The equivalent of an extra $300 monthly bill courtesy of the Democrats’ policies.
“No wonder almost 60% of Americans say inflation is causing them personal financial pain and the Democrats’ approval ratings on the economy are way underwater.
“Even with a literal land war in Europe, the Democrats’ inflation is so painful that inflation and not Ukraine still tops the American people’s list of biggest concerns.
“From the gas pump… to the grocery store… to clothes, diapers, and baby formula… to furniture and home essentials… to car repairs and car replacements… Democrats’ policies have put working families on a treadmill where they have to run faster and faster every month just to stay in place.
“Rent prices are spiking faster than they have since 1991. Grocery prices are soaring faster than they have since 1981. New cars and truck prices are climbing at their fastest rates ever.
“Forget about getting ahead and saving. Households are lucky if they are even able to tread water.
“Lately Democrats have launched a shameless campaign to blame 12 months of inflation not on 12 months of their bad policies, but instead on the last three weeks’ crisis in Europe.
“The White House informs us that — ‘Putin’s price hike’ — is the culprit.
“Of course that is nonsense. Even liberal experts are rejecting their shameless spin. A former top economist for President Obama directly responded to the Biden Administration’s attempt to shift the blame.
“He said: ‘Well, no. These are February numbers and only include [a] small Russia effect. This is Biden’s inflation and he needs to own it.’
“Mr. President, the White House spin is not even persuading former Democratic officials. ‘This is Biden’s inflation and he needs to own it.’
“Working Americans understand it just as well as the experts. Everybody knows where the buck stops.
“One retired mechanic who lives in Los Angeles recently explained to a reporter that he is facing $6 gasoline and rising food prices. He says he’s a registered Democrat but he knows where this inflation came from.
“Here’s how he described it, ‘Uncle Joe has put us on a diet! I like to have a steak once or twice a month. I can’t do it now.’
“This is exactly what Republicans said would happen when Democrats dumped trillions of dollars into printing and spending on a partisan basis last year.
“Even top liberal economists said Democrats’ reckless spending spree would bring about inflationary pressures like we have not seen for a generation.
“Democrats didn’t listen.
“They pushed ahead.
“And for 12 months and counting, working families have been paying a heavy price.”
Related Issues: Inflation, Russia, Energy, Economy, Senate Democrats, Democrats' Reckless Taxing And Spending Spree