On the recordAugust 4, 2022
Madam President, as cochair of the Senate Recycling Caucus, I am all for efforts to reuse material in a manner that gives it a second life unless we are talking about recycling bad ideas. The reckless tax-and-spend plan the White House and the majority are threatening to bring forth once again is a terrible idea to revive. The Senate wasted almost all of 2021 chasing this apparition. Now here we are, over a year later, and our economic situation is much more dire. Inflation is over 9 percent--the highest in more than four decades. Many economists predict we are headed for a recession by next year. There are indications that we are already there. Americans feel this daily as prices at the pump and the grocery store eat away at disposable income and as home price affordability becomes a thing of the past. According to a CNN poll last month, 64 percent of Americans feel the economy is currently in a recession, but President Biden and allies of his think that raising taxes, eliminating jobs, and spending billions more will somehow help. Their wild claim that all of this spending will reduce inflation was almost immediately debunked by the Penn Wharton Budget Model, which found that, if enacted, the bill will have no measurable impact on inflation. Americans are struggling with high prices at every turn.…





