Rob Portman: “I am here on the floor this evening to talk about the troubling state of our economy today and what needs to be done to…”

“I am here on the floor this evening to talk about the troubling state of our economy today and what needs to be done to get it back on track. The Labor Department reported last week that the consumer price index, CPI, rose by 5.4 percent on an annualized basis. That accounts for the largest year-to-year inflationary increase in 13 years. And we are feeling it. There is no question inflation is on the rise. We are paying more for everything--from groceries, to buying furniture, to cars, even pumpkins for Halloween. Yes, the U.S. Department of Agriculture just told us that pumpkins, year to year, are going to see an, on average, 15.7-percent increase in prices. So you might have to get a little smaller pumpkin this year. And, of course, we are paying more at the pump, on average, a staggering 42-percent increase this year--42-percent increase. This is both because of increased demand but also because there is less supply as the new administration, the Biden administration, has put more regulations or handcuffs on American energy production. And don't forget the higher heating bills, about 25 percent higher this year as compared to last year. Just as this cooler weather begins to come in, we are all going to be paying more on our utility bills, particularly for natural gas. If all this isn't bad enough, workers' wages are not keeping up with these price spikes.…”