Political Quotes

“Mr. Speaker, March 2021, the Biden administration and congressional Democrats rammed through $1.9 trillion in deficit spending, and only a small portion of that really went to solving problems and helping people that needed help through the pandemic--that helped to defeat the pandemic. Much of this was not needed and only served to fuel inflation. By the way, they were warned by many economic experts. We warned them. Republicans on the Budget Committee and the Ways and Means Committee warned Democrats at the time this was passed in early 2021 that we would see exactly this result. We were relying on the forecasts of many economists who were saying exactly that, who were warning the administration of that at the time. Not just Republican economists, by the way. There is a name that many of you will know, he is a former Obama and Clinton economist, Treasury Secretary Larry Summers, warned that the American Rescue Plan would be the biggest macroeconomic mistake in 40 years, and it would cause inflationary pressures of a kind that we have not seen in a generation. Again, Larry Summers, a very well-respected Democrat administration economist warning that we would be seeing the inflation that we are seeing now, over a year ago, when the American Rescue Plan was passed. Just recently a study by the San Francisco Federal Reserve confirms that prediction, attributing the American Rescue Plan for at least three points of the current 8.6 percent.…”