On the recordJanuary 23, 2024
Mr. President, this past Saturday marked 3 years of the Biden administration. After 3 full years under President Biden, the question naturally arises, Is America better off? Are Americans better off? For a whole lot of Americans, the answer is no. In a December poll, 55 percent of voters said they are worse off under President Biden. In a January poll, 46 percent of voters said their personal financial situation is getting worse compared to just 28 percent who said it is improving. A recent ABC News article noted: In a dispiriting sign of the times, barely more than a quarter of Americans say the American dream still holds true. It is no wonder because perhaps the biggest legacy of the President's first 3 years in office is a massive inflation crisis that has still-- still--not gone away. Inflation may have descended from the stratospheric heights it reached earlier in the President's term, but we are still stuck with an inflation rate well above the Federal Reserve's target rate of 2 percent. And inflation actually ticked up again in December by a not insignificant margin. The practical effect has been that a whole lot of Americans have seen their breathing room disappear under President Biden. According to a recent analysis from the members of the Joint Economic Committee here in Congress, a typical household has to spend over $11,000 more each year to maintain the same standard of living it had at the beginning of the Biden administration--$11,000 more each year.…





