On the recordSeptember 28, 2022
Mr. President, we are coming up now on 2 years of Democratic governance here in Washington, 2 years in which Democrats have controlled Congress and the White House, and the result of their 2 years in power is not encouraging. Economic insecurity is rampant; our energy security situation has worsened; and on the national security front, we are facing a raging crisis at our southern border, plus a disturbing increase in violent crime across the country. If there has been one defining feature of Democrat governance over the past 20 months, it is inflation. When President Biden took office, inflation was at 1.4 percent--well within the target inflation rate of 2 percent--but then Democrats decided to pass a massive $1.9 trillion spending spree, the so-called American Rescue Plan Act. The legislation flooded the economy with unnecessary government money, and the economy overheated as a result. Inflation quickly began climbing and then climbing some more and then some more after that. We have now spent 6 straight months with inflation above 8 percent--6 straight months. The last time inflation was this bad, ``E.T.'' was about to hit theaters, and we still had more than a year to wait for ``Return of the Jedi.'' For those who weren't around then, that was 40 years ago, in 1982. Inflation, of course, has meant tremendous economic pain for the American people: huge grocery store bills, big utility bills, high prices at the pump.…





