On the recordSeptember 25, 2024
Mr. President, when the history of the Biden-Harris administration is written, I suspect it will be defined by the historic inflation crisis that has characterized almost all 4 years of this Presidency. And it started almost right away. Eager to begin implementing their big spending visions, Democrats seized on COVID as an excuse for a massive, partisan $1.9 trillion spending spree, the so- called American Rescue Plan Act. Democrats were warned by Democratic economists that their bill ran the risk of setting off ``inflationary pressures of a kind we have not seen in a generation.'' But they proceeded anyway. Vice President Harris cast the deciding, tie-breaking vote in the Senate to ensure that this massive government boondoggle would become law. And within weeks of its passage, inflation began climbing--and kept climbing and climbed more and more. By 2022, inflation had reached its highest level in 40 years--40 years--and Americans felt the consequences. As the price of everything from gas to groceries shot up, Americans dipped into their savings to make ends meet or put essential items on their credit cards. They took on second jobs. They visited food banks. They put off home repairs or family vacations. They skipped necessary medical care. And even as the rate of inflation has finally--and I say ``finally''--slowed, Americans continue to suffer as prices remain elevated.…





