On the recordJuly 21, 2021
Our Nation should be in the midst of a booming economic recovery. Unfortunately, what we see is the exact opposite. Throughout my time in Congress, I have consistently warned against wasteful government spending, and the real harm that it would cause not only to our economy, but to the everyday lives of Americans. And this was even before President Biden began pushing through this reckless government spending agenda that will raise taxes on American families, destroy jobs, and saddle future generations with a massive debt. It has also created another crisis: inflation--something House Republicans warned would occur as a result of the President's massive increase in government spending and mismanagement of the economy. Inflation is a tax on all Americans, and it has increased every month since President Biden took office. The Consumer Price Index increased 5.4 percent from a year ago. This is the largest jump since just before the 2008 financial crisis. Business owners are worried. Nearly half of America's small businesses have no choice but to raise their prices because the cost to do business is skyrocketing. And that means consumers end up paying more. The Biden administration has attempted to downplay the harmful effects of inflation, claiming it will resolve itself in the next few months, but top economists project that inflation is here to stay.…





