Possibility of Overturning Roe V. Wade

Floor Speech

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Mr. GROTHMAN. Madam Speaker, now that we are back in Congress this week, I think it is time for all of us to share a little bit of what we learned when we were back in our districts. Given that my district has more manufacturing jobs than any other district in the country, I, of course, spent some time touring my manufacturing facilities and seeing what is going to become the cost of American goods in the immediate future.

There are some people who are claiming that this inflation is only something that arose out of recent developments--out of what happened in the Ukraine. That is not at all true.

As we look here to my right, we see a graph that around the time of the American Rescue Plan--maybe the most irresponsible piece of legislation that has ever passed this House--we began to have M2, a measure of the money supply go up about 35 or 37 percent compared to the prior year.

In the last big inflation in the 1970s, it would go up 8 or 9 percent over the prior year. Now we are at around 37 percent. Look at this. That was before the preposterously big spending, bipartisan infrastructure bill was passed.

When you have that great of an increase in the money supply--in other words, when the Federal Reserve has to print that much money in a short period of time, what do you think will happen? Any middle-schooler could have told you when that American Rescue Plan passed that you were going to have hyperinflation, and that is exactly what you are getting.

When I tour my manufacturers again and again and again, I find the cost of metals and the cost of the materials that are going to go into the final price in a few months going up 300, 400, 500 percent. I am very afraid of what is going to happen in the future to our economy with such hyperinflation.

I will point out, compared to a very large and controversial bill that we passed last night with regard to the Ukraine crisis, that bill was about 2 percent of the spending of the massive American Rescue Plan and a small fraction of the bipartisan infrastructure bill.

I only hope that this body from here on out, beginning with the budget that is going to pass for the calendar year beginning October 1, finally stands up to President Biden, finally stands up to the more extremists in the majority party, and finally says ``no'' to this spending, or we threaten to permanently ruin the American economy with all this money the Federal Reserve has to print to assuage the huge amount of spending that some Members of this body want to undergo.

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Mr. GROTHMAN. Madam Speaker, I hope we knock down that proposed budget for next year. How could anybody ask for so much more spending?

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