Inflation

Floor Speech

BREAK IN TRANSCRIPT

Mr. McCONNELL. Madam President, this morning, this all-Democratic government produced yet another absolutely terrible, terrible inflation report. Inflation during the month of June shattered the experts' predictions. We are now--listen to this--at 9.1 percent annual inflation; yet another fresh 40-year high, the most out-of-control inflation that American families have seen since the early 1980s. Food costs are up more than 10 percent. Energy costs are up more than 40 percent. The costs of the fuel that drives us to work, delivers our goods, and drives our economy are all up over 60 percent.

These are staggeringly--staggeringly--bad numbers. And they were fueled directly by the reckless spending spree that the Democrats rammed through on party lines just last year.

Remember, right before the $2 trillion spending spree, President Biden said:

The biggest risk is not going too big . . . it's if we go too small.

The Senate Democratic leader said:

I do not think the dangers of inflation, at least in the near-term, are very real.

These were gigantic--gigantic--unforced errors. One leading economist recently said the so-called American Rescue Plan was ``arguably the biggest fiscal policy mistake in several decades.''

Our core inflation rate here in America is more than 2 percentage points higher than in Europe. Inflation is uniquely bad here because our all-Democratic government has made uniquely bad choices. And now American families are dealing with the fallout every single day.

It is no secret how much the American people disapprove of the course Washington Democrats have put us on. They say so in poll after poll after poll. So you might think by now that our colleagues would be ready to try a different approach.

Well, guess again. President Biden and his party, fresh off of spending America into inflation, now want to tax-hike us into recession. They are behind closed doors playing around with what may amount to the single largest tax increase in American history. Tucked inside are exactly the sort of radical ideas that working families can least afford right now.

They want a giant tax hike on passthrough small businesses, a category--listen to this--that encompasses 95 percent of all businesses in the country--95 percent of them. Take it from a constituent of mine in Mount Sterling, KY, who put it this way:

Small business is already in a struggle to survive with all the taxes and regulations we have to deal with. Adding another tax is only making things worse.

Democrats also want a so-called ``methane fee'' that amounts to a big new tax hike on domestic natural gas, while their inflation has pushed American families' natural gas prices and electricity costs up through the roof already.

If following reckless spending and runaway inflation with a gigantic, painful tax hike sounds like a bad idea to you, believe me, you are not alone. Even some House Democrats are lighting their hair on fire over what a terrible idea these discussions are.

One House Democrat from New Jersey is telling reporters that she is ``not for any type of legislation that raises taxes . . . especially right now, as my constituents are facing inflation, cost of living [increases] . . . [and] housing prices.''

Well, let me put it this way. When House Democrats from the Northeast start trying to sound more like Ronald Reagan running against Jimmy Carter, you know they have gotten themselves into a fix.

Too bad every single House Democrat except one and every single Senate Democrat voted for the $2 trillion mistake that brought us to where we are. The Democrats complaining about inflation today voted in lockstep for the bill that brought us here. And now their answer to picking families' pockets once is to now pick the families' pockets yet a second time. The same Democrats that spent us into inflation now want to tax us into recession.

BREAK IN TRANSCRIPT

Source