Inflation in America

Floor Speech

BREAK IN TRANSCRIPT

Mr. RUTHERFORD. Madam Speaker, I thank the gentleman for yielding.

Madam Speaker, this week's Consumer Price Index report indicates that we just reached a 40-year high in June. This kind of inflation is a tax on every American and a threat to our middle-class families.

As a result of Democrats' reckless, trillion-dollar inflationary spending, hardworking Americans are taking a pay cut, and failed relief plans have caused unprecedented financial challenges to the U.S. economy, hitting the American taxpayers the hardest.

Some of my friends on the other side of the aisle blame the inflation on the war in Ukraine, but Americans faced sharp, rising inflation long before Russia invaded Ukraine.

Now, additional price increases across the board continue to eat away at the paychecks of this Nation's workforce, making it even harder to achieve the American Dream for millions of Americans.

I am sure many of my colleagues can relate when I say I have conversations back home with folks who are struggling to afford everyday essentials, including baby formula and fuel, that continue to be in short supply.

President Biden and the Democrats' lack of concrete solutions are falling short. The President's first action upon taking office was to end construction of the Keystone XL pipeline and issue a moratorium on new oil and gas permits on Federal lands.

His most recent efforts to court oil deals with our hostile counterparts in Saudi Arabia are futile. In fact, it was embarrassing today.

Increasing America's energy independence is the best way to alleviate the pressure Americans feel at the gas pump. This means producing more American energy, not less. Restoring American energy production here at home will make our country more prosperous and secure while lowering the price at the gas pump.

I recently cosponsored the American Energy Independence from Russia Act which would reopen the Keystone XL pipeline, increase our natural gas production and exports, encourage energy and mineral development on foreign lands, and prevent needless regulation on domestic oil and gas production.

However, those across the aisle have consistently blocked this legislation for a total of seven times. Seven times.

This war on affordable energy production is the main culprit for both the high gas prices and skyrocketing food prices. Given the current economic climate, it is critical that Congress thoroughly consider how legislation will contribute to future inflation.

For this reason, I cosponsored the Informed Lawmaking to Combat Inflation Act. This would require the Congressional Budget Office to provide an inflation estimate for major pieces of legislation so that Members of Congress can be best informed about how these spending bills will impact inflation.

I also supported the implementation of the Tax Cuts and Jobs Act which lowered tax rates for all Americans and simplified our tax code. We must continue efforts to lower taxes, not raise taxes, especially at a time like this.

We should take this opportunity to make the Tax Cuts and Jobs Act tax cuts permanent. The President's inflation crisis is already costing the American U.S. household $6,000 as they encounter the skyrocketing cost of goods.

The American people deserve commonsense solutions that will help ease the economic burden. Future generations of Americans depend on the financial decisions made today. I will keep fighting for real relief for hardworking Americans and am focused on legislation that supports the middle class and allows hardworking Floridians and others to keep more of their paychecks, allowing families to better save for college, invest in their retirement, and spend more time with their loved ones.

BREAK IN TRANSCRIPT

Source