[Congressional Record Volume 164, Number 92 (Tuesday, June 5, 2018)]
[Senate]
[Page S2975]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              The Economy

  Finally, Madam President, on the economy, during the 8 years of 
President Obama's term, Democrats worked to turn the economy around, to 
dig our country out of the recession, and get back to growing the 
economy and the middle class. Now that Republicans are in charge, their 
policies are almost the reverse.
  Instead of focusing on the middle class and those struggling to get 
there, Republicans have elected to turn over the keys to big 
corporations and the superwealthy--their benefactors. Instead of trying 
to bring down the cost of everyday items, Republican economic policies 
have driven up the costs of things like healthcare and gasoline. By 
sabotaging our current healthcare system, President Trump and 
Republicans have caused insurance rates to increase by double digits 
across several States. Yesterday, insurers in the States of Washington 
and New York both announced an average rate increase of about 20 
percent, similar to double-digit increases in Virginia and Maryland. 
Americans were already struggling with the high cost of healthcare 
before these increases. Republican policies have only made these 
problems worse.
  What about gas prices? By pulling out of the Iran deal and failing to 
get tough with OPEC, President Trump has contributed to the increase in 
gas prices. He hangs out and seems to be friendly with the Crown 
Prince, head of the UAE, even President Putin. Why isn't he jawboning 
them, his so-called friends, to help the average American family not 
have to pay increases in the high price of gas?
  President Trump was quick to blame President Obama when gas prices 
went up. Well, what is good for the goose is good for the gander. 
American families are now paying over $3 for a gallon of gas in many 
places, and prices are expected to continue to rise over the summer.
  Meanwhile, as costs go up for the middle class, in many, many cases 
far outweighing any break they got on the tax bill, corporations and 
the rich are reaping a windfall from the Republican tax bill. Listen to 
this. So far, in 2018, corporations have announced plans to spend more 
than $450 billion in corporate stock buybacks, a maneuver that directs 
profits into the pockets of wealthy executives and shareholders but 
does little for workers. Even Republican Senator Marco Rubio has said 
that ``'there's no evidence whatsoever' that the corporate tax cut 
Republicans passed last year is overwhelmingly benefiting workers.''
  In a nutshell, this is the new Republican economy: a bonanza for the 
corporations and the rich, higher costs for everybody else. In 
November, the American people will get to decide if they want a 
government that works on their behalf or more of the same top-down, 
trickle-down policies that have failed time and again--and are failing 
once again.
  I yield the floor.
  The PRESIDING OFFICER. The majority whip.