[Congressional Record Volume 167, Number 130 (Monday, July 26, 2021)]
[House]
[Pages H3849-H3850]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     A NATION IN FINANCIAL JEOPARDY

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
North Carolina (Mr. Murphy) for 5 minutes.
  Mr. MURPHY of North Carolina. Madam Speaker, we could talk about so 
many things today on how the Democrats are tearing this Nation apart: 
the immigration crisis, the attack on the American family, the 
destruction of race relations, skyrocketing crime because of the defund 
the police movement.
  Madam Speaker, I could go on and on. But today, we will talk about 
the financial disaster that the Biden administration is causing.
  There is no doubt that the Democrats' outrageous, reckless, and out-
of-control spending is putting our Nation in financial jeopardy. 
However, I cannot help but notice that Democrats in this Chamber 
systematically fail to address the deeply personal and palpable impact 
of this administration's financial irresponsibility.
  To my colleagues across the aisle, please understand that inflation 
is severely hurting American families and their ability to create and 
sustain financial security.
  Over the weekend, I spoke to a restaurant owner who told me that due 
to soaring costs of goods and services, he will have to raise prices to 
make ends meet. I have many constituents on fixed incomes who tell me 
that they are having to eliminate food off their grocery lists in order 
to afford family meals.
  Skyrocketing costs present a serious problem for American families 
and workers, and under this administration, costs do not seem to be 
going down anytime soon.
  In fact, inflation has increased every single month since Joe Biden 
took office. Gas prices are at their highest

[[Page H3850]]

level since 2014. Thirteen million individuals are still on some type 
of unemployment, while over 9 million jobs remain unfilled.
  This type of scenario is essentially unheard of and totally 
artificially created by the Biden administration. They failed to get 
the $15 minimum wage, so now they have artificially cut the American 
workforce in an attempt to force wages upward. Such a forced, quick 
increase in wages will undoubtedly be inflationary as small businesses, 
and even large fast food chains, will have to raise their prices just 
to maintain viability.
  Do they think the American people are that stupid? Endless borrowing 
has consequences. Republican lawmakers see this every day as ordinary 
Americans are having to bear the cost of excessive Democrat spending. 
At the gas pump, in the grocery store, at the mall, and at the car 
dealership, my constituents are having to spend more of their hard-
earned dollars just to get to work, feed their children, and care for 
loved ones.

  The numbers don't lie. According to the Bureau of Labor Statistics, 
gas prices are up 45 percent from last year; used car prices are up 45 
percent; airfare is up 24 percent; and hotel prices are up 16 percent. 
At the grocery store, bacon is up 8 percent; fruit prices are up 7 
percent; fish prices are up 6 percent; and milk is up 5 percent. Even 
to pour a cup of coffee, Americans are feeling the cost of the 
Democrats' reckless spending spree.
  Unfortunately, under Biden's leadership, the situation looks bleak. 
House Democrats are well accustomed to spending beyond their means, but 
they routinely ignore its negative impact on the American people.
  What is worse is that experts agree the Democrats' far-left proposals 
will undoubtedly lead to higher taxes on the vast majority of middle-
class American families.
  Here is what we know. A recent report from the Tax Policy Center 
found that Biden's tax plan will increase taxes on an astounding 75 
percent of middle-class Americans and raise taxes on 95 percent of 
Americans by 2031. This broken policy work has real consequences that 
are completely unsustainable.
  Another study by the Wharton School of Business shows that Biden's $6 
trillion budget would slow economic growth, shrink the American 
economy, and cut workers' hours and wages. In fact, annualized real 
wages are already down by 3.95 percent since 2020.
  Madam Speaker, I implore my colleagues across the aisle to listen to 
their constituents and sympathize with what they are going through. 
More than that, I urge them to recognize that we, as lawmakers, have a 
responsibility to care for our citizens and ensure that Big Government 
policies do not squander American families and small businesses.
  Look, this should be simple. All Americans understand that to stay 
financially viable and intact, they must stick to a budget and spend 
within their means.
  I encourage the Biden administration and its Democratic cohorts in 
the House to balance their own checkbooks immediately for the sake of 
the American people and to stop this reckless spending spree.

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