[Congressional Record Volume 167, Number 191 (Monday, November 1, 2021)]
[Senate]
[Page S7526]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              The Economy

  Madam President, on a related matter, when I listen to our Republican 
colleagues' rail on the economy, I am reminded of the old saying, 
attributed to H.L. Mencken, that: ``For every complex problem, there is 
an answer that is simply easy--and wrong.''
  Four years ago, Republicans used the Senate's reconciliation rules to 
pass the Trump tax cuts. They didn't get a single Democratic vote.
  Why? Because those tax cuts benefited the wealthiest people in 
America and the most profitable corporations.
  So did it cost us anything? Did we make money on that as a nation?
  It cost us $1.9 trillion over 10 years. That was Republican 
reconciliation 4 years ago. That is more than President Biden is now 
proposing for his entire slate of programs to ease the financial 
squeeze on working families and create millions of good jobs and 
protect our Nation from the dangers of climate change.
  All the wailing and gnashing of teeth we are hearing from Republicans 
about deficits and debt? Where in the heck were they during the Trump 
years, when the debt went up 36 percent?
  They were all voting for it.
  Of course, now that President Biden is onboard, they are really 
deficit hawks. They have changed overnight. Well, you should have heard 
them during the Trump years, if they are sincere and honest.
  Our Republican colleagues moan on and on about inflation. All 
Americans are concerned about that. The Senator from Kentucky pointed 
out the reality.
  I filled my truck up with gas over the weekend. It is more expensive.
  What is causing all that?
  Well, part of it is we have no control over the price. The OPEC 
nations and others are determining what the price levels will be. And 
other things are part of it as well, yes.
  Heating bills are going to go up this winter. When I talk to the 
people in the natural gas industry, they talk about the problems that 
they had. When the economy slumped during the pandemic, the production 
of natural gas went down, the storage of it went down, the price went 
up, and that is what we are paying for today.
  So the pandemic itself has had an impact on our economy, which we 
cannot and should not ignore.
  The pandemic closed down the global economy and sent demand for many 
products soaring. Getting back to normal is just going to take some 
time, and it will take thoughtful action, not political potshots.
  To our Republican friends: If you are really concerned about the 
economic strain on middle-class and working families, you have got an 
opportunity to prove it this week.
  President Biden's Build Back Better agenda is moving forward. A vote 
to give 35 million families enhanced child tax credits will help them 
meet the cost of living and save them hundreds, maybe thousands, of 
dollars a year.
  A vote for good, free, early childhood education for every kid in 
America will put hundreds, even thousands of dollars more back in the 
hands of parents.
  And unlike the Trump tax cuts, the Build Back Better agenda is paid 
for. That is right. We pay for it. We are not adding to the deficit, 
and no one earning less than $400,000 a year will face higher taxes to 
pay for the Build Back Better agenda.
  And then there is the issue of climate change. I am joining a group 
that hopes we can go to Glasgow, Scotland, for this climate conference 
the President is attending today, and we hope that a bipartisan group 
delegation from the Senate can go at the end of this week, and I am 
looking forward to that possibility.
  We are paying so much money out, almost on a weekly basis, for 
weather-related disasters. Hurricane Ida, this year, cost us $100 
billion in damage. One storm cost roughly twice as much as we proposed 
to spend the whole year in reducing the harm of climate change for all 
America.
  We need to work together to create a win for the American people and 
for our planet, and wouldn't it be nice if it were bipartisan for a 
change?