[Congressional Record Volume 168, Number 101 (Tuesday, June 14, 2022)]
[House]
[Pages H5490-H5491]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1015
                        RUNAWAY DEFICIT SPENDING

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Tennessee (Mr. Rose) for 5 minutes.
  Mr. ROSE. Mr. Speaker, inflation is at the highest level we have seen 
since Jimmy Carter was in the White House.
  I have spoken many times about rising prices being fueled by out-of-
control spending. Today, I rise with even more proof that this has been 
the case.
  President Biden's 2021 COVID stimulus bill overheated the economy, 
just as I, and many other Republican Members of Congress, along with 
numerous economists from both sides of the political divide, predicted.
  Now a report by the non-partisan Congressional Budget Office shows 
that spending did, in fact, create a worker shortage which strained 
supply chains and contributed to the economic crisis in which we find 
ourselves today.
  One year ago, companies across middle Tennessee were struggling to 
find workers. More than 160,000 Tennesseans were unemployed; yet 
218,000 jobs were

[[Page H5491]]

available. Folks were earning $15.75 an hour to stay home because of 
the unnecessary $2 trillion bill pushed through by congressional 
Democrats on a party line vote.
  Employers became desperate. Many were forced to offer massive sign-on 
bonuses and other incentives just to find enough workers to continue 
operating as normal. Unfortunately, some had to close their doors.
  Tennessee's Governor Bill Lee, a businessowner himself, recognized 
the damage enhanced Federal unemployment benefits were causing on 
restaurants and retail stores. He noticed many couldn't compete with 
$300 a week from the Federal Government on top of State unemployment 
benefits.
  Fortunately, he put a stop to the flow of Federal unemployment 
dollars in Tennessee, and he was right. At last check, there were about 
13,000 unemployment claims in Tennessee, compared to roughly 60,000 
claims this time last year.
  Still, the cost of living has increased every month under the Biden 
administration, and the nonpartisan Congressional Budget Office 
projects it will continue to impact Americans at least into 2023.
  This is what happens when you do what is politically expedient. This 
is the direct result of runaway deficit spending.
  The Federal Reserve is now having to be the adult in the room and 
raise interest rates to lower inflation. Raising interest rates is a 
harsh step, but one made necessary by the Biden administration's 
reckless handling of the economy.
  It will make it harder and more expensive to borrow money for your 
first home or to buy a new car. Raising interest rates will also cause 
our economy to slow down. This means people will lose their jobs, their 
savings, and in many cases, even their small businesses.
  Our economy already got 1.5 percent smaller in the first quarter of 
the year. It is why many economists are predicting a recession or worse 
in the next 12 months.
  It didn't have to be this way. The President and congressional 
Democrats didn't have to borrow and spend so much money. This 
administration inherited one of the strongest economies in my life. It 
took fewer than 2 years for them to completely destroy it. President 
Biden must do better.

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