[Congressional Record Volume 168, Number 115 (Wednesday, July 13, 2022)]
[Senate]
[Pages S3245-S3246]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               INFLATION

  Mr. McCONNELL. Madam President, this morning, this all-Democratic 
government produced yet another absolutely terrible, terrible inflation 
report. Inflation during the month of June shattered the experts' 
predictions. We are now--listen to this--at 9.1 percent annual 
inflation; yet another fresh 40-year high, the most out-of-control 
inflation that American families have seen since the early 1980s. Food 
costs are up more than 10 percent. Energy costs are up more than 40 
percent. The costs of the fuel that drives us to work, delivers our 
goods, and drives our economy are all up over 60 percent.
  These are staggeringly--staggeringly--bad numbers. And they were 
fueled directly by the reckless spending spree that the Democrats 
rammed through on party lines just last year.
  Remember, right before the $2 trillion spending spree, President 
Biden said:

       The biggest risk is not going too big . . . it's if we go 
     too small.

  The Senate Democratic leader said:

       I do not think the dangers of inflation, at least in the 
     near-term, are very real.

  These were gigantic--gigantic--unforced errors. One leading economist 
recently said the so-called American Rescue Plan was ``arguably the 
biggest fiscal policy mistake in several decades.''
  Our core inflation rate here in America is more than 2 percentage 
points higher than in Europe. Inflation is uniquely bad here because 
our all-Democratic government has made uniquely bad choices. And now 
American families are dealing with the fallout every single day.
  It is no secret how much the American people disapprove of the course 
Washington Democrats have put us on. They say so in poll after poll 
after poll. So you might think by now that our colleagues would be 
ready to try a different approach.
  Well, guess again. President Biden and his party, fresh off of 
spending America into inflation, now want to tax-hike us into 
recession. They are behind closed doors playing around with what may 
amount to the single largest tax increase in American history. Tucked 
inside are exactly the sort of radical ideas that working families can 
least afford right now.
  They want a giant tax hike on passthrough small businesses, a 
category--listen to this--that encompasses 95 percent of all businesses 
in the country--95 percent of them. Take it from a constituent of mine 
in Mount Sterling, KY, who put it this way:

       Small business is already in a struggle to survive with all 
     the taxes and regulations we have to deal with. Adding 
     another tax is only making things worse.

  Democrats also want a so-called ``methane fee'' that amounts to a big 
new tax hike on domestic natural gas, while their inflation has pushed 
American families' natural gas prices and electricity costs up through 
the roof already.

  If following reckless spending and runaway inflation with a gigantic, 
painful tax hike sounds like a bad idea to you, believe me, you are not 
alone. Even some House Democrats are lighting their hair on fire over 
what a terrible idea these discussions are.
  One House Democrat from New Jersey is telling reporters that she is 
``not

[[Page S3246]]

for any type of legislation that raises taxes . . . especially right 
now, as my constituents are facing inflation, cost of living 
[increases] . . . [and] housing prices.''
  Well, let me put it this way. When House Democrats from the Northeast 
start trying to sound more like Ronald Reagan running against Jimmy 
Carter, you know they have gotten themselves into a fix.
  Too bad every single House Democrat except one and every single 
Senate Democrat voted for the $2 trillion mistake that brought us to 
where we are. The Democrats complaining about inflation today voted in 
lockstep for the bill that brought us here. And now their answer to 
picking families' pockets once is to now pick the families' pockets yet 
a second time. The same Democrats that spent us into inflation now want 
to tax us into recession.

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