[Congressional Record Volume 168, Number 149 (Thursday, September 15, 2022)]
[Senate]
[Pages S4633-S4634]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Inflation

  Mr. HOEVEN. Mr. President, I rise today to discuss the harmful 
economic consequences Americans are seeing from President Biden's 
reckless tax-and-spend agenda. Earlier this week, the Bureau of Labor 
Statistics released the latest Consumer Price Index figures for the 
month of August, showing that inflation increased 8.3 percent compared 
to August 2021. Inflation has now exceeded 8 percent for 6 straight 
months. This persistent high inflation is causing price increases for 
American families at the grocery store, the gas pump, and for basic 
housing needs, leaving many Americans struggling to make ends meet.
  Rather than getting government out of the way, increasing domestic 
energy production, securing our border, and taking meaningful action to 
reduce inflation, the Biden administration is instead doubling down on 
its failed economic policies. Gas prices are $1.34 per gallon higher 
than when President Biden took office, and diesel fuel prices are even 
higher, at nearly $2.40 per gallon more than January 2021. A gallon of 
diesel now costs more than $5 a gallon.
  Yet, last month, as followup to the massive $2 trillion spending 
package from March 2021 that fueled the inflationary fire we are now 
dealing with, Democrats jammed through another package on a party-line 
vote, a tax-and-spend bill that imposes new energy taxes and Green New 
Deal-style subsidies that will only worsen our energy crisis and weaken 
our Nation's economic and national security.
  Ironically, the so-called Inflation Reduction Act does nothing to 
reduce inflation. Analysis by economists at Penn Wharton School at the 
University of Pennsylvania, the Federal Reserve, Moody's Analytics, the 
Congressional Budget Office, and others, all agree that this bill will 
do nothing to help reduce inflation.
  Meanwhile, the cost of food at the grocery store has increased 13.5 
percent over the last 12 months--the largest 12-month increase since 
March 1979. Yet the Biden administration has done nothing to help 
alleviate these inflationary price increases on Americans.
  This week, we neared the brink of another inflationary supply chain 
disaster as railroad unions threatened to go on strike. Obviously, 
shutting down freight rail movement throughout the country would be a 
huge disruption to

[[Page S4634]]

our economy. It cannot be overstated how significant a rail strike 
would be to our national supply chain. With fall harvest, particularly 
for my State, that is a huge concern, and it is vitally important that 
we avoid a rail strike.
  On the energy front, North Dakota is a huge provider of energy for 
this Nation. So it is very important. Whether it is our energy 
producers or energy producers across this country, we need to empower 
our domestic energy production. We also need to get our debt and 
deficit under control. We need to help our farmers and ranchers produce 
the highest quality, lowest cost food supply in the world. We need to 
address the supply chain issues that continue to be disruptive to our 
economy and create more inflation.
  The Biden administration needs to stop with the tax-and-spend agenda 
if we are to get this inflation under control.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. HOEVEN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.