[Congressional Record Volume 168, Number 153 (Thursday, September 22, 2022)]
[Senate]
[Pages S4962-S4963]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               INFLATION

  Mr. MARSHALL. Madam President, last week, we received what might have 
been the worst economic news I have ever seen in 1 day in my lifetime.
  In Joe Biden's America, it costs more to feed your family. In Joe 
Biden's America, your commute to work is more expensive. In Joe Biden's 
America, it is a struggle to pay the bills that power your home. In Joe 
Biden's America, farmers and ranchers are facing

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such high input costs that they are struggling to grow the food that 
feeds our Nation and those around the globe. In Joe Biden's America, 
just as kids are heading back to school, the price of school supplies 
has increased by over 9 percent.
  This President continues to preside over the worst economy that most 
Kansans have ever seen in their lifetime. This is all thanks to the 
Democrats' massive, hyperpartisan, tax-and-spending bills and, of 
course, their business-crushing Federal regulations.
  As you can see on this chart, inflation was just 1 percent in January 
2021--1.4 percent. Today, it is over a staggering 8 percent, almost 6 
times higher than when Joe Biden took the reins and his woke 
inflationary policies wrecked our economy.
  Look, energy, groceries, and shelter account for two-thirds of 
inflation, and they always lead inflation. Inflation is not going away 
unless this administration does an about-face on its policies, and we 
know that is not going to happen.
  Let's take a look at what Joe Biden has done.
  Energy--energy is up 23 percent; groceries, up 13 percent; shelter, 
up 6 percent. You might ask: Why? Why has shelter gone up 6 percent? 
Look, mortgage rates on 30-year loans have quadrupled under this 
President. Energy, grocery, shelter--all up across the board. All are 
essential to every individual's comfort and prosperity.
  Finally, have you looked at your retirement accounts lately? Down, if 
you are lucky, maybe some 17 percent off its peak values.
  Kansans are hurting. Main Street merchants are hurting. Americans are 
hurting. Instead of helping, this administration continues to pour gas 
on the fire with another massive spending bill. Then they had the gall 
to publicly celebrate last week on the south lawn of the White House--
the very day the stock market went into a spiral after the CPI came in 
showing the highest inflation rate in nearly 40 years.
  What is more, Sunday night on ``60 Minutes,'' the President said 
inflation was up ``just an inch, hardly at all.''
  Are you kidding me? I can't imagine an administration more out of 
touch, more apathetic to the pain of the people who elected him than 
this one. An 8.3 percent increase in inflation over last year is not 
just an inch. This kind of minimization infuriates everyone. I have 
heard it at every one of my 100 townhall meetings.
  Let's not forget, since Joe Biden took his oath, inflation has 
increased over 13 percent. When you live paycheck to paycheck, 13 
percent is not just an inch. Americans are much smarter than you think.
  Inflation is going to be Joe Biden's legacy to the American people. 
In our history books, the texts my grandchildren--two of whom are 
sitting in the Gallery today--will study, they will see a graphic like 
the one behind me.
  If anyone was hoping that the Federal Reserve would be able to slow 
down interest hikes, you can think again. This month's numbers made it 
clear to the Fed that their job is far from done, forcing them to raise 
interest rates by another 75 basis points.
  Interest is only going to keep increasing unless they reverse their 
policies.
  Look, life will continue to get more expensive under Joe Biden. Why? 
Because this President will not reverse his woke inflationary policies. 
Even now, President Biden and the Democrats want to continue to tax and 
spend us further into recession.
  Make no mistake about it. After almost a year and a half of financial 
anxiety and paychecks that are not going as far, Americans have had 
enough of the failing economic agenda of Joe Biden and this Democratic 
majority in Congress.
  November can't come soon enough. Come January, the tax-and-spend 
agenda will come to an immediate end. We will not allow this 
administration to further damage this country with their failed 
economic agenda.
  Before COVID, we had the greatest economy in generations. We 
accomplished this by slashing taxes and getting out of the way of 
industry and letting American producers produce. This is what the 
American people want. This is what the American people deserve. This is 
what will lead America back to prosperity.
  I yield the floor.
  The PRESIDING OFFICER. The senior Senator from Minnesota.

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