[Congressional Record Volume 170, Number 142 (Thursday, September 12, 2024)]
[Senate]
[Page S6006]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Inflation

  Mr. President, now on inflation, yesterday Americans got another 
piece of excellent news in the fight against inflation. According to 
the Department of Labor, the consumer price index was measured at 2.5 
percent in August compared to a year ago. This floor chart illustrates 
just that: 2 years ago, 2 years after we passed the Inflation Reduction 
Act and Chips and Science, inflation has now slowed to a 3-year low. 
Here is what it was in 2022; here is what it is right now. It went from 
8.3 percent when the Chips and Science Act and the Inflation Reduction 
Act were passed to 2.5 percent today. Let me repeat: 2 years after the 
Inflation Reduction Act and the Chips and Science Act, inflation has 
slowed to a 3-year low.
  Republicans claimed investing in America would make inflation 
skyrocket and drive our economy into a recession. Instead, the United 
States has had the strongest post-COVID recovery in the world. 
Manufacturing, construction at an alltime high, nearly triple its peak 
during the past administration, and inflation continues to trend lower. 
And inflation has slowed, despite Senate Republicans trying to block 
and derail so many of the bills we have pushed in this Chamber to lower 
costs and make life easier for American families.
  Remember, when Republicans had a chance to vote for lower 
prescription drug costs for seniors, they voted no. When Republicans 
had a chance to cap insulin at $35 a month for Americans on Medicare, 
they voted no. When Republicans had the chance to dramatically expand 
the child tax credit and cut child poverty in this country in half, 
they voted no. And when Republicans had the chance to invest in 
rebuilding America and bringing advanced manufacturing jobs back to our 
shores and open new factories for EVs and solar and chips, many of them 
still voted no--though, then back home, they tried to take credit for 
these jobs. For 3 years, Republicans have proudly been the party of 
``no'': no solutions, no plans, no attempts to fix our country's 
problems.
  But today's report shows that the Democratic agenda is working. This 
is dramatic. And despite Republicans' best efforts to derail our 
country's recovery, we have moved forward in a very positive way. We 
have a lot of work still to do. People still need a lot of help to make 
ends meet and save for retirement and provide for their families, but 
we are on our way. We are on our way, as this chart shows.