Biden-Harris Inflation Crisis Leaves Americans Falling Behind
By Sen. John Thune
According to the Congressional Joint Economic Committee, it costs a typical family $13,327 more per year to maintain the same standard of living it had at the beginning of the Biden-Harris administration. That’s a staggering increase for the same goods and services in the span of less than four years, and Americans are the ones bearing the brunt of this sticker shock, as the price of groceries spiked 22 percent, shelter costs went up 23 percent, and energy prices grew by 34 percent, among other necessities. And the reason costs are so much higher today is because of Washington Democrats’ addiction to reckless spending.
Eager to begin implementing their big government agenda, Democrats seized on the pandemic as an excuse to spend $1.9 trillion on their so-called American Rescue Plan in 2021. They ignored warnings that the bill was too big and that it could “set off inflationary pressures of a kind we have not seen in a generation,” and they pushed the bill ahead with Vice President Harris casting critical tie-breaking votes. As predicted, inflation began to accelerate almost immediately.
The Biden-Harris inflation crisis is a classic case of too many dollars chasing too few goods. Democrats flooded our economy with their reckless spending, and inflation began to climb as a result. It kept on climbing for years, reaching a 40-year high and causing untold economic pain across the country.
But this inflation crisis did not deter Democrats. In fact, as inflation was soaring, the Biden-Harris administration was actually trying to force through yet another reckless taxing-and-spending spree, this time with a massive $3.5 trillion price tag. One can only imagine how much worse inflation would have been had this bill passed.
For the last few years, the American people have been paying more and getting less. They have had to put more on their credit cards and dip into their savings. Others put off necessities and niceties to make ends meet. How many Americans had to lower their standard of living because of higher costs? How many car repairs, family vacations, or braces for the kids had to be put off because of inflation?
Then there’s the additional economic pain of rate hikes the Federal Reserve was forced to impose to deal with the Biden-Harris inflation crisis. Those rate hikes meant higher credit card interest rates, higher rates for car loans, and higher mortgage rates. Americans who had to put more on their credit cards to deal with high food or energy prices are now facing increased challenges paying off that debt. Other Americans are finding the American dream of homeownership out of their reach, facing elevated mortgage rates on top of already staggering home prices.
When the history of the Biden-Harris administration is written, I suspect it will be defined by the historic inflation crisis caused by its reckless spending. Years of elevated prices have taken a toll on Americans’ budgets, and I fear those effects may linger. Americans simply cannot afford another reckless taxing-and-spending spree.
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What about the 9 trillion the trump administration added to the deficit under your watch John Thune?
Largest deficit by a president in history. Trump also printed more money and his wealthy tax breaks shifted more wealth to the top.
yeah, but, her emails, or gas prices, I meant the border!
Trump is also the reason gas prices went up. Domestic producers were going bankrupt because ipec and the Russians were in a price war. He begged the saudis to cut production to raise oil prices and to stop all of those shale producers from going bankrupt. Trumpers can’t remember that long ago though.
Trump is also the reason gas prices went up. Domestic producers were going bankrupt because ipec and the Russians were in a price war. He begged opec to cut production to raise oil prices and to stop all of those shale producers from going bankrupt. Trumpers can’t remember that long ago though.
Then there was Trump’s unilateral trade war with China which had a major negative impact on South Dakota and national AG producers. Then Trump used federal taxpayer dollars to compensate those AG producers for a loss he solely caused. Trump has been a major economic liability for US Taxpayers and AG producers.
Selective memory Senator Thune?
Country over party!
Country over a Demagogue
75% of ag exports went unsold while we sent taxpayer dollars to aggressive families and we watched farmer suicides hit record levels not seen since the farm crisis. For what? Watching south America corn and soybean markets explode now that China can just go elsewhere.
*agricultural families
thune: if you guys succeed in eliminating ahca, derisively called obama-care, you will have eliminated the only major justification you have for denying massive student loan relief. but you “champions” will never unleash the middle class economic energy that such a relief would bring about across the nation. you’ll just keep dishing tax cuts and debt relief to the richest class.
instead of whining about u-s inflation, which is worse everywhere else on earth, i’m much more worried about a trump win unleashing the heritage foundation’s plan to create a new serfdom in the u-s. you grand-high-poobahs won’t feel the pain this american caliphate will inflict on the rest of us. thune you republicans can’t be trusted to build a strong free america. at the most crucial time a few years ago you couldn’t even save your own party, my beloved former party, from becoming a part of the trump crime family. so useless.
BUT BUT BUT TRUMP!
All of the above is nothing but BS talking point of the lefties. Deal with it. Your gal is going down (not that she hasn’t already).
These are the actual facts of how Trump took a good economy and sacrificed workers for his wealthy donors. Another republican tanking things again.
Inflation is absolutely a problem.
But the US inflation rates have been lower than the EU’s for a while.
And Australia
And most of South America, or Africa, or Asia (except China, which artificially cooks the books).
Could Biden have done better? Maybe. Would Trump have done better? Maybe, but I’m betting not. He still seems to think Tariffs get paid by the government or company selling the goods and that they don’t just raise their prices on their goods to cover the costs.
Best case scenario, we’d be talking about a fraction of a percent either way.
This is an issue that sounds good on paper, but it isn’t actually true.
Any blame on congree and it’s 19% approval rating?