Wicker accuses Biden Economics of massive inflation – press releases

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WASHINGTON – U.S. Senator Roger Wicker, R-Miss., Spoke from the Senate lamenting the effects of inflation on residents of Mississippi due to overspending by Democrats.

During his speech, Wicker referred to the recently announced 5.4 percent consumer price index increase.

“This represents the biggest year-over-year price increase since 2008,” Wicker said. “It’s a tax increase on every American consumer.”

Wicker pointed to the economic pain caused by inflation on families.

“The loss of purchasing power makes it harder for Americans to buy a house, start a family or send their children to college,” Wicker said.

Additionally, Wicker explained how this inflationary trend is a direct result of Democrats overspending this year.

“The harsh reality is that our economy is now saturated with a spending tsunami triggered by the Democratic majority in March, when party leaders abandoned what had been a balanced, two-party approach in 2020 to alleviate COVID,” he said. Wicker continued.

Full remarks below, as delivered:

Thank you Madam President.

What the senior senator from Iowa just said is absolutely correct. Sadly, the increase in the Biden inflation tax is real and is already here.

We warned of this earlier this year when our friends on the Democratic side decided to spend nearly two trillion unnecessary dollars. There you go: just the other day, consumer prices rose 5.4%.

This represents the largest year-over-year price increase since 2008. It is a tax increase for every American consumer. And then today, even worse news. The producer price rose 7.3%. We are in an inflation problem. This is caused by this frenzy of unnecessary spending that we have been involved in this year.

We knew it. Now we see the statistics. Because we felt it at home. The senior senator from Iowa mentioned what he heard during the break.

Mississippians pay more for a tank of gas, for a gallon of milk. They pay more for a new house and a used car. Used car prices have increased 10% since May and 45% since June of last year. Used cars are up 45% – that’s real inflation and it affects real American workers.

The harsh reality is that our economy is now saturated with a spending tsunami triggered by the Democratic majority in March, when party leaders abandoned what had been a balanced, two-party approach in 2020 to relieve COVID.

I remind colleagues that in February the Congressional Budget Office predicted that our economy would already return to its pre-pandemic size by mid-year – minus the spending of an additional $ 2 trillion. .

As the Senior Senator from Iowa mentioned, Larry Summers, a longtime Democratic adviser, adviser to President Obama, warned that more stimulus could overheat the economy and cause inflation. And more spending has come and the economy has overheated and we are faced with real inflation statistics that cannot be denied.

Our Democratic friends have brushed aside this warning and instead injected billions of billions of borrowed money into our economy. Our country’s money supply has grown by an unprecedented 31% since the pandemic. Now we had to do part of it in 2020, when the economy had fallen off a cliff. But we’re halfway through 2021. The Fed continues to print money, and the majority party in this body seems determined to spend billions more.

As a result, inflation is now eating into family incomes, bank accounts, 401,000 savings accounts – most of which shrink as the economy grows.

The loss of purchasing power makes it more difficult for Americans to buy a house, start a family, or send their children to college.

Madam Speaker, all of this must serve as a warning to all of us, to our friends across the aisle. This week’s Consumer Price Index is an early wake-up call that this Congress and the Biden administration are courting runaway inflation.

I yield the floor.

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