Senate Republicans on Record-High Inflation
More spending and tax hikes will worsen inflation crisis
Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho), the top Republican of the Senate Finance Committee, led a news conference with Republican Senators to highlight how record-high inflation is affecting Americans, adding that additional reckless spending will only exacerbate the inflation crisis. To watch the news conference in its entirety, click here.
“Americans are all painfully aware that we now have a 7.5 percent inflation rate. This is the highest rate since 1982--the highest rate of inflation in 40 years. Producer price inflation is 9.7 percent. These numbers are very clearly a result of the incredible, excessive overspending that is heating up the economy.
“Wages aren’t going up in a way that can keep up with the prices, so people are falling further behind and feeling squeezed. It costs $275 more each month just for people to try to keep up with the standard of living they were at a year ago. People’s dreams are being crushed. President Biden’s suggestion? To go back to the Build Back Better plan with higher taxes, more expenses, more debt, and more government spending that will make inflation worse.”
“As South Dakota farmers get ready to plant, they’re looking at higher seed costs, higher fertilizer costs, higher equipment costs, higher fuel costs. It affects everybody. This is a tax on every single American, paid by every single American, but experienced the most by those … struggling to pay the bills and make ends meet.”
“We know this inflation is very persistent and could get worse…Iowa families are being hit by the same $3,500 increase in costs. Iowa businesses can’t keep up with inflation. . . . The best thing Biden could do is use the bully pulpit to tell Congress to spend less.”
“Mississippi is a huge timber state. . . . To harvest timber, you have to get it to a saw mill. Well, the log trucks that haul this timber to the saw mills… have to fill those tanks up every day with fuel to continue on… Every morning, the loggers in Mississippi have to fill those tanks up: 120 gallons, almost $4 per gallon. Do the math on that. Mississippians are hurting. This country is hurting because of the inflation we’re looking at.”
“The Biden tax caused by Biden policies is costing hardworking American families … $275 every month. Biden policies are creating high prices and driving up the cost of living…This is a tax from Joe Biden.”
“From 1.7 percent a year ago to 7.5 percent. . . . Half of America has never experienced inflation like what we are experiencing right now. . . . This is an American issue based solely on the policies of this President. We have got to open up our manufacturing here, open up our energy production here, stop discouraging American production, and stop sending free money across the economy, which continues to be able to spark inflation we are experiencing right now."
“Perhaps the easiest and most obvious way we could reduce the pinch regular Americans are feeling from price inflation is to lean into free trade. This Administration has not even requested Trade Promotion Authority to allow us to sell our food and fiber and manufacturing goods into foreign markets, and to bring things in that we don’t make here. The Administration has doubled down on their tax-and-spend, big government agenda.”
“Americans' bills are piling up. Inflation is raging – it's burning through families' budgets and paychecks in addition to hurting rural communities and ag producers. We've got to stop pretending that pouring gas on this fire is our only option and give them relief.”
“The most punitive tax of all is high inflation. Wages are going up a little bit, but not nearly as high as inflation. People are feeling it. . . . Two weeks ago, I filled up my pickup truck, my F-150. I paid almost $100. People can’t afford that--people who commute to work, people who use their truck for their business. It’s time to change policies and do it now to avoid this punitive tax from continuing.”
“If many Americans won the lottery tomorrow, the first thing they would do is fill up their gas tank. . . . We can't force members of the Biden administration to retake Econ 101, but we can do our part by stopping spending like we were drunken sailors. Actually, we're worse than drunken sailors because drunken sailors stop spending when they run out of money."
“In my state, [inflation] is having a devastating impact on families. Food’s up, gas is up, rent’s up. It’s all caused by bad economic policy. What causes inflation? One, excess spending. Two, making it difficult for people to produce things. When you increase the permitting time, making it difficult to get a permit…prices go up. . . . I can’t see any way this will get better until the Biden Administration and Democrats stop spending money, stop making it difficult to build and open a business, and stop making it difficult to run a business.”
“The policies we have seen with this Administration are now becoming legendary with how anti-American energy they are. They’re stopping the production and making it harder to produce American energy while begging OPEC to produce more. We’re importing twice as much oil from Russia than we were at the end of the Trump Administration. They are stopping and killing American energy infrastructure like Keystone XL. These are the policies and predictable results: higher energy prices on working families, pink slips for American energy workers and empowering our adversaries like Putin.”
“Gas prices in South Carolina are up nearly 50 percent over the last 12 months. Pay is up four percent. It’s ten times more expensive for a mom with two kids. . . . Democrats and President Biden continue to ask the American people to believe what he is saying, as opposed to what they are seeing. They are seeing the loss of spending power because they can’t afford the price of gas per gallon. They are seeing the challenges of achieving the American dream because they simply can’t afford a down payment on a house. It’s about our neighbors. Mr. President, we ask you to do a better job.”
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