Thune: Families Falling Behind in Biden-Harris Economy

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WASHINGTON - U.S. Sen. John Thune (R-S.D.) today spoke on the Senate floor about the burden Americans are facing as a result of the Biden-Harris administration's reckless spending. Thune noted that American families have to spend over $13,000 more per year to maintain the same standard of living they had when President Biden and Vice President Harris took office.

Thune's remarks below (as prepared for delivery):

"Mr. President, when the history of the Biden-Harris administration is written, I suspect it will be defined by the historic inflation crisis that has characterized almost all four years of this presidency.

"It started almost right away.

"Eager to begin implementing their big-spending visions, Democrats seized on COVID as an excuse for a massive, partisan, $1.9 trillion spending spree - the so-called American Rescue Plan Act.

"Democrats were warned that their bill ran the risk of, quote, 'set[ting] off inflationary pressures of a kind we have not seen in a generation.'

"But they proceeded anyway.

"Vice President Harris cast the tiebreaking vote in the Senate to ensure that this massive government boondoggle would become law.

"And within weeks of its passage, inflation began climbing.

"And kept climbing.

"And climbed some more.

"By 2022, inflation had reached its highest level in 40 years.

"40 years.

"And Americans felt the consequences.

"As the price of everything from gas to groceries shot up, Americans dipped into their savings to make ends meet, or put essential items on their credit cards.

"They took on second jobs.

"They visited food banks.

"They put off home repairs or family vacations.

"They skipped necessary medical care.

"And even as the rate of inflation has finally - finally - slowed, Americans continue to suffer as prices remain elevated.

"Today Americans are paying 21 percent more for groceries than they were when President Biden and Vice President Harris took office.

"They're paying 37 percent more for energy.

"45 percent more for gasoline.

"22 percent more for shelter.

"The list goes on.

"Today a typical family needs to spend an additional $13,202 per year to maintain the same standard of living it enjoyed when President Biden and Vice President Harris took office.

"$13,202.

"Just think about that for a minute, Mr. President.

"How many lower- and middle-income families do you know who can easily absorb an extra $13,000 a year?

"How many families out there have had to lower their standard of living as a result of the Biden-Harris administration?

"How many missed vacations or missed braces or missed extracurricular activities or missed car repairs or home projects does that $13,000 represent?

"And, Mr. President, in addition to the staggering price hikes of the past few years, Americans have had to contend with additional economic pain as a result of the rate hikes the Federal Reserve was forced to impose to deal with the Biden-Harris inflation crisis.

"Those rate hikes drove up credit card interest rates.

"They drove up rates for car loans.

"They drove up mortgage rates.

"And so Americans who, for example, have had to charge things to their credit cards to deal with high food or energy prices are now facing increased challenges in paying off that debt.

"A September Wall Street Journal article noted, and I quote, 'Around 9.1% of credit-card balances turned delinquent over the past year, the highest rate in over a decade, according to an August report from the Federal Reserve Bank of New York.'

"Other Americans are finding the American dream of owning your own home out of their reach, as they face elevated mortgage rates on top of staggering housing prices.

"Mr. President, President Biden has talked a lot about building an economy from the bottom up and the middle out.

"But it's lower- and middle-income Americans who have suffered the most in the Biden-Harris economy.

"And if Vice President Harris becomes president and Democrats take control in Congress, the next few years aren't likely to look too good for lower- and middle-income Americans either.

"It's already become clear that Vice President Harris intends to continue with the tax-and-spend agenda she and President Biden have worked to impose.

"And if she is elected Americans should brace themselves for more economic pain.

"Mr. President, 'The need is greater. Costs are still high. Gas prices are high. Owning a home is a struggle. Every time I look at my bank account, it's always going down.'

"That's what one American had to say about his economic situation earlier this year.

"And it's been the story for too many Americans in the Biden-Harris economy.

"We can only hope they don't have to deal with another four years of it.

"Mr. President, I yield the floor."

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