Reckless Policies Driving Inflation

Floor Speech

BREAK IN TRANSCRIPT

Mr. BARR. Mr. Speaker, on the heels of the most expensive Thanksgiving in decades, the American people are heading into the holiday shopping season that is going to be the most expensive in American history. That is because everywhere Americans open their wallets or swipe their credit cards, they are paying more because of President Biden's reckless tax, borrow, and spend policies.

Gas prices are up 61 percent from last year.

Think about it, Mr. Speaker, in 1 year's time we went from energy dominance to total dependence on foreign sources of energy. Electricity prices are up nearly 25 percent, and with winter in full swing, the cost of natural gas is soaring. Nearly half the homes in United States use natural gas for heat, and families could pay an average of $746 more this winter, 30 percent more than a year ago.

In October, the CPI rose 6.2 percent, the highest it has been in over 30 years. Core inflation--minus food and energy costs--is at 4.3 percent, well above the Fed's 2 percent target.

Mr. Speaker, the Fed is not meeting its price stability mandate, and now Democrats want to double down on their failed policies of overspending, discouraging work, and constraining the supply of energy.

The Build Back Better bill is not going to remedy inflation; it is going to make it much, much worse. It is time for this administration and the majority in this Congress to reverse course and stop jeopardizing the future prosperity of the American people.

BREAK IN TRANSCRIPT

Source