“While families are skipping meals and delaying their retirement because of Joe Biden’s cruel economy, the White House and President are celebrating and partying at the White House over their bill that won’t cut inflation,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “Washington Watch” with Tony Perkins.
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Democrats’ so-called “Inflation Reduction Act” is false advertising. Studies confirm it worsens record-high inflation on American families and small businesses.
“While families are skipping meals and delaying their retirement because of Joe Bideb’s cruel economy, the White House and President are celebrating and partying at the White House over their bill that won’t cut inflation – many people believe it will drive it even higher.
“Consumers took a couple of big hits yesterday, and today, obviously, prices are continuing to go up, especially with food, which is now at a 48 or 49-year high, and that’s really crushing people.
Democrats fueled inflation that’s crushing families and will make it worse.
“Core inflation is way higher than economists expected. This morning, we found out that inflation for businesses that always ends up later in higher prices is at 8.7 percent, another huge number.
“There’s no question for consumers: Higher prices are here to stay. I don’t care what the President says. We are in this problem because of that spending. And Democrats continue to do it, as you said in this new $700 billion spending spree.
“I know the President’s trying to spin big victories but back home working families are just getting kicked in the gut.”
The Federal Reserve is trying to lower inflation while President Biden and congressional Democrats sit on the sidelines.
“There’s no question about it. The interest rates from the Federal Reserve have been so low – almost zero – for so long that it’s artificially propped up the economy.
“It certainly lulled lawmakers into thinking the cost of these big deficits aren’t big, but now you’re going to see the true costs of those and they are going to be staggering.
“How much of our federal budget goes to paying the debt because the interest rates are finally turning normal? But that’s not the only pain.
“Borrowing costs across the board for families and businesses are going to be painful. When you’re in a recession or on the verge of recession because of inflation, the Federal Reserve is going to create a lot of pain to try to solve President Biden’s problems here. I really worry what that pain is going to be.
“The answer is to stop the additional spending and get workers back to work. We don’t need tax hikes under Joe Biden, but tax relief focused on the supply chain, empty shelves, and driving down inflation.”
Billions of dollars in Democrats’ so-called Inflation Reduction Act will go to special interests, while ignoring the problems Americans face.
“Most of these are gimmicks to try to at least give the appearance of driving down energy pricing. The truth of the matter is: The only reason energy prices have gone down for two months in a row is demand has gone down. The prices are so high, people are not buying the fuel. They can’t afford to do it. They’re not traveling as much.
“So you’ve got an administration driving up prices in the long term, all in pursuit of this Green New Deal religion.”