‘Just this morning, the Bureau of Labor Statistics announced that inflation increased by 0.6% this month, putting year over year inflation at 3.7%. That’s well above the Federal Reserve’s 2% target, and it puts cumulative inflation since President Biden took office over 17%.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the economy:
“I spoke yesterday about the Biden Administration’s war on American energy, and how working families are feeling it at the gas pump. But energy prices are not the only reason it’s been so hard to balance household budgets on Washington Democrats’ watch.
“Just this morning, the Bureau of Labor Statistics announced that inflation increased by 0.6% this month, putting year over year inflation at 3.7%. That’s well above the Federal Reserve’s 2% target, and it puts cumulative inflation since President Biden took office over 17%.
“But as the American people continue to struggle against rising costs, the President appears to be taking a victory tour, touting ‘Bidenomics’ as one of his crowning achievements.
“Over Labor Day Weekend, President Biden told voters that ‘Bidenomics,’ quote, ‘is working.’
“The American people are not fooled by this. They can feel the pinch in their wallets and they know that Washington Democrats’ runaway spending is the reason for it.
“As one woman told reporters recently, quote, ‘I don’t think [President Biden] has the everyday people’s best interests in mind…everything’s gone up, electricity, groceries, fuel…it’s not fair to the American people.’
“Well, she’s not alone. According to one recent survey, a large majority of Americans disapprove of the President’s handling of the U.S. economy.
“Families are paying 20% more at the grocery store. Credit card debt has surpassed $1 trillion dollars for the first time ever. And overall, real wages are down 2.3% since 2021.
“The numbers do not lie. Even Biden’s Secretary of Commerce has said that inflation is ‘still a challenge’ and, ‘something that people still see on a daily basis when they go to the grocery store or pay their mortgage.’
“‘Bidenomics’ may be working. But it’s working against working Americans.”