Senator McConnell: Democrats’ Inflation Bill Will Cut Jobs and Wages But Not Inflation

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding Democrats’ Reckless Taxing and Spending Spree:

 

 

“Democrats have had a tough few days rolling out their latest reckless taxing and spending spree.

“It turns out that proposing huge, job-killing tax hikes and more runaway spending during inflation and a recession doesn’t go over well.

“Here are a few of the things nonpartisan experts have already proven about the Democrats’ proposal.

“Number one: The so-called ‘Inflation Reduction Act’ would actually increase inflation in the short term and do nothing for inflation in the long term. That’s from the University of Pennsylvania.

“Number two: Their tax hikes would shatter President Biden’s promise not to impact households earning below $400,000. Many billions of dollars of the new tax hikes would fall directly on the working class and the middle class. That’s from the Joint Committee on Taxation.

“Number three, also from the JCT: Fully half of the Democrats’ 300-plus-billion-dollar new tax on American jobs would come crashing down on American manufacturers in particular.

‘These are neutral, nonpartisan groups. But just for fun, let’s take a look at the most favorable numbers for Democrats.

“Let’s take a look at their own spin.

“One of the Biden Administration’s favorite outside economists, somebody who has consistently been over-optimistic about inflation and Democrats’ policies, claims their bill will reduce the Consumer Price Index by a grand total of one third of one percent between now and the end of the year 2031.

“Zero-point-three-three percent? Over nine years?!

“That is one twenty-eighth of the inflation Democrats have caused in the past 12 months.

“For goodness’ sake, Democrats added four times that much inflation just in the month of June alone!

“So the friendliest estimate for Democrats says their taxing and spending spree would take nine years to unwind literally one week’s worth of our recent inflation.

“Hundreds of billions of dollars in tax hikes, hundreds of billions of dollars in new spending, and it would take nine years to remove one week’s worth of the Democrats’ inflation.

“And I’ll repeat one more time: This is the most generous estimate for Democrats. Neutral experts like the University of Pennsylvania say even this is too optimistic, and their bill would actively make inflation even worse in the coming months.

“This isn’t an ‘Inflation Reduction Act.’ Not even close. It’s just a catalog of tax hikes and green boondoggles that Democrats have wanted for years, with a false new label slapped on the front.

“The ‘Inflation Reduction Act’ won’t reduce inflation any more than the ‘American Rescue Plan’ actually rescued America.

“The only thing the so-called ‘Rescue Plan’ ‘rescued’ the country from was stable prices and a functioning economy.

“And the only things their ‘Inflation Reduction Plan’ will reduce is American jobs, wages, after-tax incomes, energy affordability, and new life-saving medicines. Wow, what an accomplishment.

“Democrats say they need to pass another massive economic failure because their first huge economic failure has made it necessary.

“The American people see things quite differently.”

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