Biden Administration Says Painful, Persistent Inflation is Economic Success

Statement

U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding inflation:

"January was the 21st month in a row with year-on-year inflation of at least 5%. The U.S. economy has seen prices rising at an annual rate of 5% or more every single month following President Biden's first 100 days.

"Democrats' reckless spending has made soaring costs a fixture of everyday life for families across America. Real-wage declines have become a tragic reality for workers in every state.

"Last week, new data proved yet again that persistent inflation has become embedded in our economy.

"One key measure of consumer behavior, the personal consumption expenditure index, grew at triple the monthly rate from December and at its fastest pace since June of last year.

"Inflation in the services sector in particular is 5.7% higher than it was a year ago.

"The Democrats' inflation is not just driving up the prices for groceries and essentials that families pay themselves at the checkout counter; it's also baked into the costs families pay indirectly through service providers from plumbers to contractors to medical providers and beyond.

"In every corner of the economy, workers and businesses are still having to hunker down against the ongoing consequences of Democrats' reckless mistakes.

"What an odd time, then, for the Biden Administration to declare victory over a problem it helped create. The White House press secretary declared earlier this month that "The President's economic plan is indeed working.'

"Today, 57% of Americans say they have less money in their pocket than they did a year ago. Nearly two thirds say they're living paycheck to paycheck.

"The White House calls this mission accomplished.

"The American people call it a nightmare -- for two years and counting."

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