Bilirakis Warns of Toll Economic Crisis Is Having on Americans

Press Release

Understanding that inflation is essentially a tax that hurts all Americans, especially seniors and those living on a fixed income, Congressman Gus Bilirakis spoke on the House Floor today about inflation recently hitting 7.9% year-over-year growth in February. He also discussed the impact that inflationary pressure, which is at the highest level Americans have faced in more than 40 years, is having on his constituents.

"During each of my recent town hall meetings and through weekly surveys, my constituents have consistently pleaded for inflationary pain to stop," said Congressman Gus Bilirakis. "Seniors have told me their annual COLA has been absorbed by raises in their Medicare premiums. Families have repeatedly said they simply cannot afford the rising cost of food and medicine. And small business owners have told me they are unable to keep pace with increases in the price of raw materials without raising prices. This critical feedback is one of the main reasons I was compelled to vote no on last week's $1.5 trillion spending package. While there were individual provisions of the package I supported, I am worried that more massive government spending will only worsen the plight of my constituents. I cannot, in good conscience, contribute to their pain."

While the White House and some Democrat Members of Congress are trying to blame record inflation on the recent war in Ukraine, the facts simply do not support this assertion. The truth is that inflation has accelerated every single month of Joe Biden's presidency and skyrocketed after enactment of President Biden's $2 trillion spending approximately one year ago, which Congressman Bilirakis opposed. Last week's report from the Bureau of Labor and Statistics contained alarming news about the health of the U.S. Economy. The report highlighted a full year of raging inflation in America, indicating that inflation has knocked out three full years of wage gains for Americans. The same report indicates that real wages have decreased 2.6% from February 2021 to February 2022. This is the fastest paced decrease in recorded history. Many experts believe that the economy is in a wage-price spiral and could be headed for recession. Additionally, even liberal economists have indicated that President Biden's spending policies are the primary cause of this economic disaster. Former Clinton and Obama economic advisor, Larry Summers, said Biden was "wrong" to blame the sky-high 7.9% consumer price hike on the Ukraine war, and former Obama economic advisor Steven Rattner noted, "This is Biden's inflation and he needs to own it." Owning it does not mean continuing to ignore the problem and double down on failed policies.

"Americans are smart," said Bilirakis. "They know this inflation is not a fluke or the result of the tragedy that is occurring in Ukraine. It is the direct consequence of more than a year of liberal policies and reckless government spending. Instead of addressing the root cause of inflation out-of-control government spending, President Biden and House Democrats continue to push their Far-Left Socialist agenda, which will only exacerbate America's economic crisis."

Source