Democrats' Runaway Inflation Hits Another 40-Year High

Statement

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

"This morning, this all-Democrat government produced yet another absolutely terrible inflation report.

"Inflation during the month of June shattered the experts' predictions. We are at 9.1% annual inflation.

"Yet another fresh 40-year high. The most out-of-control inflation that American families have seen since the early 1980s.

"Food costs are up more than 10 percent.

"Energy costs are up more than 40 percent.

"The cost of the fuel that drives us to work, delivers our goods and drives our economy are up over 60 percent.

"These are staggeringly bad numbers, and they were fueled directly by the reckless spending spree that Democrats rammed through on party lines last year.

"Remember, right before their $2 trillion spending spree, President Biden said, "The biggest risk is not going too big… it's if we go too small.' The Senate Democratic Leader said, "I do not think the dangers of inflation, at least in the near-term, are very real.'

"These were gigantic unforced errors. One leading economist recently said the so-called American Rescue Plan was "arguably the biggest fiscal policy mistake in several decades.'

"Our core inflation here in America is more than two percentage points higher than in Europe. Inflation is uniquely bad here because our all-Democrat government has made uniquely bad choices. And now American families are dealing with the fallout every day.

"It's no secret how much the American people disapprove of the course Washington Democrats have put us on. They say so in poll after poll. So you might think by now that our colleagues would be ready to try a different approach.

"Guess again. President Biden and his party, fresh off of spending America into inflation, now want to tax-hike us into recession.

"They're behind closed doors, playing around with what may amount to the single largest tax increase in American history.

"Tucked inside are exactly the sort of radical ideas that working families can least afford right now.

"They want a giant tax hike on pass-through small businesses, a category that encompasses 95% of all businesses in the country. Take it from a constituent of mine in Mount Sterling Kentucky who put it this way: "Small business is already [in] a struggle to survive with all the taxes and regulations we have to deal with. Adding another tax is only making things worse.'

"Democrats also want a so-called "methane fee' that amounts to a big new tax hike on domestic natural gas. While their inflation has pushed families' natural gas prices and electricity costs through the roof already.

"If following reckless spending and runaway inflation with gigantic, painful tax hikes sounds like a bad idea to you, you aren't alone. Even some House Democrats are lighting their hair on fire over what a terrible idea these discussions are.

"One House Democrat from New Jersey is telling reporters that she is, "not for any type of legislation that raises taxes… especially right now, as my constituents are facing inflation, cost of living [increases], … housing prices.'

"Well, Madam President, let me put it this way: When House Democrats from the Northeast start trying to sound like Ronald Reagan running against Jimmy Carter, you know they've gotten themselves into a fix.

"Too bad every single House Democrat except one, and every single Senate Democrat, voted for the $2 trillion mistake that brought us here. The Democrats complaining about inflation today voted in lockstep for the bill that brought us here.

"And now their answer to picking families' pockets once… is to now pick families' pockets a second time?!

"The same Democrats who spent us into inflation now want to tax us right into recession."

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