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Floor Speech

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Mrs. CAPITO. Madam President, I rise today, really, to speak on behalf of the American people that I represent--and those are my great West Virginians--but Americans all across the country--many, many of whom have been left behind in President Biden's pursuit of Bidenomics and who are directly feeling the scars that his administrative policies have left on the American dream.

American families are experiencing ever-increasing financial pressure due to the state of our Nation's economy, which is jeopardizing our ability to succeed. And it is jeopardizing our ability to feel confident.

It is simply unfair that Americans are compromised at every turn due to inflation--increased interest rates, costly regulations, and tax hikes on essential items that we all need to live.

But not only is this unfair, but for a country as strong and resourceful as our country is, it is unacceptable.

So let's just take a quick refresher on what exactly Bidenomics means. What began as sort of an ambiguous term to recognize the economic policies of this administration has quickly come to mean one thing: You are spending more and getting less.

It means that we see inflation reach a 40-year high and remain persistently above the Fed's target rate and pre-Biden administration levels. It also means that mortgage rates would reach and remain at a 30-year record and that interest rates would rise at the fastest pace over the last four decades.

It is just truly astounding that the difference in interest that Americans are paying now, compared to what they were paying just last year. Look at some of your statements, and you will see it. The Fed aggressively raised interest rates 11 times between early 2022 and now, from nearly zero to 5.5 percent in less than 2 years.

The historic increase comes at a cost. It comes at a cost that Americans have to pay and is making that dream of affording a home, buying a new car, or building a business seemingly impossible.

Bidenomics means that consumer prices are skyrocketing, and it means that everything from groceries to energy to gasoline will stay at nearly unaffordable levels.

Well, we just saw it last week with the Halloween candy. I saw several comparisons of how much more Halloween candy was this year than last. And you know what? We are going to see it again when we all gather at Thanksgiving and we look at the cost of providing a family meal.

President Biden refers to Bidenomics as an ``investment in America.'' But the reality is Bidenomics is making sure that Americans have nothing left to invest. Nor do they have anything in their savings accounts. We see lots of studies on this. We can't invest in our small businesses, not investing in repairing and replacing your home, and, certainly, not investing in the future of our families.

I hear about this from West Virginians every single time I go home, which is every weekend. I had the opportunity to hear the story of a gentleman who owns a bus company that operates in West Virginia.

The challenges his business is facing come from all levels. He owns 38 buses, but not all of them are operational. In addition to elevated fuel costs, he cannot find enough drivers. So workforce shortages are everywhere, and lingering supply chain issues have hampered his ability to conduct much needed maintenance. He said that even when he gets a bus rolling and the group asks: Let's stop for some food--I think often, when we see a bus stopping for food and we are wanting to get some food at the same restaurant, we keep going because we know what that means--but he says, often he as the driver of the bus is often met by restaurant owners in the parking lot who say that their staffing shortages are preventing them from being able to provide service to the passengers.

And that is just one interaction, but it proves the multifaceted challenges created by Bidenomics, the growing negative impact that these policies have made, and the handcuffs that are being placed on business owners that prevent them from doing their jobs.

Sustained high inflation and interest rates mean that operating costs are at levels where, even if prices are raised, business owners can't reinvest into their business or hire to maintain a good workforce.

And because they are forced to raise prices, those costs are passed on to the consumer who continues to make difficult choices about how they will spend their money.

Additionally, I hear from West Virginians who are facing difficulties as they are beginning to start their adult lives. They have graduated from school; they have got a job; maybe gotten married, thinking about maybe starting a family and a life together. But due to rising interest rates, high inflation, and stagnated wages, they are unable to do so. It is unaffordable.

These are children who came of age in the time of economic success, who saw how their parents were able to provide for them, but they are unable to use that blueprint now because of Bidenomics.

This shows the direct damage, I think, that the President and his policies have inflicted on the American people and the American dream and the disadvantages that some of our children will continue to grapple with if we do not change course soon.

For reasons I do not understand, President Biden continues to travel the country to try to claim credit and convince people that the state of the economy is good for them. The President has the right, certainly, to take that credit. But my question is, Why would he want to do it? I don't think he has done his own grocery shopping lately. And anytime you are in the grocery store, you can see what is going on.

So truth be told, I think he is selling us--he is trying to sell us a false bill of goods, one that the American people are not buying because, you know what? There again, they can't afford to. They can't afford to.

Recent polls show that 76 percent of Americans think that our country is on the wrong track, and 66 percent--that is two-thirds of all Americans--rate our Nation's economy as bad. These numbers shouldn't surprise any of us, as Americans are continuing to feel the squeeze.

American workers are continually becoming increasingly concerned that they won't have enough to retire as they had originally planned. The optimism of our small business owners is continuing to decline and the credit card debt is rising, and it is being carried by Americans as it hits a new record of over $1 trillion.

On top of all of this, the disappointing October jobs report saw unemployment rise and manufacturing decline. So Americans are concerned--deservedly so.

One thing is clear: Our country cannot continue on the path that Bidenomics has led us. It makes no sense to continue to focus Federal time and resources to push burdensome ESG government policies--that is environment, social, and corporate government policies--instead of promoting pro-growth policies to help bring the United States out of the difficult reality that our people are finding themselves in. Americans remember times of past economic success. The progress that was generated by lowering taxes, supporting small businesses, and investing in American energy and technology.

Our Republican colleagues and I continue to craft solutions that we believe will promote fiscal responsibility, cut redtape, cut Executive overreach, and unleash the American energy that we have right here at home. Each of these areas is of vital importance to our economy and would provide the relief that American families need at a time when they need it the most.

I encourage President Biden and my colleagues to heed the calls of the American people who face challenges in their pocketbooks every single day, every single trip they make to the grocery store, every time they fill up their gas tank, every time they look at their checkbook. The focus should be on them, not on the President and the empty pursuit of Bidenomics.

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