The government report that came out today confirmed every Americans’ worst fears: President Biden and Congressional Democrats’ radical policies have created an economic recession.
Now Democrats are continuing their war against hardworking Americans’ paychecks by planning to spend hundreds of billions of dollars in unnecessary, new spending that the American people cannot afford – was the worst inflation in 40 years not enough for House Democrats?
Today, House Republican Leader Kevin McCarthy (CA-23) delivered a speech on the House floor where he lambasted House Democrats for continuing their reckless spending and committed that House Republicans will deliver proven, market-oriented solutions that will help get the country back on track.
Remarks as prepared are below, or you may watch online here.
“This morning the government announced what every American has been feeling for nearly a year – we are in a recession.
“This news is a grim milestone that points towards more hardship, more suffering, and more pain for the American people.
“But even as we were expecting today’s news, let me address what happened in the past 24 hours.
“The Senate passed a bill that took a small, discretionary program and turned it into a $280 billion blank check – including $79 billion in mandatory spending on corporate welfare to be handed out to whomever President Biden wants.
“For the record, I’m a no on the Senate CHIPS bill that will come to the floor today. I was a no last week, I was a no last night, and I will be the first no vote on the board later today.
“I urge all my Republican colleagues to join me. Reject this deeply flawed bill. Start from scratch.
“And if that weren’t enough, Senate Democrats then announced they want to spend another half a trillion dollars – during a recession.
“Democrats say they want to lower inflation, but their new bill gives a $7,500 tax credit to buy an $80,000 electric vehicle for people making up to $300,000.
“They say they want to restore growth, but their new bill adds $700 billion in new taxes – including a $300 billion Made-In-America Tax that punishes anyone who wants to build, manufacture, or invest in America.
“They say they want to help struggling families, but their new bill hires 87,000 new IRS agents to audit them and spy on their bank accounts.
“They say they want to lower prices, but their new bill would allow bureaucrats to decide what drugs seniors can access – and destroy the hope of new cures and treatments for diseases like cancer.
“And they’re not done yet.
“Do Democrats really believe that spending hundreds of billions of taxpayer dollars now while punishing productive investments in the long run will lower inflation?
“Policies like that don’t lower inflation. They cause inflation.
“You’re going to send more dollars chasing the same goods with fewer jobs and lower income in the long run – all during a recession.
“You know, Einstein once said, ‘the definition of insanity is doing the same thing over and over – and expecting a different result.’
“Democrat spending caused this inflation. And now, they are doubling down on the same failed strategy.
“Was the worst inflation in 40 years not enough for them? Are they trying to see how high they can get it? All while forcing the American people to pay the bills for their failures?
“Democrats just can’t help themselves! They simply do not care about the consequences.
“Which brings me to this morning’s news.
“The Bureau of Economic Analysis announced that GDP fell by 0.9% in the second quarter
“This comes after a 1.6% decline in the economy in the first quarter.
“So for half of this year, our economy shrank.
“No wonder an overwhelming 8 in 10 Americans feel the economy is heading in the wrong direction.
“And the National Federation of Independent Businesses’ survey of small businesses found that confidence is at its lowest level in 48 years.
“Consumers and businesses are losing hope – and it’s no secret why.
“Every week, the American people know we are able to buy less with the money we have.
“Every week, at the gas pump, we are paying nearly twice as much to fill up our tanks.
“Every month the American people know when they get their pay stubs, they’re making less in real wages.
“And every day, the American people understand this simple truth: We can’t afford Democrats’ failed policies. But we are certainly paying for them.
“Of course, President Biden and Speaker Pelosi won’t admit it.
“Their response to rising prices has been to issue dismissals, denials, distortions, and deceptive spin.
“Remember, President Biden told us last July that inflation was ‘temporary’ and ‘expected’ – when inflation was 5.4 percent.
“President Biden told us in December that inflation had ‘peaked’ – when inflation hit 7.0 percent.
“Democrats tried to convince us that inflation was a good thing.
“And Secretary Yellen said this week that a recession isn’t a recession, but rather our country is in ‘a period of transition in which growth is slowing.’
“Democrats would rather redefine a recession than restore a healthy economy.
“The American people know that inflation was not temporary, inflation hadn’t peaked, and now we’re in a recession.
“But the Democrats continue to talk down to American families – no matter the increased cost of nearly everything.
“Worse, Democrats have no plan to fight inflation and put our country back on track.
“Their failed policies have not only made inflation worse – they created it:
“Democrats increased total government spending by over $9 trillion in less than 18 months.
“They halted new energy projects. Slowed down pipeline construction. And took every step to discourage American oil and gas production.
“And they crippled the labor market by paying people to stay home instead of going back to work – including themselves.
“If this sounds like a healthy economy to you, I hear there’s an opening at the White House press office. But for the rest of us who live in reality, it is painful.
“Let me ask you this: could you afford to give up one month of your income?
“I bet not.
“But if you’ve had a constant salary for the past year, Democrats’ failed policies have taken more than one month of your income away.
“That means you’ve effectively received a pay cut.
“This is the Pelosi Pay Cut.
“The Pelosi Pay Cut affects every American. But it’s especially hard on families who have extra expenses.
“Many are in crisis.
“I was watching a recent news clip about a 15-year old named Ginger Vincent in Indiana – who was diagnosed with bone cancer and must travel every week for treatments that are located more than an hour away.
“Last year, her parents – Keith and Analiza – paid around $100 each week for the trip.
“But because of the surging cost of gas, Keith and Analiza are now spending more than $200 each week. They also have two other children.
“The Vincents say they simply can’t afford the price hike – and have turned to loans to cover the costs.
“As Ginger said, ‘Having to watch them say ‘we have to pay this bill. We have to pay that.’ And I’m downstairs and I hear all of that. It just seems so stressful.’
“Do Democrats agree with Secretary Buttigieg that the ‘more pain’ families like the Vincents feel at the pump is a good thing?
“They seem to.
“Rather than having a plan to lower gas prices, their answer is to tell the Vincents and others to buy a Tesla!
“That isn’t compassionate. It’s cruelty. And the American people are suffering the consequences every day.
“Americans aren’t imagining that their grocery bills are higher than ever. They are.
“They aren’t imagining that they have to pay more to fill up their gas tanks. They do.
“They aren’t imagining that their savings are shrinking, and their 401(K)s are turning into 201(K)s. They are.
“But let me tell you what they are actually living through – what they’re afraid of – what keeps them up at night.
“Higher taxes. Higher energy costs.
“The first house that they will never be able to afford because prices are rising and their incomes are falling.
“Retirement savings that will not last long enough anymore.
“They’re worried about how much worse it will get if Democrats’ failed policies continue.
“You’d think for all the suffering they’ve caused, there’s no way that Democrats would do this on purpose. Guess again.
“Everything about the Biden Recession was predictable – and avoidable. Only Democrats in Washington chose not to see it coming.
“I remember coming to this floor last year, warning that if you passed the nearly $2 trillion American Rescue Plan, you would cause inflation.
“And that’s exactly what happened.
“But it wasn’t only Republicans who warned this would happen.
“Larry Summers, the Director of the National Economic Council under the Obama-Biden administration, said, the American Rescue Plan could ‘set off inflationary pressures of a kind we have not seen in a generation.’
“Jason Furman – an economic advisor in the Obama-Biden Administration – said the same thing. the American Rescue Plan was ‘definitely too big for the moment… I don’t know any economist that was recommending something the size of what was done.’
“And Steve Rattner – another Obama-Biden economist – said, the American Rescue Plan was Democrats’ ‘original sin’ when it comes to inflation.
“As for Treasury Secretary Yellen, she admitted in May that she missed the biggest explosion of inflation in over 40 years. ‘I was wrong then about the path that inflation would take.’
“Either Democrats didn’t see the worst inflation in 40 years coming or they did and they still believed your suffering was worth their ‘incredible transition.’
“That explains why President Biden, Speaker Pelosi, and Senator Schumer are still peddling anti-energy policies – plus almost a trillion in new spending and new tax increases on Main Street – even as these policies destroy our country.
“It explains why we have John Kerry – Biden’s special envoy for climate – saying we ‘absolutely don’t’ need to produce more oil and gas in America.
“And it explains why this week, and the week before, and the week before that, and every week this House has been in session, the Democrats have offered no plan to fight inflation.
“They have no plan to increase domestic energy production to lower the cost of gasoline. In fact, 218 House Democrats voted this week to continue to sell our strategic oil to Communist China.
“They have no plan to reconnect workers to jobs by ending incentives that pay more to stay home than pursue productive work.
“Americans know the Democrats have no plan to rebuild an economy that works for us.
“Republicans’ plan, on the other hand, will do that.
“We are prepared to build an economy that’s strong.
“One that fights inflation by officially ending their disastrous ‘Build Back Better’ agenda, eliminates wasteful spending, and gets Americans back in the workforce.
“An economy driven by proven, pro-growth economic policies that deliver higher paychecks, lower costs, boost Main Street, and encourage innovation.
“An economy with lower gasoline prices, by increasing production of American-made energy – not begging the Saudis for more – approving more oil and gas pipelines here at home, and prioritizing reliable, resilient energy grids.
“We will secure our supply chain, bring jobs back to the U.S., and end our dependence on China.
“It’s time for a new direction in Washington to get our nation back on track.
“Americans deserve a future filled with hope, opportunity, and freedom. And Republicans stand ready to deliver it.”