The Economy

Floor Speech

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Ms. ERNST. Madam President, President Biden's economic policies are causing nationwide sticker shock.

The price of nearly everything is higher today than it has been since Biden was in the White House the first time. The cost of consumer goods has gone up every month since January, and the markup in prices over the past year is the biggest annual increase since 2008. The Democrats' response to these rising prices is to simply spend more, which is making the problem worse.

Paying people not to work is contributing to worker shortages. Not having enough workers is resulting in service and supply shortages. Combine these two factors with trillions of dollars of government spending, and it all adds up to higher prices on everything for everyone. It is a common story wherever I visit on my 99-county tour. Because of Washington's upside-down economic policies, small businesses are struggling to hire workers, and our families are paying much more for far less.

Put simply, under Bidenomics, the price is up. Everyday products, like diapers and paper towels, are either increasing in cost or decreasing in size, which is the same result: more money out of our wallets. Whether you are eating in or you are dining out, the one thing you are guaranteed to find on every supermarket shelf and restaurant menu is higher prices.

A pound of sliced bacon has increased a whole dollar in just the past year, and the fast-food dollar menu is disappearing. We are paying more at the pump too. A year ago, a gallon of gas cost about $2.18. Today, the price is just under $3 in Iowa. Nationally, the cost has risen to about $3.15 per gallon and is expected to keep going up throughout the summer. Meanwhile, rising shipping costs are lifting the prices of everything from coffee to furniture.

All in all, Bidenomics has resulted in the biggest surge in inflation in nearly 13 years. For Iowans who are living on a budget, these unpredictable price markups are making every purchase a real guessing game. They keep finding themselves asking if the price is right.

To demonstrate just how much costs are spinning out of control, I have brought the wheel of inflation with me here today. Each of the numbers on the wheel represents a price increase for a common household product. It will tell us exactly how much more Bidenomics is costing hard-working Americans.

So, folks, let's go ahead and give it a spin.

No. 8. In the past year, the price of bacon is up about 8 percent.

Give her a good spin.

OK. No. 5, and it is a black 5. In the past year, the price of clothes is up about 5 percent.

No. 11. In the past year, the price of auto insurance is up 11 percent; and if you go to the 17 there, you will find that hotel rates, the price has gone up 17 percent in the last year.

There are no winning numbers on this wheel. Again, every number represents the increase of a common good American consumers are dealing with. There are no winning numbers on this wheel. No matter how you spin it, we simply cannot afford any more Bidenomics. I think the American people will agree, all of these prices need to come on down. But instead of addressing inflation, Democrats are trying to outbid one another over a massive new government spending program they are calling human infrastructure.

Want to guess what the price tag being floated by the chairman of the Senate Budget Committee for this package might be? Three and a half trillion dollars--all capital letters, folks.

The endless giveaway of cash and prizes may make it appear like Democrats in Washington are running a game show, but we all know that this is not a game. With our national debt approaching $30 trillion, the bills are eventually going to come due. And you know who will be stuck with the tab? Taxpayers.

What runaway inflation doesn't take from working Americans' paychecks, the IRS will take to pay for the Democrats' never-ending spending. We are all going to be paying back the trillions of dollars borrowed to pay for Bidenomics, both in higher taxes and in higher consumer costs, and that price--folks, it isn't right.

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