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A NATION IN FINANCIAL JEOPARDY
The SPEAKER pro tempore. The Chair recognizes the gentleman from North Carolina (Mr. Murphy) for 5 minutes.
Mr. MURPHY of North Carolina. Madam Speaker, we could talk about so many things today on how the Democrats are tearing this Nation apart: the immigration crisis, the attack on the American family, the destruction of race relations, skyrocketing crime because of the defund the police movement.
Madam Speaker, I could go on and on. But today, we will talk about the financial disaster that the Biden administration is causing.
There is no doubt that the Democrats' outrageous, reckless, and out-
of-control spending is putting our Nation in financial jeopardy. However, I cannot help but notice that Democrats in this Chamber systematically fail to address the deeply personal and palpable impact of this administration's financial irresponsibility.
To my colleagues across the aisle, please understand that inflation is severely hurting American families and their ability to create and sustain financial security.
Over the weekend, I spoke to a restaurant owner who told me that due to soaring costs of goods and services, he will have to raise prices to make ends meet. I have many constituents on fixed incomes who tell me that they are having to eliminate food off their grocery lists in order to afford family meals.
Skyrocketing costs present a serious problem for American families and workers, and under this administration, costs do not seem to be going down anytime soon.
In fact, inflation has increased every single month since Joe Biden took office. Gas prices are at their highest level since 2014. Thirteen million individuals are still on some type of unemployment, while over 9 million jobs remain unfilled.
This type of scenario is essentially unheard of and totally artificially created by the Biden administration. They failed to get the $15 minimum wage, so now they have artificially cut the American workforce in an attempt to force wages upward. Such a forced, quick increase in wages will undoubtedly be inflationary as small businesses, and even large fast food chains, will have to raise their prices just to maintain viability.
Do they think the American people are that stupid? Endless borrowing has consequences. Republican lawmakers see this every day as ordinary Americans are having to bear the cost of excessive Democrat spending. At the gas pump, in the grocery store, at the mall, and at the car dealership, my constituents are having to spend more of their hard-
earned dollars just to get to work, feed their children, and care for loved ones.
The numbers don't lie. According to the Bureau of Labor Statistics, gas prices are up 45 percent from last year; used car prices are up 45 percent; airfare is up 24 percent; and hotel prices are up 16 percent. At the grocery store, bacon is up 8 percent; fruit prices are up 7 percent; fish prices are up 6 percent; and milk is up 5 percent. Even to pour a cup of coffee, Americans are feeling the cost of the Democrats' reckless spending spree.
Unfortunately, under Biden's leadership, the situation looks bleak. House Democrats are well accustomed to spending beyond their means, but they routinely ignore its negative impact on the American people.
What is worse is that experts agree the Democrats' far-left proposals will undoubtedly lead to higher taxes on the vast majority of middle-
class American families.
Here is what we know. A recent report from the Tax Policy Center found that Biden's tax plan will increase taxes on an astounding 75 percent of middle-class Americans and raise taxes on 95 percent of Americans by 2031. This broken policy work has real consequences that are completely unsustainable.
Another study by the Wharton School of Business shows that Biden's $6 trillion budget would slow economic growth, shrink the American economy, and cut workers' hours and wages. In fact, annualized real wages are already down by 3.95 percent since 2020.
Madam Speaker, I implore my colleagues across the aisle to listen to their constituents and sympathize with what they are going through. More than that, I urge them to recognize that we, as lawmakers, have a responsibility to care for our citizens and ensure that Big Government policies do not squander American families and small businesses.
Look, this should be simple. All Americans understand that to stay financially viable and intact, they must stick to a budget and spend within their means.
I encourage the Biden administration and its Democratic cohorts in the House to balance their own checkbooks immediately for the sake of the American people and to stop this reckless spending spree.
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SOURCE: Congressional Record Vol. 167, No. 130
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