After a new consumer price index report showed inflation hit a 40-year high, reaching 9.1 percent in the month of June, Sen. Chuck Grassley (R-Iowa) participated in a press conference to discuss how soaring prices are negatively impacting Iowans.
“By far the biggest concern that I’m hearing is the increased cost of energy, groceries and particularly from farmers, how the energy programs of this administration are raising farming costs. Iowans are paying – this is a new figure – $670 more per month on living expenses since President Biden took office. They’re pleading for a reprieve from the Democrats’ terrible economic policies,” Grassley said.
Grassley criticized President Biden and congressional Democrats for continuing to pursue additional reckless spending and damaging tax hikes, which the nonpartisan Joint Committee on Taxation found would impact Americans making less than $400,000 – breaking the promise made by President Biden.
“Democrats have had their way for 18 months, and it hasn’t worked. It’s time to stop the reckless spending and work towards commonsense bipartisan solutions,” Grassley concluded.
Recently, Grassley introduced the Middle Class Savings and Investment Act. His proposal seeks to provide targeted tax relief to lower and middle income Americans to help shore up savings accounts. Incentivizing savings could also help tame consumer demand – a driving factor of inflation.
Today, Grassley also spoke on the Senate floor to discuss how President Biden’s energy policies, coupled with inflation, have caused gas and diesel prices to soar. View his full remarks by clicking HERE. Grassley also took to Twitter to discuss the new inflation data. View this video by clicking HERE.
Transcribed remarks from today’s press conference on rising prices and inflation can be found below:
I wanted to report to you what I’m hearing from this subject from Iowans.
I was in 17 of our 99 counties over the recent break, and it’s not a whole lot different than what I heard earlier this year.
But, by far, the biggest concern that I’m hearing is the increased cost of energy, groceries and, particularly from farmers, how the energy programs of this administration are raising farming costs.
Iowans are paying – this is a new figure – $670 more per month on living expenses since President Biden took office.
They’re pleading for a reprieve from the Democrats’ terrible economic policies.
All President Biden and Democrats have offered them are false assurances, more reckless spending and you just heard about the damaging tax hikes on more than just the people over $400,000.
More government spending and higher taxes are exactly the opposite of what Iowans need right now.
Reckless government spending – fueling inflation in the first place – more spending will make it even worse.
Their proposed tax hikes would further squeeze a middle class that is hurt the most by inflation.
Democrats’ tax hikes on job creators, like this pass-through income that you just heard about from Sen. Crapo, would inflict further damage by suppressing business investment and lowering productivity.
To combat inflation, we need more production, not less. And you get less production if you don’t have more investment.
Democrats have had their way for 18 months, and it hasn’t worked.
It’s time to stop the reckless spending and work toward commonsense, bipartisan solutions.
