U.S. Senator Joni Ernst (R-Iowa) spoke on the Senate Floor today to discuss the skyrocketing rates of inflation and increased costs of consumer goods as a result of President Biden’s economic policies. With a “Price is Right” themed wheel at her side, Ernst highlighted the reality that taxpayers across Iowa and America will be burdened with paying back the trillions of dollars borrowed to pay for “Bidenomics” amid the growing national debt.
Senator Ernst’s full remarks are below:
“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 last in the White House.
“The cost of consumer goods has gone up every month since January and the mark up 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 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 families are paying more for 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 has the same result: more money out of our wallets.
“Whether you are eating in or 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 costed about $2.18.
“Today, the price is just under $3 in Iowa.
“Nationally, the cost has risen to $3.15 a 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 living on a budget, these unpredictable price mark-ups 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’ve brought the ‘wheel of inflation’ with me today.
“Each of the numbers on the wheel represents a price increase for a common household product.
“It’ll tell us exactly how much more Bidenomics is costing hardworking Americans.
“So folks, let’s go ahead and give it a spin.
“Eight. In the past year, the price of bacon is up about eight percent.
“Five. In the past year, the price of clothes is up about five percent.
“Eleven. In the past year, the price of auto insurance is up eleven percent.
If you go to the 17 there, you’ll find that with hotel rates, the price has gone up 17 percent in the last year.
“There’s no winning numbers on this wheel. Again, every number represents the increase in price for 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.
“The endless giveaway of cash and prizes may make it appear like Democrats in Washington are running a gameshow, but we all know this is not a game.
“With our national debt approaching $30 trillion, the bills are eventually going to come due—and who will be stuck with the tab?
“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 higher consumer costs, and that price – it just isn’t right.”