WASHINGTON, DC (LOOTPRESS) — U.S. Senator Shelley Moore Capito (R-W.Va.) today delivered remarks on the Senate floor discussing the latest with inflation and the impact it has had on West Virginia and the rest of the country.
Last week, the August 2022 Consumer Price Index (CPI) revealed inflation rose 13.2% since President Biden took office in January 2021. The same day, the White House held a celebration for the Democrats’ passage of their reckless tax-and-spend spree, which the nonpartisan Congressional Budget Office (CBO) recently found will add $25 billion to the deficit through 2026.
Below is a transcript of Senator Capito’s full speech, as prepared for delivery:
Mister President –
“Since the Biden administration likes to celebrate things, I rise today on the one-week anniversary of their party last Tuesday for their so-called ‘Inflation Reduction Act.’
“But, last Tuesday, most Americans and most West Virginians weren’t in a celebratory mood.
“West Virginians started their day with news that inflation rose to 8.3% in August while President Biden, D.C. Democrats, and climate activists began setting up for their ‘Inflation Reduction Act’ party at the White House.
“Meanwhile, that same day, the U.S. stock market had its worst day since June 2020 as the White House and Democrats celebrated their green spending bill that will only extend inflationary pain while expanding IRS enforcement on Americans who are struggling to afford basic necessities.
“Days after the non-partisan Congressional Budget Office published analysis that the ‘Inflation Reduction Act’ would not reduce inflation, particularly in the short-term, President Biden announced student debt cancellation that would add $1 trillion to the deficit.
“Today and tomorrow, the Federal Reserve, the United States’ monetary watchdog, is meeting to set new interest rates in a bid to tame inflation.
“The body has had to raise interest rates aggressively by three-quarters of a point.
“In June, Chairman Powell admitted that the rate increase is ‘unusually large’ and would not be ‘common.’
“The Fed will likely raise interest rates by the same amount tomorrow for the third consecutive time in a row.
“These are the most aggressive rate increases since the 1980s that Chairman Powell has plainly stated will bring ‘pain to households and businesses.’
“We can’t forget that Democrats alone passed a bill last year that they called the American Rescue Plan, which rescued nothing and instead, endangered our fragile economy coming out of COVID by hyper charging inflation.
“Democrats, alone, drafted and pushed forward this most recent bill, bypassing the normal committee process.
“And Democrats alone passed it, rejecting every Republican amendment along the way.
“In short: Democrats continue to tout policies that are destabilizing every corner of our economy.
“How do we know? Because West Virginians have lived it, and I hear from them frequently about their legitimate concerns.
“A retiree from Clarksburg, West Virginia wrote to me recently saying that she and her husband are ‘struggling every month’ despite having done their due diligence to save well for their retirement.
“She says that they are trying not to dip into their 401Ks or TSP retirement accounts, but that it is getting ‘harder and harder.’
“As inflation drags on, the lifespan of retirement savings will continue shrinking for the seniors in West Virginia who account for 41% of the state’s population.
“Another West Virginian wrote to me about the tough choices her family is having to make:
“’The economy has crumbled in a blink of an eye. My husband and I have full-time jobs and two children. I’m tearful because I sit here looking at upcoming bills and I’m having to decide to pay a bill or buy groceries.’
“A resident from Weston, West Virginia told me that his insurance premiums increased, and when he asked the company why that happened, they told him it was due to inflation.
“In that same letter to me, the constituent wrote ‘This crazy spending has to stop.’
“But, it’s not just West Virginians who are having these experiences due to inflation.
“The National Defense Industrial Association, authored in part by the former deputy defense secretary David Norquist, released a white paper indicating that inflation has cost the Department of Defense $50 billion and estimates that it will cost $110 billion to our nation’s defense from Fiscal Year 2021 through Fiscal Year 2023.
“Residential real estate has sky rocketed 43% the past two years.
“In fact, this year, mortgage rates have risen from 3.2% to 6.33%, which is the highest they have been since 2008.
“Some are going so far as to predict an additional 17.8% increase in home prices over the next year.
“A recent paper released by Goldman Sachs, aptly titled ‘The Housing Downturn: Further to Fall’ warns that higher mortgage rates and reduced affordability will continue well into 2023.
“Again, what we’re seeing in real-time are direct consequences of inflation fueled by spending.
“The increase in the price of groceries is also unbelievable.
“Over the past year – the price of basic pantry staples has continued to increase.
“The cost of eggs has risen nearly 40%. Butter has risen 24.6%. Lunchmeats have increased 18.2%. Fresh milk has increased 17.7%. Sugar, flour, bread, pasta, peanut butter, and cereals have increased between 15 and 23%.
“Simply put, elected Democrats and the Biden administration celebrated the so-called ‘Inflation Reduction Act’ on a day when the consumer price index on inflation increased.
“From the many constituents I talk to on a daily basis, inflation remains their number one concern.
“The irony is not lost on me, and it is not lost on the millions of Americans making tough choices because of policies heralded by my Democrat colleagues and the president.
“Thank you, and I yield the floor.”