Recent Press Releases

Thune: Biden is the President of High Prices

“Last week’s inflation report confirmed again what Americans know all too well: Inflation is still a problem.”

June 20, 2024

Click here to watch the video.

WASHINGTON — U.S. Sen. John Thune (R-S.D.) today spoke on the Senate floor about the economic hardship that Americans continue to face due to Democrats’ reckless spending. Thune noted that prices continue to rise on President Biden’s watch, and American families are having to pay more for everything from groceries and air conditioning to summer camp and cookouts.

Thune’s remarks below (as prepared for delivery):

“Mr. President, summer is an exciting time of year for many Americans.

“It’s a time for adventure.

“For relaxation.

“For quality time spent with friends and family.

“But, like seemingly everything else, summer activities are more expensive in the Biden economy.

“The cost of gas for a family trip is up 45 percent since President Biden took office.

“Food for a summer cookout costs 10 percent more than it did last year.

“And fees for summer camp are giving parents sticker shock.

“Even just keeping the house cool has climbed 8 percent since last summer to over $700.

“And of course, Mr. President, this is just a small sampling of what Americans have been going through for the past three-plus years.

“Last week’s inflation report confirmed again what Americans know all too well:

“Inflation is still a problem.

“Overall, prices are up more than 20 percent since President Biden took office.

“The cost of groceries is up 21 percent.

“Energy costs are up 41 percent.

“Car repairs and maintenance are up 30 percent.

“And the list goes on.

“All told it costs a typical family $13,000 more per year to maintain the standard of living it enjoyed when President Biden took office.

“$13,000 more just to buy the exact same things you were buying three years ago.

“As one mother of three told the New York Times, ‘We’re spending way more to get the same amount of food that we were getting before.’

“Mr. President, the inflation rate has been elevated for 38 months.

“Understandably, many people are at the end of their rope.

“Americans have dipped into their savings.

“They’ve taken on record levels of credit card debt.

“And a shocking report came out recently that said that more than a quarter of Americans have skipped meals because of inflation.

“Skipped meals because of inflation.

“And, Mr. President, the cost of dealing with inflation is adding to Americans’ financial pain.

“To fight inflation, the Federal Reserve has been forced to keep interest rates high, which affects Americans’ finances in a variety of ways.

“Many Americans turned to credit cards – racking up record levels of debt – to cope with inflation.

“And higher interest rates, in part the result of the Fed’s actions, are making credit card bills harder to pay down.

“The same is true for car payments.

“And Americans looking to own their own home are facing what one housing expert calls ‘the most challenging home buying market we’ve ever seen.’

“The average monthly mortgage payment is a staggering $2,800 – the result of a combination of higher mortgage rates and higher home prices.

“And if you do own a home, a recent report found that the cost of keeping and maintaining it has gone up 26 percent since 2020 to more than $1,500 per month.

“Mr. President, it’s worth remembering that it didn’t have to be this way.

“Three years ago, President Biden and Democrats forced through a reckless, partisan spending spree under the guise of pandemic relief.

“They had been warned that spending so much risked setting off an inflation crisis unlike any we had seen in decades.

“Yet they chose to ignore those warnings and pushed through $1.9 trillion in new government spending.

“And inflation almost immediately began surging as a result.

“And then instead of learning their lesson, they moved forward with even more reckless spending plans.

“Fortunately, Democrats’ $3.5 trillion Build Back Better spending spree failed to get off the ground.

“But they’ve steadily run up the debt with their so-called Inflation Reduction Act, whose true cost continues to grow.

“And the student loan forgiveness schemes the president has put in place come with a price tag in the hundreds of billions of dollars.

“And it’s clear that if President Biden gets a second term, there will be a lot more lavish spending on the docket.

“Plus, the president’s proposed tax hikes.

“And then there are the expiring tax cuts.

“In 2017, Republicans delivered tax reform that lowered rates across the board and allowed families to keep more of their hard-earned dollars.

“But those tax cuts are set to expire next year.

“And the president seems willing to let that happen.

“That would mean a $1,600 tax hike for a typical family in 2026 – on top of years of economic pain from Bidenomics.

“Let’s hope the American people don’t have to find out what that would feel like.

“Mr. President, it’s going to be another expensive summer in the Biden economy.

“And if President Biden and Democrats have their way, there could be many more to come.

“Mr. President, I yield the floor.”