Senator John Barrasso took to the Senate Floor and spoke about the economy. His message was clear: President Joe Biden’s economic policies are “crushing” American families.
On paper, statistics say that the United States economy is strong. On numerous occasions from the White House, on the road at campaign stops, he has touted lowering inflation numbers, job growth, and low unemployment.
These metrics may be true for economists and politicians, but for average Americans, Barrasso says, they see inflated prices, higher mortgage rates, and less job creation for higher-skilled, white-collar workers.
“Rising prices have plagued Americans for the last three years. Everyday life costs more and more and more. Under Joe Biden, Americans are squeezed, they are stressed, and they are struggling to get by.”
The senior Senator from Wyoming spoke on the Senate floor yesterday and set the record straight about “the failure of Bidenomics” and its negative impact on the American people.
“Joe Biden is clearly the president of high prices. People all across the country, all 50 states, are well aware that this is going to be Joe Biden’s enduring legacy.”
U.S. consumer sentiment dipped sharply in May to the lowest level in six months. Americans say cited stubbornly high inflation and interest rates, as well as fears that unemployment could rise as reasons why they are pulling back on spending.
“Prices spiked again in April,” said Barrasso. “The statistics are out. Prices have been rising again and again and again. Price increases have been now above 3 percent for the last 37 months. This is the longest period in history of high prices since the late 1980s,” added the Senator.
The University of Michigan’s consumer sentiment index, released last Friday, dropped to 67.4 this month from a final reading of 77.2 in April, according to ABC News. Even though May’s reading is still about 14% higher than a year ago, consumers’ outlook has generally been pessimistic since the pandemic and particularly after inflation first spiked in 2021.
“Prices spiked again in April. The statistics are out. Prices have been rising again and again and again. Price increases have been now above 3 percent for the last 37 months. This is the longest period in history of high prices since the late 1980s,” Barrasso pointed out on the Senate floor.
In the first three months of this year, consumer spending remained strong even as growth slowed. Consumers were cautious, but still optimistic about the economy. But that optimism has degenerated into pessimism as even upper-income earners with significant wealth gains in their homes and stock portfolios, have been cutting back and shopping at discount stores like Walmart more than ever before. The unemployment rate is at a historically low 3.9%, which has forced many companies to offer higher pay to find and keep workers.
Starbucks lowered expectations for its full-year sales and profit in late April after a terrible quarter that saw a slowdown in store visits worldwide. Starbucks reported a sharper and faster decline in spending in the U.S. than it had anticipated.
McDonald’s last month said that it will increase deals and value messaging to combat slowing sales. The Chicago fast food giant said they are “laser-focused on affordability” as customers complain that it’s too busy to eat at the fast food giant. are eating out less often in many big markets.
Speaking emphatically, Barrasso was underscored his message that “Bidenomics” has hurt the U.S. economy, making families suffer because of the disconnect between DC and the rest of America. “The burden of Bidenomics on the American public is crushing, it’s compounding, and of course, it’s cumulative. It continues to add on every single day. And President Biden proved that he was completely disconnected from the suffering American families.”
Barrasso also pointed out that the economy hasn’t been a recent issue, it’s been an issue since President Joe Biden took office.
“Rising prices have plagued Americans for the last three years. Everyday life costs more and more and more. Under Joe Biden, Americans are squeezed, they are stressed, and they are struggling to get by. More than half of Americans will tell you that the economic conditions that they see day in and day out are poor – poor for them personally. More than 80 percent of Americans saying that high prices are their number one concern. Because of failed Bidenomics, Americans are paying over $12,000 more a year, this year, than they did the year that he came into office just to buy the same things that they could buy the day he came into the White House. It’s over $1,000 a month. That’s what the American people are seeing today.”
To bolster his argument, Barrasso switched from high consumer prices to interest rates being at their highest levels in 23 years. That has cooled the housing markets in many parts of the country, with the Federal Reserve Chairman Jerome Powell sitting tight on lowering interest rates.
“High interest rates are a bitter fruit of Bidenomics. People are suffering when they have to take out a loan. This is causing significant affordability crisis all across the country and in all age groups. Under these failed policies of the Biden administration, younger people, younger Americans, have been demoralized. They are delaying life’s biggest moments,” Barrasso pointed out.
“Home ownership is slipping far out of the reach of most young married couples and young people trying to start a family. Young Americans are facing the costliest housing market ever. Borrowing costs have soared. Biden took office, they were 2.7 percent. Today, over 7 percent. Home prices today are nearly six times higher than the average household income. That’s a record ratio. Six times higher than the average household income.”
In a recent poll, more Americans trust the presumptive GOP nominee for president, than Joe Biden. Barrasso pointed this out by saying, “Americans are absolutely fed up with big spending high-priced Democrats. People are financially exhausted by Joe Biden’s high prices.”
Barrasso said that the answer lies in the Republican party, emphasizing that the GOP are willing to fight for the American people to get the country back on track, and fight “to lower costs.”
He closed his remarks by saying, “This is how we can help make life more affordable for all Americans.”
