Americans are increasingly concerned about inflation, which has only has been exacerbated by several trillions of dollars pumped into the federal government in response to the pandemic.
Even as consumer prices continue to soar and COVID-19 recedes, however, Democrats stand ready to dump several trillion more into the system, drawing a harsh response from Senate GOP Leader Mitch McConnell (R-KY).
Details of the Democratic proposal
According to the Daily Wire, McConnell called out his Democratic colleagues in a blunt speech from the Senate floor, responding to a Department of Labor report showing that price increases exceeded analysts’ estimates in June.
Overall, prices were up by 5.4% over the previous year. Even excluding volatile commodities like energy and food, inflation was still pegged at around 4.5%.
Although President Joe Biden’s $1.9 trillion American Rescue Plan has yet to be fully allocated, Democrats on Capitol Hill are clamoring for another massive multitrillion-dollar spending bill.
In an effort said to be spearheaded by Senate Budget Committee Chairman Bernie Sanders (I-VT), progressives have outlined a $3.5 trillion package full of agenda items set to be rammed through the chamber over GOP objections.
Combined with the roughly $579 billion bipartisan infrastructure spending bill, the package would result in more than $4 trillion being dumped on the economy at once — a total that is larger than the entire U.S. federal government’s annual budget just a few years ago.
“The Democrats’ half-baked spending spree”
McConnell decried the proposal in his floor speech on Tuesday, citing the inevitable impact on already rising consumer prices and what he painted as a push toward socialism.
“Just this morning we learned that runaway inflation is continuing to hit working American families and hit them hard,” he said. “Consumer prices spiked in June considerably more than had been forecast. Inflation is up 5.4% year-on-year, the fastest jump in about 13 years. Stunningly, it’s up 0.9% just month over month.”
Noting that even liberal economists had warned that massive spending measures would result in inflation and a slower economic recovery, McConnell lamented that Democrats saw fit to push forward with Biden’s earlier COVID-19 relief plan earlier this year.
“Families are feeling it everywhere — from the supermarket to the gas pump to housing to the used car lot. And beyond,” he continued. “All thanks, in large part, to the Democrats’ half-baked spending spree from the springtime. And now they want an even more absurd, even more damaging summer sequel.”
He concluded that “the country did not elect a 50-50 Senate and a president who claimed to be a moderate so that Chairman Sanders could turn America into a socialist country,” insisting that the American people will come to realize that Republicans “would rather help them get their jobs back, their stable prices back, their small businesses back, and their lives back.”