House Minority Leader Kevin McCarthy (R-CA) on Wednesday railed against President Joe Biden for the rising consumer prices and inflation.
McCarthy argued that the Biden administration, through its ending of domestic energy production and wasteful spending, was “the cause” of the record-high inflation. He lamented there was “no idea or plan to get out of it.”
“What we watched from the first day of this presidency was to go after the supply of American-made energy — stopping the XL pipeline, stopping leases,” McCarthy outlined. “Just in the last month, he stopped leases in Alaska and the Gulf of Mexico. So, no, the price of gasoline is not going to go down. It’s going to go up. But what effects does that cause? It creates inflation, especially for the goods being transferred. And oil goes into more than just your tank of gas. It goes into the buttons in your shirt, the making of your phone, everything that we do. … And what did he just announce in the last week or so? He was happy that the price of gasoline was up because he thinks people can go buy electric cars.”
He continued, “But now we look at Moody’s Analytics just last May. It is now costing families $311 more per month. That’s costing people a new car payment without getting the car. And what else did he do? Remember that it wasn’t just Republicans who warned him about that $2 trillion wasteful he wanted to spend that passed by Democrats only. It was Larry Summers, Obama’s treasury secretary, Steve Ratner; now, you have Treasury Secretary Yellen actually apologizing, saying she was wrong.”
“But what did that do? It paid people to stay home, which hurt the supply chain, made businesses have to pay more for people to come to work, and then what else did they do in the administration? They passed the most regulations in the shortest time period where businesses just came out of a pandemic and having inflation again increased inflation by more than 11%,” McCarthy continued. “They are the cause of this. They have what created this, and now they are trying to spin it as somebody else’s problem, but they have no idea or plan how to get out of it.”
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