Madam Speaker, I thank Mr. Owens, my friend, for organizing this event and for his interest in something that I think every American shares. I have a young family. I have six kids. Many of them are just young couples. They are starting…
Madam Speaker, I thank Mr. Owens, my friend, for organizing this event and for his interest in something that I think every American shares.
I have a young family. I have six kids. Many of them are just young couples. They are starting their careers; they are starting their families; and they are starting to make their way in the world and their mark on life.
If you are a young family, you know what it is like to go to the grocery store and to pay more every week than you paid the week before. You know what it is like to fill up your pickup and have it cost more every week than you paid the week before.
The reason you are driving a pickup is because you are a working American. You are not driving a big pickup around the city. You are driving a big pickup because that is what you use to work, whether you work on farming and ranching, like I did when I was young, or whether you are working construction, or whether you are working and going down to the docks. Those are the folks who are paying the price.
If you are wealthy, if you are affluent, if you don't go shopping but have someone who shops for you, if you don't fill up your vehicle yourself because you have someone who fills up the vehicle for you and then picks you up, you may not realize what a painful thing this is for Americans. But the vast majority of Americans do their own shopping. The vast majority of Americans struggle paycheck to paycheck. The vast majority of Americans know what a painful experience we find ourselves in now.
After only 10 months of President Biden, Americans are facing the worst inflation they have seen in 31 years. Democrats keep saying these prices are only temporary.
We are told that all the time. We have been told that by the Secretary of the Treasury. We have been told that by the Chairman of the Fed. We have been told that by the President. And they continue to say that.
But the truth is that $4 trillion in spending, when he says it is zero dollars that it will cost, the American people aren't stupid, and they know that is not true. They know inflation when they see it.
The consequences of this President's tax and spend agenda hits Americans, as I have already said, in their everyday lives. It hits Americans when the price of heating jumps from $574 to $746, which is what the Energy Information Administration predicts it will cost the average house this winter.
It is a tough choice when you have some people who say: Hey, we would like to have it warm. We would like for our little children to be comfortable. But we want to be able to buy the food that we want for them, other than just macaroni and cheese.
Some people are left with that decision.
It hits Americans at their Thanksgiving table. As we have said over and over again, this will be the most expensive Thanksgiving in American history, when frozen turkeys cost an average of 22 percent more than they did just last year.
What does the President do to alleviate some of this financial strain and the pressure that so many American families are feeling? Unfortunately, he does the same thing again and the same thing more, the very same policies that put us in the hole.
Here is the reality. There is no political spin for any Democrat. Americans will not be reassured by empty promises from those who don't see inflation coming in the first place, and President Biden cannot wish away this cost-of-living crisis, no matter how much he would like to do that.
From day one in office, President Biden's mission was clear. He wants the American people to rely on the government from cradle to grave.
To sell his agenda, he is telling Americans that more taxing, more spending, and more mandating will solve the financial problems. But this is just economic nonsense; it is an economic fairy tale; and this one has a scary ending, the kind that only George Orwell could imagine.
But because it is Thanksgiving, we can be thankful that we know how to solve these problems. If we didn't know how to solve them, it would be much more worrying, much more stressful. But the truth is, we know how to solve them. Congress simply needs to start expanding that opportunity, not shrinking it with mandate after mandate. Congress needs to start empowering the people, not expanding bureaucracy with tax after tax. Individual liberty must always triumph over government dependence.
If President Biden cannot accept that reality, we can expect more of what we have seen and felt over the last 10 months. If he can't understand that people, not the government, are the key to our success, American culture, American businesses, and American families will reap the results.
I sincerely hope that he will. I sincerely hope the President will look at the pain the American people are feeling and will recognize the responsibility he has not to make it worse, not to keep doing the same thing and just do it harder and faster, not to do the same thing and just excuse it away, but to try to do something different. Until then, I am afraid we will see much of the same.
I think I speak not only for Republicans on this, but many independents and many Democrats feel the same way. We hear from them when we go back home as well.
I thank Mr. Owens for organizing this on this incredibly important subject. It is an honor to be with him.
Madam Speaker, what an honor it is to be here with my friends, people that I have tremendous respect for, colleagues, people who love their country and want to serve their country.
Several of them have said something that I think is worth emphasizing, and that is, for example, when Mr. Curtis talks about 40 percent of the money that was printed in the history of this country was printed in the last several months, I am not sure that that is easy to convey to people how important that is.
We talk about a million dollars or a billion dollars or now a trillion dollars, and I am not sure we have an understanding, again, what those numbers even mean. I think a lot of times people think of a trillion dollars, well, it sounds like a lot of money. Is that like double a billion or what is a trillion?
I think I found a really good way to illustrate it and for us to visualize what it means when we are printing this kind of money.
Let me start with this: A million seconds is 11 days. A billion seconds is 31 years. A trillion seconds is 31,000 years. Think about that. 11 days to 31 years to 31,000 years. The people watching at home can't see this enormous Chamber we are in but imagine that I stretched a string from this wall to this wall, and let's say that over here is zero, and then I ask them to go touch 11 days, they would go touch and they would be nearly touching the wall. But then if I said touch 31 years, if this one over here is 31,000 years, they would still nearly be touching the wall, and all the rest of that distance is a trillion. I think that gives us a sense and gives us a way to visualize when we talk about spending trillions of dollars, it is magnitudes more than billions. It is an unimaginable number, like Mr. Curtis said, the percentage of that that has been created in the last few months.
Since COVID hit, we spent about $2 trillion on the COVID 1 relief package; we spent about the same, $1.9 trillion, on the second COVID relief package. This President suggested a budget that takes us from about $4.8 trillion a year to $6.3 trillion. We just spent $1.2 trillion on infrastructure. This government has spent, taken together, more than $11 trillion in a matter of months. That should scare the life out of every American.
People say, Well, you are kicking the can of debt down the road to our kids or grandkids. That is nonsense. We will never get to our grandkids if we spend trillions of dollars in a matter of months. We will never get to our kids if we spend $11 trillion in 18 months.
This problem will correct itself. It will correct itself in a painful way and in not a matter of generations, a matter of years, if we don't try to fix it now.
If you think inflation is because of bottlenecks and supply chains, that was part of it. But the vast majority of this is explained by one thing: The Federal Government spending trillions of dollars. And the American people pay the very unfortunate, the very painful price.
Once again, I thank Mr. Owens for the honor to be with him tonight.