WASHINGTON – Sen. John Kennedy (R-La.) today explained on the Senate floor how Washington’s out-of-control spending under President Joe Biden has left Americans with lower real wages, soaring credit card debt and shrinking savings accounts.
“As a result of Bidenomics and inflation, in my state, the average family making $80,000 a year is going to have to pay an extra $800 a month because of inflation. That’s an extra $10,000 a year. . . . That’s happening right now to millions of Louisianians and millions of Americans. What are you going to do?”
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“A pay raise doesn't work. It’s great to have, but inflation eats it up and then some. Well, ok, that family’s still got to find $10,000. What do you do? Well, you go borrow the money, and that’s what’s happening: Credit card debt. Buy now, pay later. Or other types of loans. Don’t just take my word for it. On the last numbers we have in the third quarter of this year, credit card spending was up 9% at Chase Bank. It was up 15% at Wells Fargo.”
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“People are using credit cards. They are charging more and more, and they’re paying less and less on those credit cards. They’re getting deeper, deeper into the hole.
“What else are people doing in my state and every other state? They’re raiding their savings. If you look at the numbers, personal deposits are down 3% year-over-year at Chase Bank. What does that mean? It means people are raiding their savings accounts to deal with this inflation.”
. . .
“My point, Madam President, is that these actions that are taken in Washington, D.C. have real-life consequences for average, everyday American families on fixed incomes. . . . People are having to borrow, and people are having to raid their savings, and it is clearly a cancer on the American dream.”
