“[Inflation] hurts, and it hurts deeply. . . . And the worst part of this is that President Biden has no plan to get it down. None.”
Watch Kennedy’s comments here.
WASHINGTON – Sen. John Kennedy (R-La.) spoke on the Senate floor to explain how persistent inflation has depleted personal savings accounts and driven many Louisianians into credit card debt. Kennedy noted that inflation has cost the average Louisiana family $22,166 since President Biden took office.
Key comments from Kennedy’s remarks include:
“I realize there is a yawning disconnect between what President Biden says and what my people in Louisiana are experiencing. There is. President Biden says that the economy is just fine. He says the economy is just wonderful. And I’ll tell you what my people say. My people say, ‘With respect, Mr. President, you need to put down the bong because, in our state, we are paying more to live worse. And we're not going to be able to retire because of you, Mr. President, until four years after we’re dead.’”
. . .
“Our median household income is about $58,000. That's mom and dad both working. Two children. $58,000. It's about $4,800 a month. President Biden's inflation is costing my people an extra $900 a month. That's not a year. $900 a month. $11,000 a year. My average family's making, once again, $58,000 a year. They've got to find, all of a sudden, an extra $11,000 a year. Since President Biden has been president, his inflation has cost the average family in Louisiana an extra $22,000.”
. . .
“The prices of consumer goods and in my state, on average, are up 20% since President Biden took office. Some are up a lot more, some are up a little less, but the average is 20%.
“Credit card debt is up 46%. The average credit card balance in Louisiana is now $5,800. When you're making $58,000 a year for a family of our, $5,800 is a lot. Delinquent credit card debt is up 11%, the highest in 12 years. We have had a record number of people who have had to take early withdrawals from their retirement accounts.”
. . .
“The average electricity bill in Louisiana is up 28% since President Biden took office. Gasoline in Louisiana: up 53%. Eggs: 69%. Bread: 28%. Coffee: 28%. Rice: 29%. Flour: 30%. Milk: 15%. Ice cream: 22%. Chicken per pound: 27%. If you're a mom and dad, and you’re both working, and you have maybe two car notes—certainly one car note—and a mortgage and two children, how can you afford this? You can’t!”
. . .
“It hurts, and it hurts deeply. President Biden’s inflation in my state is a cancer on the American dream. And it didn't have to be this way. We tried to tell him. We tried to tell him. Not only we—when I say many of my Republican colleagues—many of my Democratic friends did as well. Jason Furman, Economic Advisor to President Obama, I remember clearly, Dr. Furman—now at Harvard—said, ‘With all due respect, Mr. President, you spend this kind of money, you’re going to have inflation.’ And we did. And the worst part of this is that President Biden has no plan to get it down. None.”
Watch Kennedy’s full speech here.
