Senator Todd Young (R-Ind.), a member of the Senate Finance Committee, spoke at a press conference about the impact of historically high inflation on Hoosier families. Yesterday, the Consumer Price Index (CPI) release showed inflation surging to 9.1 percent year over year in June, the biggest yearly increase since 1981.
Video of Young’s remarks is available here. The full press conference is available here.
Excerpts of Young’s remarks are below:
“I know the Biden Administration has been short on answers about how to provide relief to our businesses, to American families, as we see inflation manifesting itself in countless ways, big and small.
“Back in Indiana, I’ll tell you, people can talk about very little as it relates to their lives and public policy when I interact with them, aside from the price of utilities and gas and housing and groceries.
“This is one of the painful things about inflation: when you find yourself in an inflationary environment, it’s very difficult to get yourself out of it. And we could have avoided this predicament….we could have avoided a situation where we injected $1.7 trillion into a rapidly growing economy, [which] counters any conventional economic wisdom that we’ve learned over the years. But nonetheless, here we are. So we need to find a way out of this mess.”
“And this is, perhaps, a news alert to the Biden administration, but probably to no one else here or around the country: tax increases aren’t going to provide relief to our businesses. They’re not going to provide relief to rank-and-file Hoosier families. We certainly can do better than this.
“Look, inflation is already forcing the average U.S. household to spend an extra $5,200 this year. $5,200 bucks…$5,200 is a lot of money to the average American household.”
“$5,200 can make or break an administration. It can make or break a presidency. So this president needs to figure out that he’s headed the wrong direction with these proposed tax increases. Senator Schumer and Senate Democrats would be wise to heed this as well as they consider this reconciliation package that they continue to advance. This is basically repurposed Build Back Better, for the uninitiated.
“Let’s work together on some bipartisan solutions. We have national security challenges. We have a problem at our southern border. There is some common ground to be found with respect to certain issues related to our economy, [which] the need to reskill our workforce. Let’s work on all of those things.”
Article provided by Senator Young’s Office