Yesterday, Congressman Rudy Yakym (IN-02) pressed President Biden’s Director of the Office of Management and Budget (OMB) Shalanda Young on historically high inflation and the president’s irresponsible and unaffordable spending proposals at a hearing of the House Budget Committee. The topic of yesterday’s hearing was the President’s Fiscal Year 2024 Budget Request:
“Inflation is the single biggest issue I hear from my constituents as I travel the 11 counties within my district. Seniors can’t keep up with the price of food. Farmers can’t keep up with skyrocketing input costs, and the same is true for small businesses. Families feel the pain at the grocery store and at the pump. Local governments can’t get vital infrastructure projects done because of the skyrocketing costs. These are the stories I hear from real people as I travel the district.
“It’s generally accepted in the economics community that there are two main ways to lower inflation: reduce federal spending or raise interest rates. We saw that just yesterday that the Federal Reserve is taking their foot off the gas as it relates to interest rate hikes, so what about the spending equation from our federal government?
“The president’s budget doubles down on policies that supercharged this generational inflation. It’s a fiscally irresponsible economic disaster … it also calls for $82 trillion of spending over 10 years, which adds $17 trillion to our debt, on top of the $31 trillion we already have.”
Click HERE to watch Congressman Yakym’s full remarks and line of questioning at yesterday’s committee hearing.