'A Series Of Crises, One After Another': John Cornyn Blasts Biden's Economic Performance

4 months ago

During remarks on the Senate floor, Sen. John Cornyn (R-TX) spoke about Biden's economic policies.

Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:

https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript

Stay Connected
Forbes on Facebook: http://fb.com/forbes
Forbes Video on Twitter: http://www.twitter.com/forbes
Forbes Video on Instagram: http://instagram.com/forbes
More From Forbes: http://forbes.com

Transcript

00:00Madam President, over the last three and a half years, President Biden's policies have

00:09unleashed a series of crises, one after another, and thus made the lives of average Americans

00:19harder, not easier.

00:23The security crisis at the border that my colleague from North Dakota talked about a

00:28moment ago, rising crime rates across our communities, some of which comes from gang

00:35members who transit through our southern border and then go on to commit crimes of violence

00:40against innocent Americans and all across the country, the drugs that took the lives

00:48of 108,000 Americans last year alone.

00:52And then there's America's weakening role on the global stage.

00:57I believe there's a reason why the threats that confront our country and world peace

01:03are at the greatest level since they've been since World War II.

01:09And that's because the tyrants, the autocrats, the dictators, the people like Vladimir Putin,

01:17President Xi in China, Kim Jong-un in North Korea, the supreme leader in Iran, what they

01:26perceive as weakness and weakness for them is a provocation.

01:31It's an invitation for them to take action and to threaten stability and peace.

01:39President Biden's policies have made America's lives harder, not easier.

01:46And nowhere is that more evident than in the high prices that are clobbering family budgets.

01:53I know the occupant of 1600 Pennsylvania Avenue is doing just fine.

01:59He's not feeling the impact on higher prices at the gas pump, in the grocery store, in

02:10rent and all across our economy.

02:13It doesn't affect him and it doesn't affect many of us.

02:19But for people on a fixed income, people who are lower income, seniors, retired individuals,

02:26it is degrading and undermining their standard of living and their quality of life.

02:35Since President Biden took office three and a half years ago, consumer prices have risen

02:40on average 20%.

02:43So that means a dollar that you spent on consumer products, whatever they may be, three

02:52and a half years ago, now only buys 80 cents worth of value.

02:59That's a hard leap for many families to absorb.

03:02And for those living on fixed incomes or tight budgets, it's virtually impossible.

03:09Companies are paying 21% more for groceries, 41% more for energy, and 54% more for gasoline.

03:21When you add in price hikes on clothing, car insurance, even a visit to the dentist, you're

03:27looking at a mountain of expenses that cost more today than they did when President Biden

03:33took office.

03:36America has experienced a 40-year high in inflation as a result of the reckless spending

03:43policies of the Biden administration, throwing $2.7 trillion of reckless partisan spending

03:50on the fire of inflation, making it much, much, much worse.

03:56And of course, then the Federal Reserve has to try to raise interest rates, which they've

04:00done in order to dampen that fire, in order to put out the fire.

04:05But that doesn't erase the fact that American consumers, our constituents, have experienced

04:14a 20% increase in costs of living across the board.

04:19An average household in the state of Texas is spending more than $1,000 a month, more

04:25today than they did three and a half years ago.

04:28That's more than $12,500 a year.

04:33Americans don't need that sort of data, though, to know that their lives have been impacted

04:39negatively because they felt the impact themselves for three and a half long years.

04:46They've seen the effect of the Biden policies reflected in their bank accounts, their credit

04:51card statements, where credit card debt is at one of the highest levels it's been in

04:58all time because people who can't meet their monthly bills, if they have access to a credit

05:04card, may likely charge it and say, well, I'm trying to get by today by borrowing on

05:11my credit card.

05:12But, of course, they have to end up paying that back as well at some point.

05:17Meanwhile, they're charged a lot of interest costs, which, again, increase their costs

05:23of living.

05:25Many Americans have scrapped family vacations and they've settled for more affordable local

05:33activities.

05:35Sometimes it's a matter of convenience.

05:37Sometimes it's a matter of life or death, such as deciding whether to fill a prescription

05:44or pay your air conditioning bill.

05:49I can tell you right now in the wake of Hurricane Beryl, that many Texans are without electricity

05:56and experiencing 100 degree heat and 99% humidity.

06:03Many Americans who can't afford to pay their utility bills are having to cut back on things

06:08like air conditioning and many people during the heat of the summer, particularly vulnerable

06:15Americans and elderly, are suffering as a result.

06:22What is President Biden's response when you raise these criticisms?

06:26It's to say, well, it's somebody else's fault.

06:31He tries to blame his predecessor for the sticker shock that Americans are experiencing

06:35on a daily basis.

06:39A couple of months ago, President Biden claimed that inflation was at 9% when he took office.

06:45Now, that's not the only time that President Biden has misstated the facts.

06:53It might be a compelling point if it were actually true.

06:57When President Biden took office, inflation was only at 1.4%.

07:03And under his leadership, inflation has soared to a 40-year high of more than 9%.

07:10Fortunately, thanks to the policies of the Federal Reserve, which are painful enough

07:16because they raise interest rates, which cost consumers more on the debt they owe on their

07:23vehicle or when they buy a house.

07:27Fortunately, inflation has slowed, but high prices remain.

07:32President Biden's policies have sent prices through the roof, and that's where they have

07:36stayed.

07:38No matter what the level of inflation is currently, those high prices are cumulative.

07:45And with Election Day less than five months away, voters are asking themselves a very

07:50important question.

07:52Has my life gotten better or worse since President Biden took office?

08:01Thanks to President Biden's policies, families are struggling to cover the cost of gasoline,

08:08grocery, rent, insurance, just about everything else.

08:13And high interest rates, which are a result of the Federal Reserve tightening access to

08:18credit, continue to make dreams like owning a home or opening a small business out of

08:24reach for many Americans.

08:28As I said, Texans are now paying more than $1,000 per month more thanks to President

08:33Biden's policies.

08:36If President Biden manages to win another term in the White House, I worry about how

08:43much higher my constituents' monthly bills will continue to climb.

'A Series Of Crises, One After Another': John Cornyn Blasts Biden's Economic Performance

Category

Transcript

Recommended