Western South Dakota News

U.S. Senator John Thune (R-S.D.) addressed the Senate floor regarding the April Consumer Price Index report, which indicated a 19.9 percent increase in prices since President Biden assumed office. In his remarks, Thune emphasized the persistent inflation and high prices, arguing that Democrats' plans to raise taxes would only intensify economic difficulties.

"Mr. President, this morning’s inflation report shows just how stubborn President Biden’s inflation crisis is," Thune stated. He noted that for 37 consecutive months, prices have risen by more than 3 percent with no apparent end in sight.

According to Thune's figures, grocery prices have risen by 21.3 percent, car repairs by 30.2 percent, and rent by 20.8 percent since Biden took office. He also referenced a Wall Street Journal report indicating that electricity prices have increased 13 times faster under President Biden than they did in the previous seven years.

Thune argued that these rising costs are forcing families to spend over $1,000 more per month just to maintain their standard of living prior to Biden's presidency.

The senator criticized President Biden for suggesting last week that people "have the money" to pay higher prices and for his assertion that inflation would be temporary. He claimed such comments demonstrate a disconnect from the painful economic reality many Americans are experiencing due to what he described as Democrats' reckless spending.

Thune quoted several individuals expressing their financial struggles amidst rising costs: a working parent in Connecticut lamenting their decreasing bank account; Luis, a truck driver in Pennsylvania who now has to work extra hours; and a family farmer in Missouri describing his input costs as 'ridiculous.'

Citing survey data, Thune said that 48 percent of voters feel their personal financial situation is worsening and half believe they are worse off since President Biden took office. Additionally, he pointed out that 80 percent of voters identify high prices as one of their biggest financial challenges.

Thune warned that the situation could worsen if President Biden's proposed budget, which contains $5 trillion in tax hikes, is implemented. He also criticized the president's suggestion of letting the 2017 tax cuts expire if he is reelected. Thune argued that these cuts benefitted the majority of Americans and their expiration would result in a $1,600 tax hike for typical families in 2026.

In conclusion, Thune expressed his hope that Americans would not have to endure a second term of what he termed "Bidenomics."