Western South Dakota News

U.S. Sen. John Thune (R-S.D.) addressed the Senate floor today, discussing the ongoing economic difficulties faced by Americans, which he attributes to what he calls Democrats' reckless spending policies. Thune emphasized that prices have continued to rise under President Biden's administration, affecting a range of everyday expenses from groceries and air conditioning to summer camp fees and cookouts.

Thune began his remarks by highlighting the increased costs associated with summer activities: "Mr. President, summer is an exciting time of year for many Americans. It’s a time for adventure. For relaxation. For quality time spent with friends and family. But, like seemingly everything else, summer activities are more expensive in the Biden economy."

He pointed out specific increases in costs since President Biden took office: "The cost of gas for a family trip is up 45 percent since President Biden took office. Food for a summer cookout costs 10 percent more than it did last year. And fees for summer camp are giving parents sticker shock."

Thune noted that these examples are just part of broader inflationary trends: "Last week’s inflation report confirmed again what Americans know all too well: Inflation is still a problem." He listed various price hikes since President Biden assumed office: groceries up 21 percent, energy costs up 41 percent, and car repairs and maintenance up 30 percent.

According to Thune, these increases mean that it now costs a typical family $13,000 more per year to maintain their previous standard of living: "$13,000 more just to buy the exact same things you were buying three years ago." He cited an example from the New York Times where one mother mentioned spending significantly more on food.

Thune expressed concern over how prolonged inflation has impacted American households: "Americans have dipped into their savings. They’ve taken on record levels of credit card debt." He also referenced a report indicating that over a quarter of Americans have skipped meals due to rising costs.

He explained how high interest rates aimed at combating inflation have further strained finances: "Many Americans turned to credit cards – racking up record levels of debt – to cope with inflation." Higher interest rates have made it harder for families to pay down this debt as well as manage car payments and mortgages.

Reflecting on policy decisions leading up to this situation, Thune criticized the Democrats' pandemic relief spending measures: "Three years ago, President Biden and Democrats forced through a reckless, partisan spending spree under the guise of pandemic relief... they chose to ignore those warnings and pushed through $1.9 trillion in new government spending."

He warned against potential future economic policies under another term for President Biden: "It’s clear that if President Biden gets a second term, there will be a lot more lavish spending on the docket... Plus, the president’s proposed tax hikes."

Concluding his speech, Thune stated his concerns about expiring tax cuts from Republican tax reform in 2017: "Those tax cuts are set to expire next year... That would mean a $1,600 tax hike for a typical family in 2026 – on top of years of economic pain from Bidenomics."

"Mr. President," he said in closing remarks addressing rising expenses under current policies,"it’s going to be another expensive summer in the Biden economy.”

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