Western South Dakota News

U.S. Senator John Thune (R-S.D.) addressed the Senate floor, discussing the financial strain he believes Americans are experiencing due to what he described as reckless spending by the Biden-Harris administration. Thune highlighted that American families are now required to spend over $13,000 more annually to maintain their standard of living compared to when President Biden and Vice President Harris assumed office.

Thune stated, "Mr. President, when the history of the Biden-Harris administration is written, I suspect it will be defined by the historic inflation crisis that has characterized almost all four years of this presidency."

He attributed the rise in inflation to early decisions made by Democrats, particularly citing a $1.9 trillion spending initiative known as the American Rescue Plan Act. According to Thune, warnings about potential inflationary pressures were ignored, leading to significant price increases shortly after its passage.

"Vice President Harris cast the tiebreaking vote in the Senate to ensure that this massive government boondoggle would become law," Thune remarked. He further noted that within weeks of its enactment, inflation began to rise and continued to do so, reaching a 40-year high by 2022.

Thune detailed how Americans have been affected by rising costs: "As the price of everything from gas to groceries shot up, Americans dipped into their savings to make ends meet or put essential items on their credit cards." He added that many took on second jobs or sought assistance from food banks while postponing home repairs and necessary medical care.

The senator provided specific figures on price increases since Biden and Harris took office: 21 percent for groceries, 37 percent for energy, 45 percent for gasoline, and 22 percent for shelter. He emphasized that a typical family now needs an additional $13,202 per year for their previous standard of living.

Thune also mentioned the economic challenges brought about by Federal Reserve rate hikes intended to manage inflation. These rate hikes have led to higher interest rates on credit cards, car loans, and mortgages. Quoting a Wall Street Journal article, he said: "'Around 9.1% of credit-card balances turned delinquent over the past year, the highest rate in over a decade.'"

Reflecting on lower- and middle-income families' struggles under current economic conditions, Thune warned about future policies if Vice President Harris becomes president and Democrats retain control of Congress. "It’s already become clear that Vice President Harris intends to continue with the tax-and-spend agenda she and President Biden have worked to impose," he stated.

Thune concluded his speech with a quote from an American describing his financial difficulties: "'The need is greater. Costs are still high. Gas prices are high. Owning a home is a struggle. Every time I look at my bank account, it’s always going down.'"

"We can only hope they don’t have to deal with another four years of it," Thune finished before yielding the floor.