McHenry: Democrats Are Out of Touch with the Needs of the American People
Washington,
November 16, 2021 -
Today, the House Financial Services Committee is holding a markup of several pieces of legislation, including three bipartisan bills. However, despite the fact inflation just hit a 30-year record and increasing prices are outpacing the rise in wages—nothing on today’s markup agenda will help American families struggling to make ends meet. Additionally, this week House Democrats are pushing their radical tax-and-spending spree that will further drive-up consumer prices. To say Democrats are out of touch with the needs of the American people is an understatement.
Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.
Read Republican Leader McHenry’s remarks as prepared for delivery:
“Thank you, Madam Chair.
“I’ll start by thanking the Chair for including Congressman Emmer’s legislation to reform our credit unions in today’s markup.
“There are also a few other bright spots of bipartisanship: Congressman Gottheimer’s bill to protect seniors from bad actors. Congresswoman Beatty’s legislation to codify some of the previous Administration’s work to expand employment opportunities for Americans with past minor offenses.
“This is positive and a stark contrast to Democrats’ usual go-it-alone attitude.
“However, I can’t help but wonder, why is there nothing on today’s markup agenda to help the American people struggling to make ends meet?
“Madam Chair, in October the Consumer Price Index, or CPI, a key inflation index, hit a 30-year high. CPI rose 6.2% in October compared with a year ago. This is the largest annual increase in 30 years.
“So, what does this stat actually mean to American families? It means that it costs you more to fill up your tank. It costs you more to put food on your table. And it means that your paycheck is worth less.
“I know my Democrat colleagues don’t want to hear anymore from Republicans about inflation, so here’s what CNBC had to say last week. ‘What looked like a big jump in workers’ wages during October turned into just another gut-punch after accounting for inflation.’
“The article goes on to say, ‘real average hourly earnings, when accounting for inflation, actually decreased 0.5% for the month. So, an apparent solid paycheck increase actually turned into a decrease, and another setback for workers still struggling to shake off the effects of the Covid pandemic.’
“Translation: rising prices are outpacing wages.
“That doesn’t sound like a ‘high class problem’ to me. It sounds like Americans living paycheck to paycheck are in trouble.
“And what is my Democrat colleagues’ response?
“Let’s pile on even more government spending with a reconciliation bill that will only make rising prices worse and saddle our children and grandchildren with more debt.
“Or let’s enact tax policies that benefit our wealthiest base. I’m sure this will make rich folks in California and New York very happy! Bad news for the rest of the country.
“And, of course, let’s hold a markup on a grab bag of bills to narrow down our capital markets.
“To say my Democrat colleagues are out of touch with the needs of the American people is an understatement.
“So, what should we be discussing today instead? How about finding ways to help more Americans participate in our capital markets to build their savings.
“Or we could finally discuss a real solution for renters who are still struggling due to the Biden Administration’s gross mismanagement of the Emergency Rental Assistance programs.
“Or we could discuss ways to get more Americans safely back to work.
“Unfortunately, none of the ‘people’s business’ seems to be on today’s agenda.
“And while we’re here for another marathon markup, President Biden continues to take his time on nominating a Federal Reserve Chairman.
“This is the latest in history that a President has nominated a Fed Chairman and this ‘new milestone’ couldn’t come at a worse time. Our economic recovery is fragile.
“As I’ve mentioned, rising prices are outpacing wages. We need certainty that Chairman Powell can continue his work to steer our economy in the right direction.
“But this is all indicative of Democrats’ continued inability govern.
“I yield back.”
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