Sunday, April 14, 2024

Kennedy: Washington’s out-of-control spending is to blame for back-to-school inflation

by BIZ Magazine

MADISONVILLE, La. – Sen. John Kennedy (R-La.) penned this op-ed in the American Press detailing how inflation has stretched Louisiana families thin during back-to-school season. He argues that Washington’s spending habit is to blame for the sky-high prices parents are facing as they try to fill backpacks and lunchboxes this fall.

Key excerpts of the op-ed are below:

“Following two years of national economic mismanagement, the cost of notebooks, pencils, crayons, and other school supplies has increased by 24 percent. The average family expects to spend $597 per student to cover supplies—and that’s just the start of back-to-school spending.”

“In total, inflation is costing the average Louisiana family an extra $9,180 per year, and Washington’s out-of-control spending habit is to blame.

“At President Biden’s direction, the federal government has grown faster than America’s economy. From 2020 to 2023, federal spending jumped by nearly 33 percent. In just the past 12 months, federal spending increased nine percent—or roughly half a trillion dollars.

“Some of the spending at the start of the pandemic was necessary, but a lot of it was short-sighted and foolish. It has done more to hurt Louisianians than help them. We paid workers to stay home. We paid schools to stay closed. We even paid dead people $1.4 billion in stimulus checks!”

“All this spending floods our economy with cash, causing prices to float far above what many families can afford. As families tried to keep up with skyrocketing prices, consumer credit card debt hit a record high of $1 trillion. The average personal savings rate approached an all-time low. And nearly two in five families said they cannot afford to cover an unexpected $400 expense. Congress has also saddled our children with more debt than we’ve ever seen before.

“Bidenomics has kneecapped the American Dream, yet some Democrats in Washington are hoping to normalize this high inflation rate to continue their spending spree. This inflation isn’t normal, though, and I won’t let the coastal elites forget that.”

“I’m sorry that some in the federal government have left Louisianians with soaring debt and inflation. Some of our federal spending is as foolish as it is dangerous, and I’ll continue to work to find new ways to get our spending back under control.

“In the meantime, I believe my colleagues in Washington could learn a lot by watching families make tough decisions to afford this back-to-school season. Parents know what it means to live within a budget. They stretch each dollar to its fullest potential every day. Think how much stronger our country could be if Congress stuck to its budget, too.”

Read the full op-ed here.

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