Wednesday, July 17, 2024

Senator Kennedy Challenges Treasury Secretary Yellen on Rising Prices under Bidenomics

by BIZ Magazine

In a charged exchange during a Senate hearing, Louisiana Senator John Kennedy directly challenged Treasury Secretary Janet Yellen regarding the enduring impact of rising prices on Americans, attributing the phenomenon to what he termed “Bidenomics.” The exchange, which unfolded as part of a broader discussion on economic policies and inflation, highlighted Senator Kennedy’s concerns about the financial strain faced by Louisiana residents amidst escalating costs of essential goods and services.

Senator Kennedy pressed Secretary Yellen on the sustainability of high prices, asserting, “These high prices—caused by Bidenomics—are here to stay, aren’t they?” Despite Secretary Yellen’s assertion that pandemic-induced disruptions were primarily responsible for the price surge, Senator Kennedy remained resolute, emphasizing the enduring nature of the price hikes. “So, they’re here to stay?” he reiterated.

Referring to Chairman Powell’s remarks, Senator Kennedy underscored the grim outlook for price reduction, suggesting, “It will take a recession to get these prices down.” Secretary Yellen sought to reassure the senator by pointing to rising wages as a counterbalance to inflation, stating, “Wages are also up,” a claim met with skepticism by Senator Kennedy, who cited statistics illustrating the disproportionate rise in prices compared to wages. “People are getting really good at barely getting by because of Bidenomics,” he remarked.

Beyond the hearing, Senator Kennedy presented sobering statistics detailing the tangible financial burden borne by Louisiana households, stating, “Real weekly wages have fallen 3% since Pres. Biden took office.” He underscored the stark reality facing working-class families, highlighting a 18.3% surge in monthly inflation costs under the Biden administration.

“These figures translate into significant financial losses for Louisiana residents,” Senator Kennedy emphasized, “The median household income is insufficient to offset the burgeoning expenses associated with inflation.” His vocal criticism underscores broader concerns about the economic trajectory under the Biden administration and highlights the imperative for policymakers to address the pressing issue of rising prices.

“As Louisiana residents grapple with the economic fallout of inflation,” Senator Kennedy concluded, “urgent action is needed to mitigate the adverse effects of escalating costs on working families.”

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