Washington, D.C. – U.S. Senator John Kennedy (R-La.) took to the Senate floor to address the significant financial strain that inflation has placed on Louisiana families. In his remarks, Kennedy detailed how the rising cost of living under President Biden’s administration has depleted personal savings, increased credit card debt, and left many struggling to make ends meet.
“[Inflation] hurts, and it hurts deeply,” stated Kennedy. “And the worst part of this is that President Biden has no plan to get it down. None.”
Kennedy emphasized the disconnect between the Biden administration’s portrayal of the economy and the reality faced by his constituents in Louisiana. He noted that the average Louisiana family has incurred an additional $22,166 in expenses due to inflation since Biden took office.
Key Points from Kennedy’s Speech:
- Economic Disconnect: “There is a yawning disconnect between what President Biden says and what my people in Louisiana are experiencing. President Biden says that the economy is just fine. My people say, ‘With respect, Mr. President, you need to put down the bong because, in our state, we are paying more to live worse.’”
- Impact on Families: “Our median household income is about $58,000. President Biden’s inflation is costing my people an extra $900 a month. That’s $11,000 a year. Since President Biden has been president, his inflation has cost the average family in Louisiana an extra $22,000.”
- Consumer Goods Prices: “The prices of consumer goods in my state, on average, are up 20% since President Biden took office. Credit card debt is up 46%, with the average balance now $5,800. Delinquent credit card debt is up 11%, the highest in 12 years.”
- Rising Costs: “The average electricity bill in Louisiana is up 28% since President Biden took office. Gasoline is up 53%. Eggs: 69%. Bread: 28%. Coffee: 28%. Rice: 29%. Flour: 30%. Milk: 15%. Ice cream: 22%. Chicken per pound: 27%.”
The Financial Strain on Families
Kennedy painted a stark picture of the financial burden on typical Louisiana families, particularly those with children and multiple financial obligations. He highlighted how essential expenses have skyrocketed, making it increasingly difficult for families to manage their budgets.
“If you’re a mom and dad, and you’re both working, and you have maybe two car notes—certainly one car note—and a mortgage and two children, how can you afford this? You can’t!” Kennedy remarked.
A Call for Action
Kennedy concluded his speech by underscoring the lack of an effective plan from the Biden administration to combat inflation. He recalled warnings from economic experts, including Jason Furman, former Economic Advisor to President Obama, who cautioned that excessive spending would lead to inflation.
“It hurts, and it hurts deeply. President Biden’s inflation in my state is a cancer on the American dream. And it didn’t have to be this way. We tried to tell him,” said Kennedy. “And the worst part of this is that President Biden has no plan to get it down. None.”
As families in Louisiana continue to navigate the challenges of rising costs, Kennedy’s call for accountability and effective measures to address inflation remains a pressing concern for his constituents.