tv U.S. House of Representatives Rep. Kevin Mc Carthy on U.S. Economy CSPAN July 28, 2022 8:37pm-9:03pm EDT
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today republican leader kevin mccarthy talked about congressional spending, inflation and his views on the u.s. recession. this is about half an hour. mr. speaker, this morning the government announced what every american has been feeling for nearly a year. we are in a recession. this news is a grim milestone that points towards more hardship, more suffering, and more pain for the american people. but even as we were expecting today's news, let me address what happened in the past 24 hours. the senate passed the bill that took a small discretionary program and turned it into a $280 billion blank check.
including $79 billion in mandatory spending on corporate welfare to be handed out to whoever president biden wants. for the record, i'm a no on the senate chips bill. that will come to the floor today. i was a no last week. i was a no last night. and i'll be the first no on the board later today. i urge all my republican colleagues to join me. reject this deeply flawed bill. let's start from scratch. if that wasn't enough senate democrats then announced they want to spend another half a trillion dollars during a recession. democrats said they want to lower inflation, but you know what their new bill does? gives you a $7,500 tax credit to buy an $80,000 electric vehicle for people making up to
$300,000. they say they want to restore growth, but their new bill adds $700 billion in new taxes. including a $300 billion made in america tax that punishes anyone who wants to build, manufacture, or invest in america. they say they want to help struggling families, you know what their new bill does? who do they hire? they hire 87,000 new i.r.s. agents to audit them and spy on their bank accounts. that's what the democrat majority wants. they say they want to lower prices but their new bill will allow bureaucrats decide what drug seniors can access and destroy the hopeny of new cures and treatments for diseases like cancer. you know what? they are not done yet. mr. speaker, do democrats really believe that spending hundreds of billions of tax dollars right
now while pursuing and punishing productive investments in the long run will lower inflation? policies like that don't lower inflation, they cause inflation. you're going to spend more dollars chasing the same goods with fewer jobs and lower income in the long run. all during a recession. but i know what you're going to say. it's ok. because you changed the definition of a recession now. einstein once said, we all know it, the definition of insanity is doght same thing over and over and expecting a different result. what you really should do is go with changing the definition. maybe people won't hear or understand t we all know across this country what caused inflation. democrats winning the house, senate, and the presidency.
and now you're doubling down on the same failed policies. was the worst inflation 40 years not enough? are they trying to see how high they can get it? all while forcing the american people to pay the bills for your failures? democrats just can't help themselves. they simply don't care about the consequences. which brings me to this morning's news. the bureau of economic analysis announced the g.d.p. fell by .9 in the second quarter. i'm not sure, mr. speaker, if everybody's lined up to talk about that today. this comes after a 1s 6 decline in the economy in the first -- 1.6 decline in the economy in the first quarter. half of this year the economy shrank. it is no wonder an overwhelming
eight in 10 americans feel the economy is heading in the wrong direction. and the national federation of independent businesses, this is a survey, a small businesses, found that the confidence is at its lowest level in 48 years. but i guess that's putin's fault. consumers and businesses are losing hope and there is no secret why. every week the american people know we are able to buy less with the money we have. every week at the gas pump we are paying nearly twice as much to fill up our tanks. every month the american people know when they get their pay stubs they are making less in real wages. and every day the american people understand the simple truth. we cannot afford democrats' failed policies. we are certainly paying for them. of course president biden and speaker pelosi won't admit it.
their response to rising prices has been to issue dismissals, denials, distortions, and a little deceptive spin. remember when president biden told us last july that inflation was temporary and expected? remember that? right there. many told us in december that inflation had peaked, no more fear. it's peaked. that was at 7.0. democrats tried to convince us that inflation was a good thing. remember secretary yellen said this week that a recession isn't a recession, but rather our country is in a period of transition in which growth is slowing. that's weird, huh? we all learn that a recession is really easy. you take two quarters in a row
and you have negative growth. but it's weird beginning this week the white house told us, i don't know, i looked in every book, but we are changing the definition now. we changed each and every place of where we went. we started at temporary, first covid's fault. then don't worry it's transitory, not going to stay. then we found out corporate greed is doing this. then it's just the high class problem. it's their problem. nobody else's. then it's ok. it's peaked. then when it went higher, it's the supply chain's fault now. no, no, no. now it's putin's fault. eventually americans may believe something. then it's just out of date. now, no, no, it's not a recession. the economy is just slowing. you would rather redefine a recession than restore a healthy
economy? the american people know that inflation was not temporary. inflation hadn't speaked and now we are in a recession -- peaked and now we are in a recession. democrats continue to talk down to american families. no matter the increased cost of nearly everything. but you know the worst part about all of this? mr. speaker, i see people here ready to speak. mr. speaker, i wonder, madam speaker, i wonder if anyone's going to speak and show us your plan. show us your plan to get us out of recession. show us your plan to make our streets safe again. show us your plan that you are going to produce more and lower the gas price. i guess your plan is just redefine and blame something else. their failed policies have not only made inflation worse, you created it.
democrats have increased total government spending by over $9 trillion in less than 18 months. for every american if you wonder do elections have consequences, yes, they do. oh, yes, they do. $9 trillion in 18 months. the democrats control the house, they control the senate, they control the white house. this is what they brought us. we have not felt this in more than four decades. 60% of every american has never lived through inflation above 4%. they halted energy projects. slowed down pipeline construction. and took every step to discourage american oil and gas production. you know, when they had the majority like they do right now, they brought in all the energy companies. not one democrat asked how could we lower the gas price.
you know what they made every c.e.o. do? they asked them, would you promise to produce less next year? because we want the gas price higher. we want to punish americans. that was their question. to produce less. they want to intimidate them. and they crippled the labor market by paying people to stay home instead of going back to work. including themselves. this is the only place in america you can go and enjoy a wedding in france for some movie star and still vote on this floor and get paid for it. this is the only place in america you could be on a boat celebrating, still vote in this house or in your committee and get paid for it. . this is the only place in
it doesn't matter what we've gone through. a pandemic, a war. and you know what, madam speaker, i don't see one member wearing a mask. and we were only going to keep that during the pandemic. i see one. i stand corrected. but i guess the rest of you feel it's ok. if this sounds like a healthy economy to you, i hear there's an opening at the white house press office. but for the rest of us that live in reality, it's painful. i want to ask everybody in america, can you afford to give up one month income? think about it. could you give up one month of your pay up? i don't know very many people in my district that can. madam speaker, maybe paul pelosi can but nobody i know else can. but that's exactly what you took from every single american.
you see, inflation is so high, every single american has lost a full month's pay. can americans afford to keep the democrats in power? can you afford to lose another month's pay? or do you feel good it's not a recession or it's putin's fault? if you had a constant salary, like everybody in this body, one month is 8.3% of those 12 months. inflation is higher so you just lost a full salary. so you have less money but you pay more at the gas pump. but it's ok. tell everybody to go buy an electric car at $80,000. i wonder what your answer is to the homeless. buy a house?
you know, if you think about this, this is actually the pelosi's pay cut, because not one republican voted for your $2 trillion inflation-creating bill. not one. the pelosi pay cut effects every american. it's especially hard on families who have extra expenses. i don't know if you watched the clip, but i watched this clip of a 15-year-old girl named ginger vincent from indiana. this poor girl was diagnosed with bone cancer and she has to travel every week for treatment. located more than an hour away. last year her parents, keith and elisa, paid around $100 each week for that trip. but because of the surge in gas price -- but it's ok if i listen
to the democrats. the president said it's a good thing. a good thing. they're now spending more than $200 each week. they also have two other children. the vincents say they simply can't afford the price hike and they've turned to loans to cover the cost. can you imagine having to take a loan to pay for the gas to take your 15-year-old daughter to get cancer treatment at the same time losing a full month of pay? you know what's worse, in this story, that 15-year-old girl, ginger, this is what she said. having watch her parents say we have to pay this bill, we have to pay that, and i'm downstairs and i hear all that. it just seems so stressful. just seems so stressful. they shouldn't have to go through this. madam speaker, my question is --
do democrats agree with secretary buttigieg that the more pain families like the vin vincents feel at the pump is a good thing? madam speaker, that's the secretary of transportation. i guess they seem to agree with him. because rather than having a plan to lower gas prices, their answer is to tell the vincents and others to buy a tesla. they're borrowing money to pay for the gas. and you're telling them to buy a tesla. but you know who's probably happy, because their new deal, you can make $300,000 and that same taxpayer that just lost a month's salary that has to get a loan to pay for the gas, they have to pay more in taxes so somebody else wealthy can get that tax break. that is not compassionate. it's cruelty. and the american people are suffering the consequences every
day. you know, americans aren't imagining that the grocery bills are higher than ever. they are. americans aren't imagining that they have to pay more to fill up their gas tanks. they do. they aren't imagining that their savings are shrinking and their 401-k's have become 201-k's. they are. but let me tell you what they're actually living through and what they're afraid of, what keeps them up at night. higher taxes and higher energy costs. the first house they'll never be able to afford because prices are rising and their incomes are falling. retirement savings that will no longer last long enough. they're worried about how much worse it can get if democrats' failed policies continue. you think for all the suffering that they've caused, there's no way that democrats would do this
on purpose. guess again. everything about the biden recession was predictable and avoidable. only democrats in washington chose not to see it coming. i remember coming to this exact floor warning that if you pass nearly $2 trillion of the american rescue plan you would cause inflation. i listened to the other side. they said it was going to save us. that inflation is exactly what happened. you know it's interesting to see when you look at these lice, producer -- these lines, producer price inflation, you don't have to put here but you can probably put when biden was inaugurated, that's when it all goes up. when did your wages start to drop? the day he was sworn in. the day the democrats took the majority in the house, the senate, and the white house.
when did it really start dropping hard? the day they passed the american rescue plan. but i know they want to reject what republicans say. they don't want to listen to republicans. but you know what, why don't you listen to larry sommers. he worked in the obama-biden administration as the national economic counsel. he was the director of it. he was the secretary of treasury in bill clinton's administration. before the vote he told everybody, the american rescue plan could set off inflationary pressures of a kind we have not seen in a generation. i guess he was right. jason furman, an economic advisor to the obama-biden administration said the same thing. the american rescue plan was definitely too big for the moment. i don't know any economist that
was recommending something the size of what was done. but every democrat was. why don't we go to steve ratner, another obama-biden economist? what did he say? the american rescue plan was democrats' original sin when it comes to inflation. think of that. steve ratner, who worked in the obama-biden administration who tried to help them during an economic crisis, especially when it came to the automobile industry, says this is the original sin, the american rescue plan, that caused inflation. he didn't say it was putin's fault. he didn't say it was temporary. he didn't apologize afterwards because he warned you about it. treasury secretary yellen, i don't know how many calls she made to try to twist arms to get people to vote for it or how many times she went on tv
telling the american public this was a good thing, this was going to put us on the right path. she admitted in may she missed the biggest explosion of inflation in over 40 years. she said i was wrong then about the path that inflation would take. she was wrong when she said it was t transit -- it was transitory. either democrats don't see the worst inflation in 40 years coming or they did and still believe your worsening is worse than credible transition. that explains why president biden, speaker pelosi, senator schumer are still peddling anti-energy policies plus almost $1 trillion in new spending, new taxes on main street. even as these policies destroy our country. it explains why we have john kerry, biden's special envoy for
climate, saying we absolutely don't need to produce more oil and gas in america. this is the leadership of america. we don't need to produce more oil and gas in america, so we'll stop the pipeline on the first day. we'll tell those american workers they're not going to work in america but we're going to go over to saudi arabia. i guess you keep some promises in a campaign when you said you're going to shut down oil and gas in america but you don't keep the promise about saudi arabia. you go there and you fist bump and hope you're going to get more. could you produce more for america? you know what's so sad about all of this? you have no plan to fix it, but you had the plan to destroy it. and it wasn't just republicans who warned you about it. it was your very own democrats who were in obama's administration, who were
economic advisors, who warned you before the vote you'd create inflation. then, you took that vote. only democrats passed that bill. only democrats created inflation. only democrats have shut down our oil and gas. and we haven't even got to defunding the police. i don't know how much time people can warn you. you go to my home state. you go to the city of san francisco. republicans there are only registered about 6.7%. they are not only the second party. but san francisco has even had enough. they recalled their school board against the same policies you pass on this board. they recalled their d.a. it's not just republicans telling you it's hurting. it's america. but you still have no plan, not
one plan. we're one more day here before we're out in august. there isn't one plan proposed. i guess your plan is to follow the president to saudi arabia, but your plan you announced yesterday, the plan you're going to vote on this floor today is only going to create more inflation. you're going to take another paycheck away. it explains why this week and the week before and the week before that and every week in this house you've been in session the democrats have offered no plan to fight inflation. you only fuel it. it's basic economics. 40 years. 40 years we've never experienced this. the last time we experienced
this, we had a democrat-controlled house, senate, and white house. you have no plan to increase energy production to lower the cost of gasoline. in fact, just this week and last week, 218 house democrats voted to continue to sell our strategic oil to communist china. you voted on that on the floor. you've done it twice. so not only do you not have a plan, you're defending china to take the oil we saved to protect america. >> we had now to nationals park for the congressional baseball game that is resuming after a rain delay. this is live coverage on c-span.