Research | The Leader Board | THE NEWSROOM | Republican LeaderSkip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELL×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUFacebookTwitterInstagramFacebookTwitterInstagramVisit Senator McConnell's site here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUHomeTHE NEWSROOMThe Leader Board10.10.24Kamala Harris Promises Americans More Of The Same High PricesAs Inflation Remained Above The Fed’s Target Rate Yet Again In September, Vice President Kamala Harris Announced ‘There Is Not A Thing’ She Would Have Done Differently Than The Failed ‘Bidenomics’ Policies That Produced The Worst Inflation in Forty YearsSeptember 2024 Marks 43 Straight Months Of Inflation Exceeding The Federal Reserve’s Target Rate During The Biden-Harris AdministrationSince Vice President Kamala Harris cast the tie-breaking vote for Democrats’ first massive government spending plan in March 2021, monthly year-over-year inflation has been over the Fed’s 2% target rate for FORTY-THREE straight months. (Bureau of Labor Statistics, Accessed 10/10/2024)· During that time, twenty-six straight months, over two years, featured inflation exceeding 4%. (Bureau of Labor Statistics, Accessed 10/10/2024) Prices Rose Again In September, While Core Prices ‘Remained Elevated … Driven Higher By Rising Costs For Medical Care, Clothing, Auto Insurance And Airline Fares’“The consumer-price index rose 2.4% from a year earlier, the Labor Department said Thursday, after rising 2.5% in August. That was above the 2.3% year-over-year rise that economists polled by The Wall Street Journal had expected. Core prices, which exclude volatile food and energy items, climbed 3.3% over the previous 12 months, slightly hotter than the 3.2% rise in August. That was also above expectations.” (The Wall Street Journal, 10/10/2024)· “‘[C]ore’ prices, a gauge of underlying inflation, remained elevated in September, driven higher by rising costs for medical care, clothing, auto insurance and airline fares.” (The Associated Press, 10/10/2024)‘The Bulk Of September’s Monthly Increase Was Driven By A Rise In Prices For Housing And Food’“The bulk of September’s monthly increase was driven by a rise in prices for housing and food, which increased by 0.2 percent and 0.4 percent, respectively.” (The Washington Post, 10/10/2024)“Restaurant food prices increased 0.3% last month and are up 3.9% in the past year. And clothing prices rose 1.1% from August to September and are up 1.8% from a year ago.” (The Associated Press, 10/10/2024)‘We Have Not Yet Achieved Our Inflation Goal’“Given the continued price increases in some categories, and the fact that core inflation remains above the Fed’s target, some officials at the central bank have taken a warier stance toward rate cuts. They don’t want to lower borrowing costs too much too quickly, making it harder to fully snuff out price increases in the longer run. ‘We have not yet achieved our inflation goal,’ Michelle Bowman, a Fed governor, wrote explaining why she had voted against September’s big rate cut in favor of a smaller move.” (The New York Times, 10/10/2024)· “[T]he inflation data probably dispels any lingering suspicion that the central bank might opt for a larger rate reduction at its upcoming meeting — already a very slim prospect. ‘The Fed doesn’t need to do half-point rate cuts, because inflation is still somewhat of a risk,’ [Gennadiy] Goldberg [head of U.S. rates strategy at T.D. Securities] said.” (The New York Times, 10/10/2024) ‘Food Inflation Sped Up In September’ And ‘The Overall Cost Of Food Has Not Fallen’“Food prices rose 0.4 percent over the month, a faster rate from the month before, when they climbed 0.1 percent. Grocery prices rose 0.4 percent after remaining flat in August. The cost of dining out climbed 0.3 percent, the same rate as the prior month.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024)· “Food price increases also sped up from a year earlier. They were up 2.3 percent in the year through September, a slight uptick from 2.1 percent in August.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024)“Once again, the price of eggs spiked in September, accelerating gains in the overall cost of food from a month earlier.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024)· “[O]ne stubborn and volatile part of the food index continues to be eggs, a household staple whose rising cost has contributed to consumer frustration over high prices.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024)“Prices for fruits and vegetables also climbed 0.9 percent over the month. That was up from the previous month, when they fell 0.2 percent. Meats, poultry and fish prices climbed 0.2 percent, down from 0.5 percent in August.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024)“Although food prices are not rising as rapidly as they were a few years ago, the overall cost of food has not fallen. That has frustrated grocery shoppers and posed a persistent challenge for Democrats ahead of the election.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024)· “Jennifer McGee, 48, a children’s book author in Newnan, Ga., said the higher cost of food had significantly affected her budget, and she often planned her family’s meals around products that were on sale at the grocery store. Because her monthly grocery costs had increased roughly 30 percent compared with four years ago, Ms. McGee said she had to work more hours and went on fewer vacations.” (“Food Inflation Sped Up In September.” The New York Times, 10/10/2024) The Cumulative Effect Of Inflation Since President Biden And Vice President Harris Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And MoreSince President Biden and Vice President Harris took office, inflation has increased 20.54%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Grocery (food at home) prices have increased 22.08%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Prices for food away from home have increased 23.71%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Energy prices have increased 34.33%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Prices for fuel oil have increased 37.44%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Gasoline (all types) prices have increased 38.43%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Natural gas prices have increased 24.03%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Electricity prices have increased 31.26%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Rental prices for a primary residence have increased 22.93%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Prices for used cars and trucks have increased 18.99%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Prices for new vehicles have increased 18.78%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Furniture prices have increased 12.88%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Apparel prices have increased 15.07%. (Bureau of Labor Statistics, Accessed 10/10/2024)· Airline fares have increased 24.5%. (Bureau of Labor Statistics, Accessed 10/10/2024)‘A Long Stretch Of Sharp Increases Has Left Prices Much Higher’“[A] long stretch of sharp increases has left prices much higher than before the coronavirus pandemic, leaving scores of households and businesses with the feeling that the economy isn’t working for them.” (The Washington Post, 10/10/2024)“Rising prices have plagued consumers, corporations, politicians, economists and the Federal Reserve since inflation spiked during the pandemic. Now, with less than a month before the presidential election, prices remain a key issue for voters.” (The Wall Street Journal, 10/10/2024)· “[M]ost voters still give the economy relatively poor marks, mostly because of the cumulative rise in prices over the past three years.” (The Associated Press, 10/10/2024)‘The Biden Inflation Has Left Most Americans Worse Off Than They Were Before The Pandemic’THE WALL STREET JOURNAL EDITORIAL BOARD: “Kamala Harris says the Biden Administration rescued the U.S. economy. The truth is that the Biden inflation has left most Americans worse off than they were before the pandemic. The latest evidence comes from Tuesday’s Census Bureau report on household income, poverty and health coverage in 2023.” (Editorial, “Why Americans Are Sour on the Economy,” The Wall Street Journal, 9/10/2024)· “Real median earnings for full-time workers last year declined 1.6% and even more for high-school grads (3.3%). This means inflation outpaced wage gains for most low-wage workers. One culprit may be that workers logged fewer hours and less overtime as the labor market started to soften, especially in leisure, hospitality and manufacturing. The upshot is that real median household income remains lower than in 2019 and has barely grown since 2020.” (Editorial, “Why Americans Are Sour on the Economy,” The Wall Street Journal, 9/10/2024) Earlier This Week, Vice President Harris Declared ‘There Is Not A Thing’ She Would Have Done Differently Than President Biden And Touted How She Was ‘Part Of Most Of The Decisions’ Made In The Administration“Vice President Harris said during an interview with ABC News’ ‘The View’ on Tuesday that ‘there is not a thing that comes to mind’ when asked whether she would've done anything differently than President Biden. Voters largely disapprove of Biden's handling of issues like inflation … Rather than distance herself, though, she has mostly embraced Biden's policies as she runs for the White House. ‘I've been a part of most of the decisions that have had impact,’ Harris said on ‘The View.’” (“Harris: ‘Not A Thing’ She'd Have Done Differently Than Biden,” Axios, 10/08/2024)· PRESIDENT JOE BIDEN: “She was a major player in everything we’ve done, including the passage of legislation which we were told we could never pass … She’s been, and her staff is interlocked with mine in terms of all the things we’re doing.” (CNN, 10/06/2024)“Harris has had to balance embracing a president with whom she served while also proposing ‘a new way forward’ in her campaign. Before he ended his reelection bid in July, Biden was suffering from dismal approval ratings and trailing Trump in polling in some key battleground states. Polls still show more Americans believe the country is on the wrong track than the right track.” (“On Differences With Biden, Harris Says ‘Not A Thing That Comes To Mind,’” The Washington Post, 10/08/2024)· “‘In mid-September, the Democratic research and polling initiative Blueprint conducted a national poll testing a long series of potential statements Harris could make about herself and Biden. Those that performed best, the polling found, ‘were those that displayed a clear break between her and Biden,’ while those that performed worst were ‘those that portrayed a future Harris administration as building on the accomplishments of the Biden era.’” (CNN, 10/06/2024) In Other Words, Harris Is Saying She’d Implement All The Same Failed Economic Policies That Resulted In Higher Prices For Everything Over The Last 3 Years‘Many Of Harris’s Plans Amount To An Extension Of [Biden’s] Policies’“Many of Harris’s plans amount to an extension of [Biden’s] policies—a reflection of political realities, too. Harris entered the race late in the process, when Biden dropped out in July, leaving her little time to develop her own economic policy and make her case to voters. Her approach borrows much from Biden…” (“Harris Economic Plan Takes Shape With Big Focus On Consumers,” The Wall Street Journal, 10/05/2024)Harris Herself Reminded The Country That She Cast The Tiebreaking Votes To Pass Democrats’ Reckless Taxing And Spending Sprees That Led To The Highest Inflation Since The 1980sVICE PRESIDENT KAMALA HARRIS: “[I]n fact, I was the tie-breaking vote on the Inflation Reduction Act …” (ABC News Presidential Debate, 9/10/2024)March 4, 2021: Vice President Kamala Harris cast the tiebreaking vote on the motion to proceed to H.R.1319, the so-called American Rescue Plan Act. (H..R. 1319, Roll Call Vote #73: Passed 51-50 With Vice President Vote: D 48-0; R 0-50; I 2-0, 3/04/2021; VP Harris Voted Yea)August 6, 2022: Vice President Harris cast the tiebreaking vote on the motion to proceed to H.R. 5376, the so-called Inflation Reduction Act. (H.R. 5376, Roll Call Vote #287: Passed 51-50 With Vice President Vote: D 48-0; R 0-50; I 2-0, 8/06/2022; VP Harris Voted Yea)August 7, 2022: Vice President Harris cast the tiebreaking vote to pass the so-called Inflation Reduction Act. (H.R. 5376, Roll Call Vote #325: Passed 51-50 With Vice President Vote: D 48-0; R 0-50; I 2-0, 8/07/2022; VP Harris Voted Yea)HARRIS: ‘That Is Called Bidenomics, And We Are Very Proud Of Bidenomics’“In her CNN interview Thursday, Vice President Kamala Harris gave her most forceful defense of President Biden’s economic record since becoming the Democratic nominee for president.” (“Inside Harris’ Delicate Balancing Act On The Economy,” Axios, 8/30/2024)· “As vice president, Harris has largely moved in lockstep with President Biden on economic issues, and some analysts see this record as a road map. ‘In general, we think she’ll pick up the Biden-Harris mantle,’ policy analysts at Evercore ISI said in a note Tuesday.” (“What Would a Harris Presidency Mean for the Economy?” The Wall Street Journal, 7/24/2024)“Harris did her part. ‘Bidenomics is working,’ she said in Pleasant Prairie, Wis., last August. But the public, still smarting over high inflation, remained skeptical. Former President Trump routinely received better marks on the economy.” (“Inside Harris’ Delicate Balancing Act On The Economy,” Axios, 8/30/2024)· VICE PRESIDENT HARRIS: “[T]hat, my friends, is called Bidenomics. (Laughs.) … And Bidenomics is working.” (Vice President Harris, Remarks, Seattle, WA, 8/15/2023)· VICE PRESIDENT HARRIS: “All that, ladies and gentlemen and everyone else — that is called ‘Bidenomics.’ That is called Bidenomics, and we are very proud of Bidenomics.” (Vice President Harris, Remarks, Washington, DC, 8/04/2023)“Voters, still feeling the pain of high prices, roundly rejected Biden’s efforts to tout the success of what he called ‘Bidenomics’ by pointing to positive economic data.” (“Harris Economic Plan Takes Shape With Big Focus On Consumers,” The Wall Street Journal, 10/05/2024)‘The Original Sin Was The $1.9 Trillion American Rescue Plan’“Economists largely agree that the pandemic stimulus and other spending bills Mr. Biden signed over the past two years have added to inflation …” (“An Inflation-Driven Midterm Will Not Change Biden’s Economic Focus,” The New York Times, 11/10/2022)· “Many economists have suggested that President Joe Biden’s stimulus package in March 2021 intensified the inflation surge.” (The Associated Press, 7/12/2023)· STEVEN RATTNER, Former Obama Administration Counselor to the Treasury Secretary: “The original sin was the $1.9 trillion American Rescue Plan, passed in March [2021]. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today’s inflation levels.” (Steven Rattner, Op-Ed, “I Warned the Democrats About Inflation,” The New York Times, 11/16/2021)· FORMER TREASURY SECRETARY LARRY SUMMERS: “I’m not sure that we would have the inflation if there had never been a pandemic and, even if there had been a pandemic, without the overwhelming stimulus that was applied well into recovery — during 2021.” (“Summers Says Pandemic Only Partly To Blame For Record Inflation,” The Harvard Gazette, 2/04/2022)· “‘The United States has had much more inflation than almost any other advanced economy in the world,’ said Jason Furman, an economist at Harvard University and former Obama administration economic adviser, who used comparable methodologies to look across areas and concluded that U.S. price increases have been consistently faster. The difference, he said, comes because ‘the United States’ stimulus is in a category of its own.’” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)· THE WASHINGTON POST’s FACT CHECKER: “[I]t’s generally believed that some inflation can be attributed to [Biden’s] covid relief bill.” (“Fact-Checking Biden’s Claims As He Seeks To Save His Candidacy,” The Washington Post, 7/10/2024) The Economy Is Still The ‘Most Important Issue’ To Americans In Their ‘2024 Presidential Vote’“The economy ranks as the most important of 22 issues that U.S. registered voters say will influence their choice for president. It is the only issue on which a majority of voters, 52%, say the candidates’ positions on it are an ‘extremely important’ influence on their vote. Another 38% of voters rate the economy as ‘very important,’ which means the issue could be a significant factor to nine in 10 voters.” (“Economy Most Important Issue to 2024 Presidential Vote,” Gallup, 10/09/2024)· “The current 52% of voters rating the economy as an ‘extremely important’ influence on their vote for president is the highest since October 2008 during the Great Recession, when 55% of voters said the same.” (“Economy Most Important Issue to 2024 Presidential Vote,” Gallup, 10/09/2024)“Economic confidence in the U.S. has been persistently low this year, which is reflected in U.S. voters rating the economy as the most important issue impacting their choice for president. While the economy often ranks as one of the top voting issues in presidential elections, this year it may be more influential than in any election since 2008 during the Great Recession.” (“Economy Most Important Issue to 2024 Presidential Vote,” Gallup, 10/09/2024) ###SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Democrats' Reckless Taxing And Spending Spree, Economy, InflationPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
