WATCH: Sen. Marshall Rips Biden Admin for Spiraling Economic Downturn on Senate Floor

(Washington, D.C., September 22, 2022) - U.S. Senator Roger Marshall, M.D. held the Biden Administration responsible for its economic policies that caused high consumer prices and financial uncertainty for millions of Americans in a speech on the Senate floor this afternoon. Data released last week showed inflation was 8.3% in August, remaining near 40-year highs and an overall increase of 13.2% since President Biden took office in January 2021. While you may click HERE or on the image below to watch Senator Marshall's full speech, he said in part,

"In Joe Biden's America, it costs more to feed your family. In Joe Biden's America, your commute to work is more expensive. In Joe Biden's America, it is a struggle to pay the bills that power your home. In Joe Biden's America, farmers and ranchers are facing such high input costs that they are struggling to grow the food that feeds our nation and those around the globe. And, in Joe Biden's America - just as kids are heading back to school - the price of school supplies has increased by 9.3 percent… This is all thanks to the Democrats' massive, hyper partisan tax and spend bills and of course their business-crushing federal regulations… Kansans are hurting. Main Street merchants are hurting… What's more, Sunday night on 60 Minutes, the President said that inflation was up, 'just an inch, hardly at all…' I cannot imagine an Administration more out of touch - more apathetic to the pain of the people who elected him - than this one… Inflation is going to be Joe Biden's legacy to the American people… Make no mistake about it: after almost a year and half of financial anxiety and paychecks that aren't going as far, Americans have had enough of the failing economic agenda of Joe Biden and this Democratic majority in Congress. November can't come soon enough…"

Senator Marshall Full Remarks as Prepared:

Last week, we received what might have been the worst economic news of my lifetime.

In Joe Biden's America, it costs more to feed your family.

In Joe Biden's America, your commute to work is more expensive.

In Joe Biden's America, it is a struggle to pay the bills that power your home.

In Joe Biden's America, farmers and ranchers are facing such high input costs that they are struggling to grow the food that feeds our nation and those around the globe.

And, in Joe Biden's America - just as kids are heading back to school - the price of school supplies has increased by over 9 percent.

This President continues to preside over the worst economy most Kansans have ever seen in their lifetimes.

This is all thanks to the Democrats' massive, hyper partisan tax and spend bills and of course their business-crushing federal regulations.

As you can see on this chart, inflation was just 1.4 percent in January 2021.

Today? Well it's over a staggering 8 percent, almost 6 times higher than when Joe Biden took the reins, and his woke, inflationary policies wrecked our economy.

Look, energy, groceries, and shelter account for two thirds of inflation, and always lead inflation. Inflation is not going away unless this administration does an about face on its policies, and we know that's not going to happen.

Let's take a look at what Joe Biden has done:

Energy, up 23 percent.

Groceries? Up, 13 percent.

And Shelter? Up, 6 percent. You might ask why? Well… look, mortgage rates on 30 year loans have quadrupled under this president.

Energy, groceries, shelter, all up across the board. All are essential to individual comfort and prosperity.

And finally, have you looked at your retirement accounts lately?

Down, if you're lucky maybe some 17 percent off its peak values.

Kansans are hurting.

Main Street merchants are hurting.

Instead of helping, this Administration continues to pour gas on the fire with another massive spending bill and then they had the gall to publically celebrate last week on the South lawn of the White House - the very day that the stock market went into a spiral after the CPI came in showing the highest inflation rate in nearly 40 years.

What's more, Sunday night on 60 Minutes, the President said that inflation was up, quote "just an inch, hardly at all." end quote.

Are you kidding me?

I cannot imagine an Administration more out of touch - more apathetic to the pain of the people who elected him - than this one.

An 8.3 percent increase over last year is not "just an inch." This kind of minimization infuriates everyone. I've heard it at all of my 100 town hall meetings.

Let's not forget, since Joe Biden took his oath, inflation has increased over 13 percent. 13 percent!

Mr. President, when you live pay check to pay check, 13 percent is not just an inch… Americans are much smarter than you think.

Inflation is going to be Joe Biden's legacy to the American people… And our history books, the texts my grandchildren - two of whom are sitting up in the gallery today - will study and see a graphic like the one behind me.

If anyone was hoping that the Federal Reserve would be able to slow down on interest hikes, you can think again. This month's numbers made it clear to the FED that their job is far from over, forcing them to raise interest rates by another 75 basis points.

Interest is going to keep increasing unless they reverse their policies.

Life will continue getting more expensive.

Why? Because Joe Biden will not reverse his woke, inflationary policies.

Even now President Biden and the Democrats want to continue to tax and spend us further into a recession.

Make no mistake about it: after almost a year and half of financial anxiety and paychecks that aren't going as far, Americans have had enough of the failing economic agenda of Joe Biden and this Democratic majority in Congress.

November can't come soon enough.

Come January, the tax and spend agenda will come to an immediate end. We will not allow this Administration to further damage this country with their failed economic agenda.

Before COVID we had the greatest economy in generations. We accomplished this by slashing taxes and getting out of the way of industry and letting American producers produce.

This is what the American people want, this is what the American people deserve.

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