~by Sen Chuck Grassley, R-Iowa,
President Biden missed an opportunity to address what’s on the top of mind for Iowans: tackling inflation and bringing down costs for everyday goods, including groceries, gas and utilities. Too many households are living paycheck to paycheck. Americans feel worse off today than when the president took office. That’s because higher prices are wiping out wage gains, making it harder for families to make ends meet and forcing many to dip into savings to pay the bills.
Instead of tackling sky-high inflation, the Biden administration doubled down on more spending. Don’t forget in the last Congress, it went on a partisan $3 trillion spending binge — chasing nearly $4 trillion in pandemic relief already in the pipeline from 2020. This cavalier spending spree fueled the fires of inflation.
Now, with interest rates on the rise, borrowing costs are ramping up on the federal debt. Every dollar needed to finance the $31 trillion debt is one less dollar available for tax cuts, farm programs, and benefits for veterans and seniors. What’s more, when the government borrows money, it drives up borrowing costs for credit card holders, small businesses, car owners and homeowners.
My advice to President Biden: When you’re in a hole, quit digging. Until we get our fiscal house in order, the national debt will loom large over America’s prosperity and national security. The $31 trillion debt is more than 100 percent of the nation’s gross domestic product. That amounts to nearly $94,000 for every man, woman and child in America.
Washington’s insatiable appetite for spending needs to stop and President Biden ought to be leading the charge for fiscal discipline instead of fearmongering about the insolvency facing Social Security and Medicare. Instead, he continues to level disingenuous partisan attacks to scare Americans. So much for his pledge to heal the “soul of the nation.” Thanks to President Biden, America is as polarized as ever.
