Click here or on the image above to watch Senator Capito’s floor speech.
WASHINGTON, D.C. — Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Vice Chairman of the Senate Republican Conference, delivered remarks on the Senate Floor regarding President Biden’s pursuit of “Bidenomics” and the damage his policies have inflicted on the American Dream.
In her remarks, Senator Capito highlighted stories that she has heard from West Virginians on how the Biden administration’s economic policies have held them back from success, and outlined Republican solutions to get our nation’s economy on track.
Senator Capito’s remarks, as prepared for delivery, are included below:
“I rise today to speak on behalf of the people I represent in West Virginia, and Americans all across our country, who have been left behind in President Biden’s pursuit of ‘Bidenomics’ and are directly feeling the scars that his administration’s policies have left on the American Dream.
“American families are experiencing ever-increasing financial pressure due to the state of our nation’s economy which is jeopardizing our ability to succeed.
“It is simply unfair that Americans are compromised at every turn due to inflation, increased interest rates, costly regulations, and tax hikes on essential items they need to live.
“Not only is this unfair, but for a country as strong and resourceful as ours, it is simply unacceptable.
“So, let’s have a quick refresher on what exactly ‘Bidenomics’ means.
“What began as an ambiguous term to represent the economic policies of this administration has quickly come to mean that you are spending more and getting less.
“It means that we would see inflation reach a forty-year high and remain persistently above the Fed’s target rate and pre-Biden administration levels.
“That mortgage rates would reach, and remain, at a thirty-year record, and that interest rates would rise at the fastest pace in the last four decades.
“It is truly astounding the difference in interest that American families are paying now, compared to what they were paying at the beginning of 2022.
“The Fed aggressively raised interest rates eleven times between early 2022 and now, from near zero to 5.5 percent in less than two years. This historic increase comes at a cost that Americans have to pay, and is making the dream of affording a home, car, or business seemingly impossible.
“‘Bidenomics’ means that consumer prices are skyrocketing, and that everything from groceries, to energy, and gasoline will stay at nearly unaffordable levels.
“We saw it when we bought Halloween candy and we will see it again when we plan our Thanksgiving meals.
“President Biden refers to ‘Bidenomics’ as an ‘investment in America.’ But the reality is ‘Bidenomics’ is making sure that Americans have nothing left to invest!
“Not into their savings accounts, not into their small businesses, not into their homes, and certainly not into the future of their families.
“I hear about this from West Virginians every time that I go back home. I had the opportunity to hear the story of a gentleman who owns a bus company that operates in West Virginia.
“The challenges his business is facing come from all levels. They own thirty-eight busses but not all are operational. Why is that?
“In addition to elevated fuel costs, he cannot find enough drivers, and lingering supply chain issues have hampered their ability to conduct needed maintenance.
“He said that even when he gets a bus rolling and the group asks to stop for food, he is often met by restaurant owners in the parking lot, who say that their own staffing shortages are preventing them from providing service to the passengers.
“This is just one interaction, but it proves the multifaceted challenges created by ‘Bidenomics,’ the growing negative impact that these policies have made, and the handcuffs placed on our business owners that prevent them from doing their jobs.
“Sustained high inflation and interest rates means that operating costs are at levels where, even if prices are raised, business owners cannot reinvest into their businesses or hire to maintain a workforce.
“And because they’re forced to raise prices, those costs are passed onto the consumer who continues to make difficult choices about how they spend their money.
“Additionally, I continue to hear from West Virginians who are facing difficulties as they are beginning to start their adult lives. They’ve graduated school, found a job, gotten married, and are looking to start a family and a life together.
“But, due to rising interest rates, high inflation, and stagnated wages they are unable to do so.
“These are children who came to age in time of economic success, who saw how their parents provided for them. But, are unable to use the blueprint available to them because of ‘Bidenomics.’
“This shows the direct damage that President Biden and his policies have inflicted on the American dream and the disadvantages that our children will continue to grapple with if we do not change course soon.
“For reasons I do not understand. President Biden continues to travel the country and claim credit for the state of our economy. The president has the right to take the credit but my question is, why would he want to?
“Truth be told, he is selling a false bill of goods, one that the American people are not buying. Quite frankly, they can’t afford to.
“Recent polls show that 76% of Americans think that our country is on the wrong track, and 66%, which is two-thirds of all Americans, rate our nation’s economy as bad.
“These numbers should surprise no one, as American families continue to feel the squeeze of ‘Bidenomics’ at every turn.
“American workers are becoming increasingly concerned that they won’t be able to retire as they originally planned. The optimism of small business owners is continuing to decline, and the credit card debt carried by Americans has hit a record of over $1 trillion.
“On top of all of this, the disappointing October Jobs Report saw unemployment rise and manufacturing decline. Americans are concerned and deservingly so.
“One thing is clear, our country cannot continue on the path that ‘Bidenomics’ has led us down. It makes no sense that the Biden Administration continues to focus federal time and resources to push burdensome Environmental, Social, and Corporate Governance policies instead of promoting pro-growth policies to help bring the U.S. out of the difficult reality that our people are finding themselves in.
“Americans remember times of past economic success and the progress that was generated by lowering taxes, supporting our small businesses, and investing in American energy.
“My Republican colleagues and I continue to craft solutions that promote fiscal responsibility, cut red-tape regulations and executive overreach, and unleash the American energy that we have right here at home.
“Each of these areas is of vital importance to our economy and would provide the relief that American families need at a time when they need it the most.
“I encourage President Biden and my colleagues across the aisle to heed the calls of the American people who face challenges in their pocketbooks every single day.
“Every trip they make to the grocery store, every time they fill up their gas tank, every time they look at their monthly checkbook.
“The focus should be on them, not the persistent and empty pursuit of ‘Bidenomics.’ With that – I yield the floor.”
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