Lafayette Reporter

On the Senate floor today, Senator John Kennedy of Louisiana expressed his concerns about the impact of President Joe Biden's economic policies on American families. He highlighted how Washington's excessive spending has led to lower real wages, increased credit card debt, and diminished savings accounts.

According to Senator Kennedy, inflation caused by Bidenomics is taking a toll on average families. He stated, "As a result of Bidenomics and inflation, in my state, the average family making $80,000 a year is going to have to pay an extra $800 a month because of inflation. That’s an extra $10,000 a year. . . . That’s happening right now to millions of Louisianians and millions of Americans. What are you going to do?"

The senator emphasized that a pay raise alone is not enough to combat the rising costs. He explained, "A pay raise doesn't work. It’s great to have, but inflation eats it up and then some. Well, ok, that family’s still got to find $10,000. What do you do? Well, you go borrow the money, and that’s what’s happening: Credit card debt. Buy now, pay later. Or other types of loans. Don’t just take my word for it. On the last numbers we have in the third quarter of this year, credit card spending was up 9% at Chase Bank. It was up 15% at Wells Fargo."

Senator Kennedy highlighted the increasing reliance on credit cards and the growing burden of debt. He warned, "People are using credit cards. They are charging more and more, and they’re paying less and less on those credit cards. They’re getting deeper, deeper into the hole."

Furthermore, the senator pointed out that people are depleting their savings to cope with inflation. He shared data from Chase Bank, stating, "If you look at the numbers, personal deposits are down 3% year-over-year at Chase Bank. What does that mean? It means people are raiding their savings accounts to deal with this inflation."

In conclusion, Senator Kennedy emphasized the real-life consequences of Washington's actions on average American families. He expressed his concern that people are forced to borrow and dip into their savings, describing it as a "cancer on the American dream."

It is clear that the impact of inflation is taking a toll on American wages and the financial stability of households. Senator Kennedy's remarks shed light on the struggles faced by many families in the current economic climate.

For additional details, please follow this link: https://www.kennedy.senate.gov/public/press-releases?ID=D02BCFEF-8CD7-441E-943C-AA65829A099C