WASHINGTON – Sen. John Kennedy (R-La.) today explained how inflation is crippling American families and urged his fellow lawmakers to reduce federal spending and U.S. debt accumulation.
“The inflation we're experiencing today is the highest since 1982, and it really is ravaging the American people . . . Every time they go to the grocery store, they feel like prices have gone up eight percent,” said Kennedy.
“If we don't slow the rate of growth in our spending—if we don't slow the accumulation of debt—that is going to cause the Federal Reserve to raise interest rates even higher to slow the economy, to raise the unemployment rate, to throw people out of work,” he explained.
“Congress can help, but it's going to require help from both sides. Both Democrats and Republicans are going to have to agree to spend less money . . . We've got to reduce the rate of growth in our spending, and we have got to reduce the rate of accumulation in our debt.”
“All you have to do is look at history, and the only way we conquered inflation the last time it was this bad, in the 1980s, was through the cooperation of the Federal Reserve doing its job on the monetary side but also this Congress doing its job on the fiscal side,” Kennedy concluded.
View Kennedy’s full remarks here.