Sen. Rick Scott: Democrats’ Reckless Tax and Spend Agenda Continues to Fuel Biden’s Raging Inflation Crisis

August 27, 2021

WASHINGTON, D.C. – Today, Senator Rick Scott released the below statement following the latest Personal Consumption Expenditure (PCE) data from the Bureau of Economic Analysis. According to the July data released this morning, the PCE price index has risen 4.2%—the largest annual increase in inflation reported this year and the highest reading since January 1991. This data shows how rising inflation, caused by Democrats’ reckless government spending, is shrinking budgets for families as the prices of everyday goods continue to skyrocket. This report drops the same day that Federal Reserve Chair Jay Powell delivered remarks at the Jackson Hole Economic Policy Symposium, signaling that the Federal Reserve would begin reducing its $120 billion monthly purchases of Treasury and mortgage-backed securities – a policy that Senator Scott has called for since April.

This release comes as Democrats push a reckless, and unpaid for, $5.5 trillion tax-and-spending spree that is estimated to drive the federal debt to more than $45,000,000,000,000 by 2031 – a more than $15,000,000,000,000 increase in just 10 years, further fueling Biden’s raging inflation crisis.

Senator Rick Scott said, "At a time when families are struggling, Chair Powell is playing a dangerous game. Today, he inferred that after enduring months of this inflation crisis, continuing the billions of dollars in monthly bond purchases has not sparked the economic growth to make up for the rising inflation. Hardly a novel idea. Since April, I have been calling on the Federal Reserve to address this inflation crisis and stop manipulating the American economy through monthly purchases of hundreds of billions of dollars in Treasury bonds and mortgage-backed securities. Now, for the 7th month in a row, prices have increased on everyday goods, making it harder for low and fixed-income families, like mine growing up, to make ends meet. Chair Powell, President Biden and Democrats in Washington need to wake up to this reality and stop wasting American taxpayer dollars as families struggle to deal with the consequences, like skyrocketing inflation. We can’t stand by and let these failed policies ruin our country and kill the American Dream. I’ll keep fighting every day against Democrats’ out-of-control spending that is putting America’s future at risk.”

Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation: