Nov 13 2023
“Our Economy is Sick, and This Administration is Making It Sicker with Every Reckless Financial Decision."
WASHINGTON, D.C. – U.S. Senator Deb Fischer (R-Neb.) spoke on the Senate floor recently about President Biden’s failing economic agenda and the damaging impact of “Bidenomics” on families and small business owners across Nebraska. In her remarks, Senator Fischer discussed how skyrocketing inflation has driven up costs for fuel oil, electricity, groceries, and even Halloween candy.
Following is a transcript of Senator Fischer’s remarks as prepared for delivery:
Last winter, a restaurant and a bakery near Omaha, Nebraska both closed their doors.
The restaurant owner said, “We have to close, there’s no way around it.”
The owner simply couldn’t keep up with food and labor costs that were going through the roof. Costs that have been catapulting higher and higher ever since President Biden implemented his so-called Bidenomics agenda.
The bakery owner had a similar story as she closed her doors. She said that rising costs “made it impossible to continue.”
Inflation took a sledgehammer to these small businesses, as well as the livelihoods of their owners and employees.
M. President, that’s Bidenomics in Nebraska.
Starting and sustaining a family business is already a massive undertaking. That work combined with the burden of oppressive inflation becomes too heavy for some families to carry.
And the coming months may add even more to that heavy load.
As we close in on the winter season, days are getting colder and darker. That means many family-owned shops will lose significant business.
Fewer customers will venture out to shop at small businesses, and they’ll do it for fewer hours of the day. That will cut down on the amount of profit these businesses make.
But not only that — while profit decreases, costs will go up. Because it’s colder, small businesses will spend more of their money on energy bills to heat their buildings.
Winter can pose challenges for family-owned businesses every year. This year, that’s especially the case.
Since President Biden took office, energy prices have risen by 44 percent. The burden of a higher energy bill during the winter months is 44 percent heavier.
Fuel oil is 51 percent more expensive — that’s an astounding number.
Electricity has gotten 26 percent more expensive and natural gas 22 percent more expensive.
This winter, there may be Nebraska businesses that follow in the footsteps of that Omaha restaurant and bakery — losing so much money to inflation that they’re forced to close up shop.
Spending hundreds more dollars on basic business necessities is unsustainable for a family-owned business.
That’s Bidenomics in Nebraska.
Inflation burdens businesses, but that’s not where it stops. Inflation is costing the average Nebraska household $988 per month.
Families are paying more for everything from eggs to gas to mortgage payments. And this October, for the second year in the row, candy inflation hit double digits.
When buying Halloween candy contributes to a middle-class family’s financial struggle, we’ve got a serious problem.
That’s Bidenomics in Nebraska.
Nebraskans know Bidenomics isn’t working. And so do the American people.
In a New York Times poll this weekend, 81 percent of respondents said the economy is less than good. Over half said economic conditions are poor.
Our economy is sick, and this administration is making it sicker with every reckless financial decision.
Since January 2021, this administration’s been trigger-happy with heavy-handed regulations — instead of listening to the people and putting a stop to these outrageous levels of inflation.
We know how to heal the economy. It’s just a matter of getting it done.
The administration has got to stop with its reckless spending. The president needs to reverse course on damaging regulations like his ineffective Inflation Reduction Act — and he certainly needs to refrain from passing more of it. We need to unleash American energy so our economy can breathe again.
Bidenomics means sky-high prices, hollowed-out savings, and costly interest rates. We can combat it with less spending, less regulation, and more American energy.
Thank you, M. President, I yield the floor.