At a time when government spending by the trillions is being blamed, in part, for significant increases in costs of food, goods, and services throughout the country, Senate Democrats on Wednesday defeated a GOP proposal to include an inflation impact disclosure in proposed legislation for the sake of transparency.
The proposal offered by Sen. Rick Scott (R-Fla.) comes amid his ongoing effort to inform his voters and constituents about the increasing risks of more inflation due to government spending, which currently has the effect of grossly expanding the supply of money at a time when there is a dearth of goods to purchase due to ongoing global and domestic supply chain backlogs and interruptions.
“American families are worried about growing inflation. I’ve heard countless stories from families across Florida that are having to cut back on purchases because of rising costs. We know that reckless government spending causes inflation, but President Biden and the Democrats have absolutely no plans to slow down spending or get our debt under control,” he said in a statement.
“It’s shameful and I won’t just stand by while they try to drive our nation further into the ground with these horrible policies. Congress must get real about the true cost on every American family that this recklessness brings and start spending responsibly,” he added. “The American people deserve to know how their tax dollars are being spent and each bill’s impact on inflation. I look forward to my colleagues supporting this measure to increase spending transparency.”
But on Wednesday, Senate Democrats voted down his proposal for a change in rules that would require chamber committees to attach an inflation impact statement to legislation so voters would be better informed.
“Tonight, Democrats blocked my simple proposal to provide transparency about how government spending impacts inflation – saying it would be ‘too much work’ for the government,” Scott said on Twitter with a post containing video of him on the Senate floor This is exactly why Americans are fed up with Washington,” he said.
Tonight, Democrats blocked my simple proposal to provide transparency about how government spending impacts inflation – saying it would be "too much work" for the government.
This is exactly why Americans are fed up with Washington. pic.twitter.com/AEX49nkFQ0
— Rick Scott (@SenRickScott) August 5, 2021
In a floor speech, Scott noted that “inflation is a tax, a tax that hurts our families on low and fixed incomes the most.”
Continuing, Scott also railed against Congress continually raising the debt ceiling, comparing it to raising limits on personal credit cards without ever planning to pay them off.
“It’s irresponsible and it’s no way to operate. You would never run your business or family the way Washington runs. It’s wasteful and dysfunctional,” he said.
Currently, the national debt sits at more than $28.6 trillion; in 2016 when Donald Trump took office, the debt had nearly doubled during President Barack Obama’s eight-year tenure to more than $19 trillion. It doubled also during George W. Bush’s two terms, to around $10 trillion when he left office in 2008.
On its current trajectory, the debt is expected to be an eye-watering $48.9 trillion.
Meantime, Scott said his inflation transparency measure is another way Congress can be more open with voters.
“Too many in Washington believe the lie that inflation is impossible, debt doesn’t matter, and spending has no consequences,” he said.
Inflation rose about 5.4 percent year-over-year from June 2020-2021, the biggest increase in decades. It was 1.4 percent during Trump’s final year in office.
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