Sen. Chuck Grassley (R-Iowa) made the following statement after the U.S. Bureau of Economic Analysis (BEA) announced this morning a second consecutive quarter of gross domestic product (GDP) contraction, meeting the traditional definition of economic recession.
“Whatever anyone wants to call it, Iowans are feeling the harsh economic realities of the Biden agenda.
“Just yesterday the Federal Reserve chairman reiterated that inflation will persist. Interest rates are climbing, energy prices have ballooned, groceries cost more, and household budgets are breaking.
“The reckless government spending by Congressional Democrats and misguided energy policies of this administration have fueled this crisis. Now, we hear that Democrats are returning to their plans to raise taxes and spend big, going back to the same policies that got us here in the first place.
“Whether or not the White House wants to use the word recession, Biden’s economy isn’t in good shape – and Iowans who feel this impact every day will tell you we’ve been in a recession for months. Just last evening, an Iowan called into my teletown meeting and said with the rising cost of living, he’s getting by on pinto beans and a package of hot dogs for his meals because he can’t afford anything else. The Biden economy is crushing household budgets.”
Grassley has recently introduced two pieces of legislation to protect the diminishing savings of Americans without further feeding the fires of inflation: the Middle-Class Savings and Investment Act and the Family and Community Inflation Relief Act.