Sen. Rand Paul of Kentucky argued that if members of Congress really wanted to address the nation’s high inflation rate, they would not be passing the $1.7 trillion omnibus spending bill.
The consumer price index — which tracks the cost of goods and services — was up 7.1 percent in November from a year ago, CNBC reported.
Paul tweeted Wednesday, “If there are people in Congress who do care, who do really care about those who are struggling with the burden of inflation, the best way is to quit digging the hole deeper. Quit adding to the debt and begin to balance our budget.”
If there are people in Congress who do care, who do really care about those who are struggling with the burden of inflation, the best way is to quit digging the hole deeper. Quit adding to the debt and begin to balance our budget. https://t.co/PcEhqQrBj3
— Rand Paul (@RandPaul) December 21, 2022
The senator wrote in an accompanying blog post, “GOP Leadership declares the Pelosi-Schumer spending bill is a victory. Well, not unless you define victory as adding over a trillion dollars in new debt.”
“So really, there is a debate, a big debate within the Republican Party. Which is more important? Is it more important to add $45 billion to military spending, or is it more important not to add another $1 trillion to our overall debt?” Paul asked.
I wonder how long it would take the clerk to read this… pic.twitter.com/iaphBzTEsS
— Rand Paul (@RandPaul) December 20, 2022
He went on to argue the $31 trillion and growing national debt is the greater threat.
“This omnibus bill increases spending by 10 percent compared to last year’s budget. You would think that nearly two years of 40-year-high inflation would create some hesitation,” Paul wrote.
“You would think that a looming recession, spurred largely by exorbitant government spending, would give this Congress pause.”
Paul pointed out that if the U.S. had cut its spending back to the 2019 pre-pandemic level, the federal government would have balanced its budget and then some last year.
The 2017 Trump tax cuts have worked as advertised, spurring economic growth and job creation, leading to record revenues in recent years.
In fiscal year 2022, the U.S. Treasury took in $4.9 trillion, which would have exceeded the federal government’s $4.4 trillion in expenditures in 2019. Unfortunately, expenditures in FY 2022 were $6.27 trillion, leading to a $1.38 deficit for the year.
A year ago today, America took a giant leap forward to rebuild our nation while rebuilding our middle class. When @POTUS signed the Bipartisan Infrastructure Law, we seized an opportunity to strengthen our nation’s crumbling infrastructure, create jobs and reconnect communities. pic.twitter.com/6rCjXsYjaG
— Nancy Pelosi (@SpeakerPelosi) November 15, 2022
Former Trump administration top economic adviser Larry Kudlow, along with Clinton Treasury Secretary Larry Summers and Obama administration Treasury Department official Steven Rattner, have all pointed to the reckless spending under President Joe Biden and the Democrats as a primary cause of the current high inflation.
I brought along the 1.7 trillion, 4,000+ page Pelosi-Schumer omnibus spending bill that’s being fast-tracked through the Senate. This process stinks. It’s an abomination. It’s a no good rotten way to run government. We’re standing up and saying NO. pic.twitter.com/Wom6xKEeQh
— Senator Rand Paul (@SenRandPaul) December 20, 2022
Paul argued that the D.C. establishment is “bankrupting this country.”
“There’s an unholy alliance between both parties,” he wrote. “One party wants more welfare. One wants more warfare. It’s either the military industrial complex or the welfare industrial complex. “