Majority Leader Schumer Floor Remarks On Progress Made On Inflation And Democrats’ Economic Agenda Working For The American People
Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor about declining inflation numbers and the success of Democrats’ investments in the economy. Below are Senator Schumer’s remarks, which can also be viewed here:
Yesterday, we learned that inflation slowed down for the 12th month in a row, down to 3% – 3% – the lowest that it’s been in two years.
This morning, as American families stop for gas on the way to work, or check their pocketbooks, or go to the supermarket, they can continue to see, throughout the country, that we’re turning the corner. They’re seeing more money in their pockets, they’re seeing inflation cool down, and they’re seeing wages continue, continue, to go up.
Listen to this, this is important: wage growth is now significantly above inflation for the first time since March of 2021.
This is the work of the Democratic agenda in action, of President Biden’s good work: lower costs for families, higher wages for workers, and millions and millions of new jobs created.
Republicans had claimed that if we passed the Inflation Reduction Act, inflation would only get worse. The Republican Chairman of the Ways and Means Committee claimed “the Inflation Reduction Act will prolong and make worse the current inflation crisis.” It’s becoming clearer and clearer that they were dead wrong.
In fact, since we passed the IRA, inflation has been cut by more than half on an annual basis.
Let me say this again: since we passed the Inflation Reduction Act, inflation has been cut by more than half on an annualized basis.
And if that’s not enough proof that the Democrats’ and President Biden’s agenda is working, the other major pieces of legislation we passed in Congress – like the Infrastructure Law and the CHIPS Act – are creating millions of good-paying jobs throughout the country and in my home state of New York.
Since President Biden took office, private companies have announced over $500 billion in investments across industries like semiconductors, clean energy, EVs, and battery manufacturing, heavy industry. What does this mean? Jobs, jobs, jobs, and more jobs.
So many jobs, in fact, that some of my Republican colleagues who voted against all these bills are claiming credit for the projects and the growth that they’re generating in their own states and districts.
So, we’ve got a lot of work ahead of us, but yesterday’s report makes clear: the Democratic agenda is working.
###
