By United States Senator John Kennedy of Louisiana
WASHINGTON (Feb. 8, 2024) – Senator John Kennedy (R-La.), ranking member of the Senate Banking Subcommittee on Economic Policy, questioned Treasury Secretary Janet Yellen today about the fact that inflation under President Biden now costs Louisiana families an extra $792 each month.
“These high prices caused by Bidenomics are here to stay, aren’t they?” Kennedy asked Yellen.
“I don’t expect the level of prices to go down. . . . Some prices will be higher than they were before the pandemic and will stay higher,” Yellen replied.
Real wages—which measure wages when adjusted for inflation—have fallen since January 2021. That means workers are effectively making less money now than they were three years ago.
“If you don’t get a pay raise, you’re screwed,” explained Kennedy.
When Kennedy asked Yellen whether it could take a recession to get these prices down, she responded, “Well, we don’t have to get the prices down because wages, wages are going up.”
Wages, however, have not risen as quickly as prices have.
“You don’t think we need to get these prices down? You think it’s ok that bacon’s up 20% under President Biden? Chicken’s up 23.5%. Coffee’s up 30%. Gas is up 44%. [Used] cars and trucks are up . . . 24% under Bidenomics. You don’t think we need to get these prices [down]?” Kennedy asked.
“People are getting really good at barely getting by because of Bidenomics,” Kennedy added.
Inflation under the Biden administration’s economic policies means Louisianians spend an extra $9,510 annually to buy the same goods and services they purchased before this president took office.
Monthly inflation costs have risen 18.3% since Biden took office. That means inflation has cost Louisiana households nearly $18,000 over the past three years. The median household income for a Louisiana household is $57,852.
Kennedy’s exchange with Yellen is available here.
