Walk Through Inflation, April 5, 2022 — Congressional Record, House

Summary

Congressional Record, House, pages H4186 and H4187, dated April 5, 2022. The page includes the close of a tribute to Bob Foote and a one-minute statement by Rice of South Carolina congratulating the University of South Carolina women's basketball team on the NCAA National Championship, a 64–49 victory over second seed UConn. Under the Speaker's announced policy, Schweikert is recognized for 60 minutes as the designee of the minority leader and begins a presentation titled Walk Through Inflation. Schweikert says that inflation tracks back to a stimulus bill and falls hardest on poorer families.

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“Walk Through Inflation, April 5, 2022 — Congressional Record, House.” Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2022-04-05-crec-2022-04-05-pt1-pgh4186-2-c279b52442/, SHA-256 20f796b90778abb6838ed36de98d22a772e64426266a19a8941d3b9be2bf553b.

Full text

H4186 CONGRESSIONAL RECORD — HOUSE April 5, 2022
him to be the best man that he could don’t like math and economics, I sug- Here is basically the chart, Mr. Speak-
possibly be. gest you get away from this presen- er, and you can see the inflationary ex-
He is now able to reunite with his be- tation as fast as possible. pectations when the Democrats took
loved Colleen and, together, watch over Also, another weird aside because I power, when they actually passed their
his legacy, the Foote Cattle Company, get this question all the time: The big stimulus bill, and off to the races.
and gaze proudly on his beloved Gail Chamber is empty, but we are probably My community in January had a 10.9
and his sons, Scott, Brad, and Greg, as on 1,000 televisions throughout the percent year-over-year inflation. Some
they continue to lead the industry and campus here in the House and the Sen- of our models right now say that this
Kansas agriculture forward. ate, with staff and Members, and that month and next month we are actually
Bob Foote, may you rest in peace. is, in many ways, partially who we are going to be having inflationary spikes.
f communicating with to think dif- I need you to have a concept. So ev-
ferently. eryone is fretting right now: Oh, the
CONGRATULATING SOUTH CARO- Federal Reserve is going to raise inter-
LINA GAMECOCKS WOMEN’S BAS- First off, 1 year ago, I think it was
March 21, 2021, the Democrats did one est rates. It is 2 percent. They might
KETBALL TEAM ON NCAA NA- actually go one-half of 1 percent. Mr.
TIONAL CHAMPIONSHIP of their huge stimulus bills. Not a sin-
gle Republican voted for it. That is the Speaker, if you go back to the early,
(Mr. RICE of South Carolina asked moment you can track the explosion in early eighties and the Paul Volcker
and was given permission to address time, they had to raise the Federal
inflation.
the House for 1 minute and to revise funds rate equal to inflation.
I am stealing Larry Summers’ quote
and extend his remarks.) If today the actual inflation rate as
from one of his presentations a couple of this moment is not 6 percent but
Mr. RICE of South Carolina. Mr. of days ago. There was a piling of dry
Speaker, it is a privilege and honor closer to 8, 8.1, are you ready for a Fed-
kindling, and the Democrats decided to eral funds rate at 8?
today to congratulate the University of take a kerosene-soaked log, light it on
South Carolina women’s basketball Because that is what it takes. Be-
fire, throw it on that kindling, and cause understand, Mr. Speaker, if you
team on winning the NCAA National boom. Now, we are having a number of
Championship. It is a great day to be a are borrowing money today at a Fed-
our economists saying we may have in- eral funds rate of 2, 21⁄2, and inflation
Gamecock. flation for an entire decade. This is not
After a heartbreaking loss in the really is closer to 8, there a huge, huge
transitory. gap. Those need to actually be in align-
Final Four last year, South Carolina Do you remember over and over and
found redemption Sunday night, earn- ment because you have a negative ac-
over when Treasury Secretary Yellen— tual interest rate. When you are bor-
ing the program’s second national who I used to have amazing respect for,
championship title with a 64–49 victory rowing below what inflation is costing,
but now she has become a partisan— if the dollar goes to this value every
over second seed UConn. would say to us, oh, it is transitory. A
The Gamecock women’s basketball day and you are paying this, you have
number of the Democratic economists substantial negative interest rates.
team had an incredible season with a
would say it is transitory. They are no What do you think is going to hap-
35–2 record, averaging 70 points a game.
longer saying that. They basically ad- pen?
While every member of the team
mitted they screwed up, and a lot of So back to the reality. This is what
played their hearts out, Aliyah Boston, we have done. Actually, I take that
the Southeastern Conference Player of people are getting hurt right now.
I am going to show over and over, if back. We didn’t do this. The Repub-
the Year, won the Final Four Most licans didn’t do it. The Democrats did
Outstanding Player award. She is the you are a middle-class person, if you
are part of the working poor, you are it, and they did it without a single—
first South Carolina player to earn without a single—Republican vote.
that honor since A’ja Wilson in 2017. poorer today than 14 months ago when
the Democrats took power. This line, functionally, is your in-
Coach Dawn Staley had an incredible come, Mr. Speaker, and, yes, it has had
season. Hard work breeds success, and Let’s have a little bit of amusement
here. You may all remember this. This a little bit of movement up, but this is
this team is a prime example of that. your purchasing power because your
The national title is a win for South is from before the stimulus bill, from a
year ago. Larry Summers, not a big income has become worth less. In Jan-
Carolina and every fan who helped uary when we got the 2021 basic data,
cheer them to victory. Republican—come on, Larry Summers
has classically always been one of the the mean in our country was about 21⁄2
Congratulations, Gamecocks, on percent poorer. Their purchasing
being the national champions once left’s favorite economists, except when
power, they became poorer.
again. he told them: Don’t do this. Don’t do
Inflation has only increased since
f
this. You already have pumped so then.
much cash into the system. The reality of it is that really bad ec-
WALK THROUGH INFLATION
b 1630 onomics end up hurting people. You
The SPEAKER pro tempore. Under will notice, Mr. Speaker, it is this
the Speaker’s announced policy of Jan- Remember, Mr. Speaker, the world is
sort of split. The left believes in sort of White House saying—in an absolutely
uary 4, 2021, the gentleman from Ari- almost laughable—well, it is Putin’s
zona (Mr. SCHWEIKERT) is recognized a Keynesian model of consumption eco-
nomics. The right sort of believes in inflation. Of course, it was going on
for 60 minutes as the designee of the long before Putin invaded Ukraine.
minority leader. productivity: make more things. It is
Well, it is the Big Oil companies. Ex-
Mr. SCHWEIKERT. Mr. Speaker, one referred to as supply side. They decided
cept it was Democrat policies that cre-
more time, I am going to do something to stimulate consumption and hand out
ated the natural gas shortages last
that is a little difficult, and I apologize lots of money, and now you are poorer
year.
for you being the poor person in the today than you were a year ago, Mr. They are desperate to run away from
chair when we do this. I am going to Speaker. The left’s own sort of biggest the responsibility of what they have
walk through inflation. voice, Larry Summers, basically done.
I don’t think we understand the dam- begged them not to do it. But there is It is not part of this board deck, but,
age, the economic violence, that is a policy around here: buy your votes repeatedly, I have come to this floor
happening to the poor, the working and spend lots of taxpayer money. and tried to walk through what the two
poor, and the economic future of the Even today, The Wall Street Journal things are, if you want to kick the
country. has an editorial featuring many of the working poor’s head in economically;
Sorry, guys, the Democrats get the comments from Larry Summers talk- what do you do?

dlhill on DSK120RN23PROD with HOUSE
blame on this one. ing about how he expects actually a Well, inflation, right?
We are going to walk through the pretty severe recession now. Here is another article right now
facts, the mechanisms, but also maybe We are going to pay a price for my from The Washington Post—a truly
a couple of solutions. brothers and sisters on the left basi- conservative publication—‘‘Fed offi-
This is going to be a tough one. So if cally failing their basic economics cial: Inflation falls hardest on poorer
you like economics, stay tuned. If you class. So let’s actually walk through it. families.’’

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April 5, 2022 CONGRESSIONAL RECORD — HOUSE H4187
So the excuse of saying: Well, infla- the purchasing power of that $100 be? come in, and the supply chain and ev-
tion really wasn’t hurting the poor. I It, functionally, is about $40, $46. You erything will be wonderful. That is not
mean, come on. We are back to reality. have lost more than half of it. Basi- the math.
You are killing and you are crushing, cally, your value and your wealth got There is this concept of, well, prices
economically, the poor. cut in half. went up, so I need to be paid more. But
So number one is inflation. Number Now, if you are on the rich side, Mr. if I need to be paid more, the business,
two, if you actually look at the data on Speaker, you own lots of real estate to keep its margins, needs to raise its
those folks we put in that category of and you have lots of assets. With infla- prices. Well, if they raise their prices, I
the working poor, they are individuals tion, basically those assets become a need to be paid more because the busi-
who often didn’t finish high school or hedge. But if you are a young family, if ness needs to keep their margins, and I
they didn’t go to college. They sell you are someone who is retired, you need to be able to afford the goods and
their labor. are living on a pension or you are liv- services. You start this sort of ratchet,
Do what the left has done this last ing on your savings or you are trying it is referred to as a wage-price spiral,
year: open up the border. Have mil- to get a family started, every day being and it becomes an unholy circle where
lions—millions—of people cross the able to participate in the American wages and demand make a circle. The
border and come into the country who Dream gets harder. firm needs to keep its margins to stay
offer similar skill sets where their eco- There is a reason inflation is one of in business, well, then you have higher
nomic value is they are going to sell the most destructive forces in the prices and you have higher inflation,
their labor. And now you take the pop- world in societies. It is because it is and you chase each other.
ulation we love and care about, but we the ultimate spreader of income in- One of the only ways economists
are crushing that working poor, and equality. Those who have assets basi- have to break this is you have two
say, Hey, you now get to compete with cally are indemnified from inflation. choices: You do a bunch of policies
a couple of million new residents who But if you don’t have a bunch of assets, very quickly to spike productivity.
are going to sell their labor. you are this. That is what happens to Well, that would mean my brothers and
The policy of the last 14 months has you. Your dollar at the current rate of sisters on the left will, basically, walk
just been brutal. You see it in the inflation will be cut in half in a decade. away from their economic theory and
budget data, Mr. Speaker. Income in- This is the result of the policies of this say that they just became supply-sid-
equality has gotten worse since the place from the last 14 months. ers and we are going to do everything
Democrats have taken charge. Food in- And now we are seeing models saying we can to make more stuff. Or we go
security has gotten worse. Minority that it may not be at 7.4. Some are say- into a recession. A number of econo-
populations’ incredible gains that hap- ing it could be 4 or 5. Now, I am a little mists basically now say that we are
pened in 2018, 2019, and the first quarter more worried. But some of the best ex- heading to recession, and Larry Sum-
of 2020 before the pandemic have been perts are now saying that inflation now mers actually thinks it is a pretty
lost. may be structurally built in for this tough recession coming.
So if you actually care, Mr. Speaker, next decade. It is a really miserable, horrible
if you say, I care about economic Do you understand the damage that thing to do to people who are just get-
growth, economic growth is moral, is going to do to the American people? ting out of a pandemic trying to get
then would you keep doing policies Just some of the different slides try- their lives back together. You hit them
that keep hurting people? ing to understand what the trajectory with inflation, you flood the borders,
It is math. At some point I would be is right now. We are basically looking you push up crime, you push up
elated if the left said: Okay, they ac- at what was projected to be some of the fentanyl deaths in my area, and now
cept that their model doesn’t work and inflationary trends. The current line, you are going to run the country into
basically has never worked, and in- basically, is starting to look at about a recession. Yay team.
stead of spending massive amounts of an 8, 8.4. I actually think this year—re- This is from last week. I am told
money—we are going to talk about the member, last year: Oh, it is transitory. some of these numbers have actually
danger the country is now in because of Oh, it is just a seasonal spike. It is a gotten worse this week, but we didn’t
the incredible levels of spending and supply chain spike. have time to print a new board.
how fragile. There is this fragility con- Now we see the studies that say: Hey, Citibank basically now says 25 percent
cept of interest rates and debt we are no, half of the inflation from last chance of a recession before the end of
going to walk through in a bit. year—so if you are my community, 10.9 the year. Goldman, they were at 271⁄2
If the Democrats really cared, they year over year was policy from this last week. I am told some of these
would basically steal the supply-side body. It wasn’t Federal Reserve; it was numbers are now up.
economics, call it their own—they have policy from this body. The other half: Economists like Larry Lindsey, I
done that before on other things—and Well, we will call it supply chain. think, is predicting before the end of
say, We care about poor people. We are But then you have to read the rest of this month we will actually start to hit
actually going to help them. the article. It basically breaks down the very first steps of a recessionary
But you can’t do it this way. Every that the stresses in the supply chain cycle.
single day the Democrats have had ab- were workers, misallocation, those Now, remember, Mr. Speaker, prices
solute control, people have gotten things, that also happened to be sub- have gone up faster than your wages.
poorer. stantially related to Federal policy. So every day you are getting a little
Once again, there was one Democrat This is an occasion where the Federal bit poorer, then you begin to pull back
that voted ‘‘no,’’ so I will give that per- Reserve may be a sinner of keeping in- on your purchases. The model basically
son credit. Zero Republicans voted terest rates too low too long, but Con- says that is what kicks off a reces-
‘‘yes,’’ but 220, 211 voting ‘‘no.’’ This is gress, 1 year ago with their American sionary cycle.
what they called the American Rescue Rescue Plan—not a single Republican
Plan, except now we need to be rescued voted for it—decided to throw kerosene b 1645
from the Democrats’ American Rescue and matches when their own Democrat Now, in the past, when you did your
Plan. economist, when Larry Summers is high school economics class, it was, oh,
Some of these slides are going to get saying: Don’t do it. inventories go up too high and you stop
a little thick. Congratulations. You made America buying stuff and you bleed down your
Purchasing power of $100—we talk poorer. inventories. There is such a thing as an
about inflation, but most people don’t Now, there is this concept out there inflationary-driven recessionary cycle,

dlhill on DSK120RN23PROD with HOUSE
really process what it means. So let’s called a wage-price spiral. This is real- because all of a sudden, you don’t have
actually pretend that the baseline in- ly important to get your head around, the same purchasing power. You actu-
flation that we believe we are at this Mr. Speaker, because there are those ally saw some of the consumer data
last quarter, about 7.4, if you had that out there who think: Oh, the Federal hitting last week that, all of a sudden,
for 10 years, so if I gave you $100 today, Reserve will raise interest rates a little consumers are starting to change their
Mr. Speaker, 10 years ago what would bit, some of the container ships will behavior.

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H4188 CONGRESSIONAL RECORD — HOUSE April 5, 2022
Larry Lindsey may have it right, what are the levers you can pull to The folks here don’t tell the truth
that these Democrat policies are basi- incentivize capital investments by about math and say, Oh, you guys did
cally paying off what Larry Summers businesses and organizations and then tax reform at the end of 2017. Yeah, but
told you was going to happen. Trust our brothers and sisters get into or we grew the economy at a breakneck
me, I never thought I would be behind come back into the labor force. pace, the poor got dramatically less
this microphone saying Larry Sum- There are also other reasons, and this poor, and tax receipts came screaming
mers got it right. does tie together. You understand how in, particularly from overseas, unlike
Now, you actually go into what are fragile—this is a basic chart showing what was predicted by the left. Oh, it is
some of the other stressors that will how soon Social Security and the Medi- a giveaway, except we took in a hell of
make it so inflation doesn’t taper off. care part A trust fund—most of Medi- a lot more taxes.
Remember: What is inflation? It is too care is actually a general fund expendi- Remember, the new tax code, that we
many dollars chasing too few goods and tures. The hospital portion, what we are still under today, was more pro-
services. call part A, is in a trust fund, and they gressive than the old one. In other
So you can slow down, you can crush, are out of money. By 2027, Medicare words, the rich are paying a higher per-
you can remove liquidity. You can part A is modeled to be empty, and this centage of Federal income taxes than
have the Federal Reserve basically number is actually sooner because of they were before we did tax reform at
bleed off some its inventory of bonds what we did last year. This board was the very end of 2017. But that was a
and other holdings. They can raise in- printed last year. supply side type of tax reform, encour-
terest rates, and that squeezes down The Social Security trust fund is out aging people to make more stuff, to
the money supply. of money, I think, in 2032 or 2031, it make the society more productive, to
Or the other side, you can make more may be our best guess now. If we have provide more opportunity. It worked.
stuff. But it would require our brothers more of our brothers and sisters in the But it wasn’t, basically, the giveaway
and sisters on the left, who run this labor force, these numbers go out, if model that the left embraces, and,
place—they run Washington; they have you have productivity. But there is a therefore, they repeatedly lie about it.
the Presidency; they have the House; small problem. As inflation kicks off Yes, think about this. Even with all
they have the Senate—to do things to and the COLA mechanisms and Medi- the horrible things that went on in
incentivize our brothers and sisters not care healthcare costs keep going up, we 2020, a slight reduction in total tax rev-
to retire early; for young people to get are not absolutely sure what happens if enues, receipts; 2021, highest ever. We
into the workforce; for some of the we don’t get more labor force partici- basically broke through $4 trillion dol-
populations that, you know, it is pation, more people in the economy lars. Our problem is, we still took that
dystopian policies of COVID where we working. $4 trillion and then spent a couple tril-
forced so many working families and All the costs here, these numbers, lion on top of that, so we borrowed a
working moms out of the labor force these bankruptcies, running out of couple trillion last year on top of all of
after those miracle years of 2018, 2019, money, Social Security and Medicare the cash that came in through taxes.
first quarter of 2020, where we saw part A may be happening a lot sooner. With all that borrowing, you start to
So the brain trust around here has realize the fraud, the danger. You see
wages, particularly for women of color,
this idea that says, hey, let’s take the this whole section here, that green?
just miraculous numbers.
Medicare benefit age and instead of That is magic money. That is, func-
Then comes the policy of shutting
making it 65, let’s make it 60, because tionally, the Federal Reserve buying
down the schools, shutting down the
that way we can have the bankruptcy our debt. So they basically lay a claim
economy. Those are the populations
of it happen much sooner. It is good on banking deposits, a theoretical
who you can see have just been
politics; it is great virtue-signaling claim, and buy it. So when you have $5
crushed. Unless we get back to levels of
from the speechifying. It may be good trillion thrown in, do you blame the
participating in the economy, you
at getting reelected, but it is horrible Federal Reserve or do you blame us,
can’t get the productivity.
economics. who basically are running these mas-
So, could you and I come together, as To understand how bad the econom-
people on left and the right, and say we sive deficits and debt?
ics have been, this is a slide I made last Look, the Federal Reserve is like the
are going to incentivize our brothers year, at the end of last year, to under- family member of an alcoholic family
and sisters who may have chosen to re- stand what 2021 was like from a fiscal that keeps buying them beer. They ba-
tire to come back in? We are going to standpoint. sically have enabled our bad policy de-
incentivize individuals to come back The punch line, when you look at all cisions. If we had to pay the actual
into the labor force because we need to of these numbers, is we were borrowing price for a lot of this crazy spending—
make more stuff. This is not com- over $47,000 every second. Every second but by doing what they did here—and
plicated economics. It is just a lot of we were borrowing $47,000. You wonder the next time you have someone say,
complicated decisions, and it will re- why we kicked off inflation—excuse Oh, it is Japan, well, Japan is down
quire the left, basically, to walk away me—they kicked off inflation? You here. China is there. This is the Fed-
from some of their orthodoxy. also wonder why your country, from a eral Reserve, and then this is, function-
The other thing—I show this slide financial standpoint, is so fragile. ally, individuals.
just to point out what is happening de- I am going to show you a slide here I am going to show some of the slides
mographically. It is also an oppor- at the end. It is basically the punch that really worry me of what is the ap-
tunity, but it is also really tough. We line at the end, that if the 2 points petite for people to basically buy a U.S.
actually have a situation here, if you higher interest rate holds for a couple bond to help us keep financing this
look where we are at, you come to the decades, at the end of those decades, crazy debt and deficits and the fact
10-year marks, so at the end of the dec- every dime of revenue, receipts, into that every day the bond is actually
ade, we, functionally, are heading at the Federal Government just covers in- worth less money.
parts where 20, 22 percent—actually, I terest costs. If you go by a 10-year bond today—
think 22 percent of the population at Does anyone around here own a cal- and I think the post I saw just before I
the end of the decade are 65 and older. culator? Don’t give me, oh, we need came in here, it was sitting at about
What are the leverages we would more tax receipts, because the fact of 2.5. If it is true that at this moment,
have here in Congress to encourage the matter, post tax reform, you had inflation may be running somewhere
those individuals to stay in the labor number 2 and number 3 highest revenue from 6 to 8 percent, how much are you
force? We have already done some years in U.S. history, adjusted for in- losing every single day in your value?
things in regard to the Social Security flation, real receipts adjusted for infla- People are loaning the money and tak-

dlhill on DSK120RN23PROD with HOUSE
tax penalties, but could we do more of tion. You are going to notice, even last ing a negative rate of return. That
that? If this is about a labor shortage year was the highest highest ever. And isn’t going to go on long. That is when
that is also going to continue the infla- the only reason these two weren’t num- you hear this discussion of inverted
tionary cycle and you have the choice ber 1 and number 2 is I think 2014 had yield curves.
of making people poorer by shoving us a weird timing effect on some paybacks I was going to do a whole presen-
into a recession or making more stuff, from TARP and some other things. tation on yield curves, and the staff,

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April 5, 2022 CONGRESSIONAL RECORD — HOUSE H4189
basically, looked at me in terror, so I These numbers get dramatically worse. we, functionally, have well over $21⁄2
am not going to do that to you. But there is a scam here. I am going to trillion of additional debt piled on. It is
Just basically understand, when you do my best to try to explain this. You a remarkable record. In a time when
hear the term ‘‘inverted,’’ it basically are retired. You have savings. You are we were coming out of the COVID
says, theoretically, if I loan you money getting your Medicare, your Social Se- dystopia, we piled on another $21⁄2 tril-
on a short-term, I should be willing to curity. But your savings, as this infla- lion plus created all sorts of other un-
take a lower interest rate, because tion continues, every day is worth a funded liabilities.
there is less risk than if I loan you little less money.
The next slide is really important to
money longer. I should ask for a little You hear the term, eating away at
your value. If inflation is eating away get our heads around. There is this
bit more premium, because more bad
at your value, where does that value concept of fragility. If it is true, we
things, more unknowns, more black
swans can happen. go? It basically goes to this side of the may be heading into not just—because
When it inverts, it basically says: I ledger. When you are paying back we all agree the fraud of saying the in-
expect something bad in the short those bonds, that debt, you are paying flation is transitory, okay, that con job
term, but eventually it will work itself it back now with less valuable dollars. has now come to an end. Now, the left
out, so I am willing to give you longer- It is basically a transfer from everyone is going to try to say, well, it is Putin’s
term money at a better yield or at a that saved, particularly our retired inflation, it is Big Oil inflation. Ameri-
better price. population. cans aren’t stupid.
The yield curve has, right now, two Remember, at the end of the decade, I am particularly blessed, I represent
things that should send you some very 22 percent of the population is 65 or one of the best-educated districts in all
weird messages. The short term is in- older. The population that has saved, of America, so I have freaky smart peo-
verted and then comes back and in- they become poorer, and that money is ple in my Phoenix-Scottsdale district,
verts. But at the end of the curve, transferred to being able to pay back and they get this. But there is this con-
longer term, you start to see people are our debt. But now you get to pay it cept of fragility. What happens to the
getting very worried about those 20 back with inflated dollars. It’s a secret country if interest rates are just a bit
years, 30 years of long-term U.S. debt. backdoor way to strip savers, older higher than we have modeled? Do you
You are starting to see it in the actual Americans of their wealth, and move it have a sense of what happens?
pricing of our debt, and that should be to pay back the crazy amounts of bor-
signaling you some very scary mes- rowing that are going on. This board is from a year ago when
sages. So now we structurally will also we did the math. If interest rates are
A chart like this—and I am not even make—it really affects our retired pop- just 2 points, 2 percent—which is al-
sure it is completely accurate yet. I ulation; they get poorer. But it is also ready happening—2 percent higher
think the numbers are actually worse. a way to pay back the amazing amount than CBO’s baseline, Congressional
We are right here. We are, functionally, of debt with what you call inflated dol- Budget Office’s baseline, functionally,
now working on the 2023 budget, and lars, less valuable dollars, and it is a in 29 years, every dollar of tax receipts,
they are basically trying to tell you: wink-wink-nod-nod. tax income, however you want to call
Hey, be prepared; we are going to be There are some economists, particu- it—in Ways and Means we call it re-
well over a trillion dollars a year. larly here in Washington, who will ac- ceipts—every dollar just pays the in-
Eight budget years from now, just the tually say, Don’t say it out loud, terest bill. It buys nothing. There is no
interest cost is a trillion bucks. That is SCHWEIKERT; but we almost need to do more money for education, space trav-
assuming the CBO’s baseline interest this because there is no way this body el; there is no more money for Medi-
rate that is nowhere near high enough. is capable of doing the policies that care, Medicaid; there is no more money
So we were already heading, at the would create the level of growth and because all we are paying is interest.
end of this decade, to trillion-dollar-a- economic participation that would This is the fragility. This is how dan-
year just borrowing cost. That was just raise everyone’s wealth, everyone’s gerous you have made this country’s
the interest. Remember, it is not what prosperity, and, therefore, the tax re- economics by borrowing so much
we borrow today; it is what we borrow ceipts and the less need for social enti-
money and then screwing up the eco-
today and all of the other debt that has tlements and social transfer programs.
nomics.
to be refinanced. Because when the We can do really good policy for real-
bond that was sold 10 years ago comes ly good economics, or we can just in- My point of this 45 minutes of ram-
due, we don’t pay it off. We just sell flate our way out of part of the crush- bling: Inflation—very, very dangerous.
more debt and refinance it. ing debt, and it looks like Democrat There are policy decisions. Those pol-
If you have a $100 billion option of policies have decided we are going to icy decisions will require the Demo-
new debt, new borrowing, because of inflate our way because that is what crats to walk away from their ortho-
our incredible spending, there may be has happened here. That is the decision doxy. They will have to admit they
another $200 or $300 billion on top of that has been made. have been worshipping a false econom-
that, that’s what we call the roll, the This chart is a little hard to get our ics god and join us in doing things that
weighted daily average. head around, but what is important are, actually, good for society, good for
about it is to get our sense of how fast, poor people, good for the working poor,
b 1700 since January ‘21, the levels of bor- good for the middle class.
Just have that in your head. Func- rowing through the Federal Reserve And then, dear God, hopefully we are
tionally, in 8 years, interest—inter- are going. This one basically says since not too late, because if Larry Summers
est—is a trillion dollars a year. And January ‘21 there has been another $2, is correct that we are actually going to
the hits keep getting worse. This is be- $21⁄2 trillion of transfer from Federal go into a pretty harsh recession, you
fore the craziness of the spending. Reserve absorbing U.S. sovereign debt. want to kick people in the head; you
This board was printed, I think, in Basically, they are creating magic
want to destroy the middle class; you
2021, so it missed trillions of dollars of money to help us keep financing our
additional borrowing and spending. We want to make it so it takes years to
spending. That is also money because
were already scheduled to borrow $112 get back to normality; and now you
of our fiscal decisions.
trillion of running debt in today’s dol- have economists saying the inflation
Inflation didn’t come out of nowhere.
lars in 29 years. Three-quarters of it may be with us for a decade. Even if
This is the third time I am going to say
was Medicare, functionally, one-quar- it. Even Democrat economists were Republicans take back Congress and
then take back the White House, it

dlhill on DSK120RN23PROD with HOUSE
ter of it was Social Security. The rest warning the majority here that this
of the budget is substantially in bal- was coming, and you decided to kick could be a decade before we repair the
ance. Americans in the head. damage that this body did in 14
Inflation now is about to drive med- So, think about this: President months.
ical costs up, and inflation actually Biden, Speaker PELOSI made a decision, Mr. Speaker, I yield back the balance
changes the COLA of Social Security. and so far in President Biden’s term of my time.

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H4190 CONGRESSIONAL RECORD — HOUSE April 5, 2022
ADJOURNMENT tions Act, 2022 (Div. A, P.L. 117-43); to the By Mr. COMER (for himself and Mr.
Committee on Foreign Affairs. GREEN of Tennessee):
The SPEAKER pro tempore. Pursu- EC–3718. A letter from the Senior Bureau
ant to section 11(b) of House Resolu- H.R. 7399. A bill to amend the Land Be-
Official, Bureau of Legislative Affairs, De- tween the Lakes Protection Act of 1998 to
tion 188, the House stands adjourned partment of State, transmitting Department clarify the administration of the Land Be-
until 10 a.m. tomorrow for morning- Report Number: 004615, pursuant to Section tween the Lakes National Recreation Area,
hour debate and noon for legislative 490(b)(1)(A) of the Foreign Assistance Act of and for other purposes; to the Committee on
business. 1961, as amended; to the Committee on For- Agriculture, and in addition to the Com-
Thereupon (at 5 o’clock and 8 min- eign Affairs. mittee on Natural Resources, for a period to
utes p.m.), under its previous order, the f be subsequently determined by the Speaker,
House adjourned until tomorrow, in each case for consideration of such provi-
PUBLIC BILLS AND RESOLUTIONS sions as fall within the jurisdiction of the
Wednesday, April 6, 2022, at 10 a.m. for
Under clause 2 of rule XII, public committee concerned.
morning-hour debate.
bills and resolutions of the following By Ms. CRAIG (for herself and Mr.
f MULLIN):
titles were introduced and severally re-
EXECUTIVE COMMUNICATIONS, ferred, as follows: H.R. 7400. A bill to direct the Secretary of
Health and Human Services to conduct a
ETC. By Ms. OCASIO-CORTEZ:
demonstration program to test providing
H.R. 7393. A bill to direct the Secretary of
Under clause 2 of rule XIV, executive preferential treatment under the Medicare,
Veterans Affairs to develop an employee re-
communications were taken from the Medicaid, and CHIP programs for certain
cruitment strategy that includes partnering
Speaker’s table and referred as follows: drugs and biologicals manufactured in the
with minority-serving institutions, and for
United States; to the Committee on Energy
EC–3709. A letter from the Associate Direc- other purposes; to the Committee on Vet-
and Commerce, and in addition to the Com-
tor, Regulatory Management Division, Envi- erans’ Affairs.
mittee on Ways and Means, for a period to be
ronmental Protection Agency, transmitting By Ms. BASS (for herself, Ms. MACE,
subsequently determined by the Speaker, in
the Agency’s final rule — Air Plan Approval; and Ms. SPEIER):
each case for consideration of such provi-
Virginia; Revision to the Classification and H.R. 7394. A bill to provide for improve-
sions as fall within the jurisdiction of the
Implementation of the 2015 Ozone National ments in the treatment of women in the
committee concerned.
Ambient Air Quality Standard for the North- criminal justice system; to the Committee
By Mr. FOSTER:
ern Virginia Nonattainment Area [EPA-R03- on the Judiciary, and in addition to the
OAR-2021-0606; FRL-9176-02-R3] received Committees on Ways and Means, and Energy H.R. 7401. A bill to amend the Internal Rev-
March 7, 2022, pursuant to 5 U.S.C. and Commerce, for a period to be subse- enue Code of 1986 to establish a program to
801(a)(1)(A); Public Law 104-121, Sec. 251; (110 quently determined by the Speaker, in each populate downloadable tax forms with tax-
Stat. 868); to the Committee on Energy and case for consideration of such provisions as payer return information; to the Committee
Commerce. fall within the jurisdiction of the committee on Ways and Means.
EC–3710. A letter from the Senior Bureau concerned. By Mr. HUIZENGA:
Official, Bureau of Legislative Affairs, De- By Mr. BROWN of Maryland (for him- H.R. 7402. A bill to prohibit the Secretary
partment of State, transmitting Department self, Mr. ALLRED, Ms. BASS, Ms. of the Treasury from authorizing certain
Notification Number: DDTC 21-051, pursuant BONAMICI, Ms. BROWN of Ohio, Mr. transactions by a United States financial in-
to Section 36 (c) of the Arms Export Control CARSON, Mr. CASTEN, Mrs. CHERFILUS- stitution in connection with Iran, to prevent
Act; to the Committee on Foreign Affairs. MCCORMICK, Mrs. HAYES, Mr. LAN- the International Monetary Fund from pro-
EC–3711. A letter from the Senior Bureau GEVIN, Ms. NORTON, Mr. PANETTA, Ms. viding financial assistance to Iran, to codify
Official, Bureau of Legislative Affairs, De- PORTER, Mr. RASKIN, Mr. SOTO, Mr. prohibitions on Export-Import Bank financ-
partment of State, transmitting Department SUOZZI, Mr. THOMPSON of Mississippi, ing for the government of Iran, and for other
Notification Number: DDTC 21-053, pursuant Mr. VARGAS, and Ms. WILSON of Flor- purposes; to the Committee on Financial
to Section 36(c) of the Arms Export Control ida): Services.
Act; to the Committee on Foreign Affairs. H.R. 7395. A bill to amend the Internal Rev- By Mr. LATTA (for himself, Mrs.
EC–3712. A letter from the Senior Bureau enue Code of 1986 to increase the deduction LESKO, Ms. CHENEY, Mr. CARTER of
Official, Bureau of Legislative Affairs, De- for certain expenses of elementary and sec- Georgia, Mr. WALBERG, and Mr.
partment of State, transmitting Department ondary school teachers; to the Committee on DONALDS):
Notification Number: DDTC 21-056, pursuant Ways and Means.
to Section 36(c) of the Arms Export Control By Mr. BUDD (for himself, Mr. PERRY, H.R. 7403. A bill to require the Secretary of
Act; to the Committee on Foreign Affairs. Mr. DAVIDSON, Mr. ROSE, and Mr. Energy to carry out a program to operate a
EC–3713. A letter from the Senior Bureau CLYDE): uranium reserve consisting of uranium pro-
Official, Bureau of Legislative Affairs, De- H.R. 7396. A bill to amend the National duced and converted in the United States
partment of State, transmitting Department Labor Relations Act and the Labor Manage- and a program to ensure the availability of
Notification Number: DDTC 21-036, pursuant ment Relations Act, 1947 to deter labor slow- uranium produced, converted, and enriched
to Section 36(c) and (d) of the Arms Export downs and prohibit labor organizations from in the United States, and for other purposes;
Control Act; to the Committee on Foreign blocking modernization efforts at ports of to the Committee on Energy and Commerce,
Affairs. the United States, and for other purposes; to and in addition to the Committee on Armed
EC–3714. A letter from the Senior Bureau the Committee on Education and Labor. Services, for a period to be subsequently de-
Official, Bureau of Legislative Affairs, De- By Mr. BURGESS: termined by the Speaker, in each case for
partment of State, transmitting Department H.R. 7397. A bill to restart oil and gas leas- consideration of such provisions as fall with-
Notification Number: DDTC 21-078, pursuant ing and permitting on Federal land, and for in the jurisdiction of the committee con-
to Section 36(c) of the Arms Export Control other purposes; to the Committee on Natural cerned.
Act; to the Committee on Foreign Affairs. Resources, and in addition to the Committee By Mr. MCKINLEY (for himself, Mr.
EC–3715. A letter from the Senior Bureau on Agriculture, for a period to be subse- PFLUGER, Mr. ELLZEY, Mr. MAST, Mr.
Official, Bureau of Legislative Affairs, De- quently determined by the Speaker, in each MOONEY, Mr. SMITH of Nebraska, Mr.
partment of State, transmitting Department case for consideration of such provisions as MCCLINTOCK, Ms. HERRELL, Mr. VAN
Notification Number: DDTC 21-081, pursuant fall within the jurisdiction of the committee DREW, Mr. PERRY, and Mr. CARTER of
to Section 36(c) and (d) of the Arms Export concerned. Georgia):
Control Act; to the Committee on Foreign By Mr. COHEN (for himself, Mr. BLU- H.R. 7404. A bill to clarify the authority of
Affairs. MENAUER, Ms. BUSH, Mr. CONNOLLY, the President to declare certain national
EC–3716. A letter from the Senior Bureau Mr. COOPER, Mr. ESPAILLAT, Mr. emergencies under the National Emergencies
Official, Bureau of Legislative Affairs, De- GALLEGO, Mr. GRIJALVA, Ms. JACOBS Act, certain major disasters or emergencies
partment of State, transmitting Department of California, Mr. LEVIN of Michigan, under the Robert T. Stafford Disaster Relief
Notification Number: DDTC 21-053, pursuant Ms. MENG, Mr. NADLER, Ms. NORTON, and Emergency Assistance Act, or public
to Section 36(c) of the Arms Export Control Mr. TAKANO, and Ms. TITUS): health emergencies under the Public Health
Act; to the Committee on Foreign Affairs. H.R. 7398. A bill to prohibit wildlife killing Service Act on the premise of climate
EC–3717. A letter from the Senior Bureau contests on public lands, and for other pur- change, and for other purposes; to the Com-

dlhill on DSK120RN23PROD with HOUSE
Official, Bureau of Legislative Affairs, De- poses; to the Committee on Natural Re- mittee on Transportation and Infrastruc-
partment of State, transmitting Department sources, and in addition to the Committee on ture, and in addition to the Committee on
Report Number: 004646, pursuant to Sec. 7070 Agriculture, for a period to be subsequently Energy and Commerce, for a period to be
of the Department of State, Foreign Oper- determined by the Speaker, in each case for subsequently determined by the Speaker, in
ations, and Related Programs Appropria- consideration of such provisions as fall with- each case for consideration of such provi-
tions Act, 2021 (Div. K, P.L. 116-260), as car- in the jurisdiction of the committee con- sions as fall within the jurisdiction of the
ried forward by the Continuing Appropria- cerned. committee concerned.

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