Rep. Mike Turner (R-OH) said on Wednesday that inflation from the Biden administration's "out-of-control spending" will last for years because large amounts of the money allocated to oversized spending bills has not yet been spent.
Spending for the American Rescue Plan, infrastructure bill, and student loan debt relief plan will continue over the next few years, which means increasing upward pressure on prices as that takes place.
“Well, what’s been dangerous for the American economy is the out-of-control spending from the Biden administration that has resulted in this what will be years-long inflation that we’re dealing with and these recessionary pressures that are going to result from these increases in interest rates," Turner said during an appearance on Bloomberg's Balance of Power.
He added, “[W]hat has happened with the Biden administration’s spending, especially with their post-COVID act, there are billions of dollars that are in state legislatures and local governments that have not yet been spent, that are going to be spent over the next several years and certainly provide inflationary pressures. At the same time, you have the infrastructure bill, those billions haven’t been spent, the President’s attempt at setting aside student debt, those would have inflationary pressures.”
Voting for Republicans could help the situation, as Congress could defund some of these programs and help to bring spending back under control.
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