(The Center Square) – US Senator Ted Cruz, R-Texas, says skyrocketing inflation and long lines at gas stations are the result of President Joe Biden’s policies and are bringing back the United States at the time of high inflation and high cost of living. and the gas lines under President Jimmy Carter.
Eleven months into Biden’s tenure, inflation has hit a 31-year high and gas prices have passed a seven-year high.
“I have to tell you the trillions that are spent, the trillions in debt that is piling up, this is historic and not in a good way,” Cruz told Fox News “Sunday Morning Futures”.
“You know, it kind of reminds me of the ‘That 70s Show’ TV show,” he said. “It’s like Joe Biden is Jimmy Carter again and we’re seeing a surge in inflation, we’ve seen gas lines, we’ve seen a crisis in the Middle East, we’ve seen hostages, we’ve seen Seen surrenders, in this case in Afghanistan – all of these problems happen again and it turns out that cause and effect still works, that when you spend trillions of dollars, you cause inflation. ”
Referring to the Biden administration, he said: “They want you not to be able to fill your car with gas,” he added. “They want your electric bill to be higher. They want your heating bill to be higher.
Cruz also criticized the $ 1.9 trillion COVID relief bill passed by Congress, saying it was “cruel” to spend $ 1.9 trillion “on a so-called relief bill. COVID that was not a COVID relief, “then spending an additional $ 1.2 trillion on an infrastructure bill,” much of which is not infrastructure. “
His remarks come after White House chief of staff Ronald Klain retweeted a claim that inflation and supply chain issues were “high class issues” and White House press secretary Jen Psaki told CNN’s Jake Tapper that the price increase and inflation was due to the fact that “more people have jobs”. More and more people are buying goods. This increases the demand. This is a good thing.”
Vice President Kamala Harris told reporters on Friday that rising costs were “something we take very seriously.” The Biden administration, she said, was fighting rising costs by reducing supply chain backlogs and the bills would not make inflation worse because the federal government was paying the price.
“Building back better is not going to cost anything. We’re paying for it, ”Harris said.
Other White House officials have repeatedly claimed that spending bills will cost “zero dollars” because they include plans to tax “the very rich.”
But the Non-partisan Committee for a Responsible Federal Budget argues that legislation depends on the federal government borrowing at least $ 2.4 trillion over ten years, with borrowing potential of $ 4.3 trillion.
“With the recent administrative actions on SNAP, the debt-to-GDP ratio will be about 0.6% higher in all scenarios,” the committee said. “As a result, it will now reach 107% of GDP under current law, 120% under Build Better with Extensions, and 130% of GDP under a current policy scenario that includes Build Better and Extensions.”
After the Senate passes the infrastructure bill and budget resolution for fiscal 2022, the ‘Build Back Better’ program, according to the committee, “will cost up to $ 2.4 trillion in ten. years and set the stage for a total of $ 4.3 trillion in borrowing over the next decade.
“This cost would bring debt to 119% of gross domestic product (GDP) by 2031, against a record 106.4% of GDP forecast under current law. If lawmakers also extend the 2017 tax cuts (and other expiring provisions) and increase discretionary spending with the economy instead of inflation, debt could reach 129% of GDP by 2031. In In this scenario, deficits could reach nearly 9% of GDP and interest costs alone could reach or exceed the previous record of 3.2% of GDP set in 1991.