Introduction
Senator John Kennedy from Louisiana delivered a speech criticizing President Joe Biden for the current inflation issues, attributing it to the President’s economic policies.
Key Points
Kennedy emphasized that inflation is severely affecting Louisiana residents, increasing their cost of living significantly. The average household income in Louisiana is around $58,000, but inflation has added an extra $900 per month in expenses, totaling $11,000 per year. Prices of consumer goods in Louisiana have risen by an average of 20% since Biden took office. Specific increases include gasoline (53%), eggs (69%), bread (28%), and electricity bills (28%). Credit card debt has surged by 46%, with delinquent debt up by 11%.
Housing costs have escalated by 290%, and mortgage rates have risen by 56%. Kennedy explains that disinflation means prices are rising at a slower rate, not that prices are decreasing. He emphasizes that the current high prices are permanent, despite the decrease in the inflation rate.
Kennedy criticizes Biden for lacking a plan to reduce inflation further. He urges voters to seek economic solutions in the voting booth.
Conclusion
Kennedy’s speech underscores the severe impact of inflation on Louisiana residents and criticizes President Biden’s economic policies, urging a change through the electoral process.
