WASHINGTON – U.S. Congressman Larry Bucshon, M.D. (R-Ind.) issued the following statement after today’s Gross Domestic Product Advance Estimate demonstrated that the United States economy has contracted for the second straight quarter, showing growth falling at a 0.9% annual rate between April and June. With two back-to-back quarters of negative growth, indicators are signaling that we are in the midst of recession.
“From Parke to Posey counties, Hoosiers all across Indiana’s 8th Congressional District are buckling from the increased cost of living – paying more for gas, groceries, and basic household goods. With reports showing rural communities are paying bills that are triple and quadruple what they once were, it is time we address this current price crisis head on and provide relief for communities in Indiana, on Main Street, and across the country.
“Our economy was already facing several factors that put inflationary pressure on the economy – whether it’s impacts from the COVID-19 pandemic, geopolitical events around the world, or the almost 2 trillion-dollar spending bill President Biden and Democrats in Washington jammed through Congress – inflation is spiraling. It is unthinkable that instead of addressing the root causes of this 40-year high inflation, the Administration and Democrats in Washington are doubling down on their already failed economic policies to pass yet another bloated spending bill. This will not only further inflame our current price crisis, but also put the burden of inflation squarely on the shoulders of Main Street Americans,” said Dr. Bucshon.
Background:
Recent reports are showing that the average American household is paying up to
$493 more per month, about $6,000 per year, to buy the same goods and services as they did last year and rural communities like many in Indiana’s 8
th District are paying
$2,500 more a year to pay for gasoline than it did two years ago. Furthermore, NFIB released their
Small Business Optimism Index which “dropped 3.6 points in June to 89.5, marking the sixth consecutive month below the 48-year average of 98. Small business owners expecting better business conditions over the next six months decreased seven points to a net negative 61%, the lowest level recorded in the 48-year survey. Expectations for better conditions have worsened every month this year”.
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WASHINGTON – U.S. Congressman Larry Bucshon, M.D. (R-Ind.) issued the following statement after today’s Gross Domestic Product Advance Estimate demonstrated that the United States economy has contracted for the second straight quarter, showing growth falling at a 0.9% annual rate between April and June. With two back-to-back quarters of negative growth, indicators are signaling that we are in the midst of recession.
“From Parke to Posey counties, Hoosiers all across Indiana’s 8th Congressional District are buckling from the increased cost of living – paying more for gas, groceries, and basic household goods. With reports showing rural communities are paying bills that are triple and quadruple what they once were, it is time we address this current price crisis head on and provide relief for communities in Indiana, on Main Street, and across the country.
“Our economy was already facing several factors that put inflationary pressure on the economy – whether it’s impacts from the COVID-19 pandemic, geopolitical events around the world, or the almost 2 trillion-dollar spending bill President Biden and Democrats in Washington jammed through Congress – inflation is spiraling. It is unthinkable that instead of addressing the root causes of this 40-year high inflation, the Administration and Democrats in Washington are doubling down on their already failed economic policies to pass yet another bloated spending bill. This will not only further inflame our current price crisis, but also put the burden of inflation squarely on the shoulders of Main Street Americans,” said Dr. Bucshon.
Background:
Recent reports are showing that the average American household is paying up to $493 more per month, about $6,000 per year, to buy the same goods and services as they did last year and rural communities like many in Indiana’s 8th District are paying $2,500 more a year to pay for gasoline than it did two years ago. Furthermore, NFIB released their Small Business Optimism Index which “dropped 3.6 points in June to 89.5, marking the sixth consecutive month below the 48-year average of 98. Small business owners expecting better business conditions over the next six months decreased seven points to a net negative 61%, the lowest level recorded in
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