McConnell: White House ‘defends the indefensible’ as inflation climbs to 1981 figures

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President Biden’s economic policies have led to fears of inflation and recession not seen since the Carter-Reagan transition period in 1980-81.

In response to Biden adviser Eugene Sperling’s defense of the administration on “The Story,” Senate Minority Leader Mitch McConnell said Thursday that Sperling “had a hard time defending the indefensible”.

The Kentucky senator noted that even liberal economists under Presidents Clinton and Obama warned that overspending would lead to the record inflation the United States is currently experiencing.

“This inflationary spiral is entirely the responsibility of this all-Democratic government,” McConnell said.

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Mitch McConnell puts record inflation on the shoulders of the Biden administration.
(AP Photo/J. Scott Applewhite | Photo by Anna Moneymaker/Getty)

Responding to reports that West Virginia Sen. Joe Manchin — the Democrat credited with blocking the latest multi-trillion-dollar spending package — is considering negotiating a slimmed-down version, McConnell said he should be aware of the effect of any unnecessary debt spending. have in an already crushing bear market.

“With all due respect to Joe, this is another expense bill they’re flirting with – adding another trillion dollars, much of it in taxes on unincorporated businesses,” he said. he declared.

Regarding another additional expense bill, McConnell said he could see common cause in one aspect of it, acknowledging and responding to the shortage of semiconductor chips in the United States that caused a shortage of vehicles as supply chains with Asian countries that American consumers depend on have gotten tied.

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Ford vehicles parked in an overflow lot in Louisville, Kentucky, U.S., Tuesday, April 19, 2022. A shortage of automotive semiconductor chips has caused automakers to cut auto production.

Ford vehicles parked in an overflow lot in Louisville, Kentucky, U.S., Tuesday, April 19, 2022. A shortage of automotive semiconductor chips has caused automakers to cut auto production.
(Getty)

In recent years in the United States, several officials have called for more exploration of REE (Rare Earth Element) deposits in the United States to reduce dependence on foreign chipmakers.

In 2018, then-Rep. Lou Barletta, R-Pa., who previously served as mayor of Hazleton, told Fox News his area — once the epicenter of coal mining — is a place to start.

“Studies have shown that Appalachian coal deposits in Pennsylvania contain some of the highest concentrations of REE in the country,” Barletta said of the region from Biden’s hometown of Scranton, south of Allentown. and west of Shamokin.

“Researchers have found ways to extract REE from Appalachian coal byproducts that are more environmentally friendly than traditional methods and require less energy.”

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On “The Story,” McConnell said the semiconductor chip aspect of the upcoming legislation is “arguably warranted,” but said most other proposed spending would only send America into a deeper economic hole.

Asked about the wildcard polls tightening, McConnell largely dismissed concerns about Senate candidates in Pennsylvania and Georgia, where Dr. Mehmet Oz and Herschel Walker trail Lieutenant Governor John Fetterman and Sen. Raphael Warnock, respectively.

“I think all the races that are going to determine who will have the majority next year are competitive,” he said.

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