Sen. James Lankford told Newsmax that the current state of inflation under President Joe Biden is "not transitory." In other words, it's here to stay.
"The additional money that was paid out by the federal government from, quote, unquote 'COVID relief money,' dramatically changed the workforce, which dramatically changed our supply chain," the Oklahoma Republican, a member of the Senate Finance committee, said Tuesday on Newsmax's "Cortes & Pellegrino."
He added it "increased all of the cost of labor around the country, [while decreasing] access to labor at the same time. That's certainly not transitory."
The "COVID-19 relief money" doled out by the federal government has affected every part of the economy including, gas, groceries, supplies for home improvement, he continued, while adding that wages have not caught up to inflation.
Lankford then issued a warning that continued spending under the Democrat leadership is "going to cause inflation, it's going to cause all these problems it's going to, because of problems in supply chain. They literally said that's not going to happen ... And then we're watching it." Lankford then referenced that the increased cost of goods and services was due to increased cost in labor and a shortage in labor.
On Tuesday, Senate Democrats announced they reached a budget agreement of $3.5 trillion to be spent over the course of the decade. Senate Minority Leader Mitch McConnell referred to the budget agreement attributing the "Democrats' high-stakes spending spree from the springtime" to the current year-over-year inflation that now tops 5.4%, the fastest increase in 13 years.
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