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Congressional Daily Record
This section covers nominations, confirmations, or other executive branch business. It mentions members such as Brian Emanuel Schatz.
Official title: Economy (Executive Calendar)
Issued
August 5, 2026
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Download official Senate Record PDFReturn to issue contextMr. SCHATZ. Mr. President, the price of everything is up, and that is on purpose. It is on purpose because Donald Trump made it so.
emergency, but the President of the United States has decided that Americans should pay more for everything—food, gas, electricity, healthcare, housing, clothes, everything. So while he is busy lining his pockets with crypto schemes and insider-information subscription programs, regular people can't afford their lives.
policy choices he has made. First, it was the tariffs that jacked up the prices of goods across the board. Tomatoes—tomatoes—went up 40 percent. Coffee went up by 20 percent. Clothes and car seats went up by 20 percent. Electronics shot up by hundreds of dollars. So it wasn't as if you could avoid the hit by not shopping at a particular store for a particular thing.
People in Hawaii are very expert at figuring out “OK, turkey is high; let's get chicken. Pork is high; let's get beef.” The difference now is that there is no escape. Literally everything is up. That is because the President of the United States has decided, through this Iran war, through the tariffs, through the energy bans, through the Medicaid and Medicare cuts, through the ACA cuts, through the nutrition cuts, to make literally every aspect of your life more expensive.
billionaires, Trump and the Republicans slashed subsidies for affordable healthcare and food assistance.
I want you to understand. This sounds like the kind of thing a partisan would say, and it is, but it is also true that the way they paid for tax cuts for the wealthiest people and the wealthiest corporations on this planet—the way they literally paid for it—was to take away people's healthcare. Without the enhanced premium tax credits, ACA premiums went up by close to 60 percent. As a result, millions of Americans are living without healthcare this year. Millions of Americans are living without healthcare this year not by choice but by force.
I want to read some of what those people had to say about it.
A man in Texas said:
The prices are simply too high. I don't think we could
afford our mortgage if I had to pay for health insurance. If
I have a catastrophic health event, it makes more sense for
me to just declare bankruptcy than it would to be delinquent
on other payments.
Here is another one—a 38-year-old from Alabama:
[I] can't afford insurance, [I] can't afford health care
without insurance, so basically just hoping and praying I
don't get sick . . .
people to ever live can pay even less in taxes. And the price hikes aren't over yet because premiums are set to rise by double digits again next year according to proposals from insurers.
Trump's ban on wind and solar energy. They are banning wind and solar energy, which is not only clean and helps us to address the climate crisis, it is just the quickest and cheapest energy that we could possibly get on the grid. It is not like we are in 1970 and we are arguing with the climate crisis versus the price that people pay on their utility bills.
solar, and the benefit is that it is the cheapest form of energy. Yet, this President has banned wind and solar energy through their administrative actions, and that is spiking the price of utilities across the country.
This is all before you factor in the war in Iran. In addition to being a spectacular failure that has achieved very little of Trump's own stated goals, it has also caused gas and energy and food prices to spike everywhere. Gas is over 4 bucks, right now, nationally, and it is even higher in Hawaii at $5.45. Diesel is $1.60 more than it was a year ago, which means that we are all paying more at stores for deliveries and transportation. In Hawaii, electricity bills went up 20 percent in 1 month—20 percent in 1 month—because of skyrocketing oil prices. Food prices continue to climb everywhere as the closure of the Strait of Hormuz extends a global fertilizer shortage.
to the economy. Specifically, what can be a real political killer is the question of inflation, but this is very unusual, and it may be unprecedented in American history. You have a President of the United States whose stated policy on tariffs, on energy, on Iran, on healthcare, and on food is to raise the price of everything. That is not a sort of accidental outcome of his economic policy; it is his economic policy to raise the price of everything.
People are going broke, and they are doing it to you on purpose.
I yield the floor.
The PRESIDING OFFICER. The Senator from Washington.