Warren Remarks at Hearing on "The Affordability Agenda"

Thank you, Mr. Chairman. I want to thank you for holding today's hearing on affordability. It's only Tuesday, and our committee's already had a big week. Yesterday, the Senate passed our 21st Century Road to Housing Act, and now the House is on its way to passing it too. This is the biggest housing bill in more than 30 years. It will help build more housing, bring down costs, and for the first time ever, stop private equity from snapping up homes that families are trying to buy, and your leadership will help make that happen. Our housing bill is an affordability accomplishment that everyone on this committee can be proud of, but it is not nearly enough to offset the economic policies of President Trump and the devastating impact that they have had on American families. So let's set a baseline. When Trump took office, inflation was down to 3% and headed down. The first thing he did was slap tariffs on nearly every item from nearly every country. These tariffs will cost the average American household more than $2,500 this year. Now, the Supreme Court struck down these tariffs as illegal, and the administration has not lifted a finger to give consumers a refund on the very high prices that they pay. Then came Trump's illegal war with Iran, which caused energy prices to skyrocket. The impact of the war continues to jack up costs for every single sector of our economy. Families have spent $43 billion more on gasoline alone than they would have if Trump had never started this war. Trump spent billions to cut renewable energy projects, you know, the kind of energy that would actually lower utility costs. And Trump and Republicans have sent health insurance premiums with next year's premium hikes already on track to rival last year's record-breaking increases. In between these disastrous policies, it has been nonstop Trumpian extravaganza of corruption and incompetence. Anti-consumer mergers that will drive up costs for everything from cable TV to credit cards get rubber-stamped under the shadiest possible circumstances. The CFPB, which has returned more than $21 billion directly to families that have been scammed, has been hollowed out and sidelined. Doge fired the USDA team responsible for preventing screwworm, and now an outbreak threatens to bankrupt ranchers and send already high beef prices through the roof. And one white-collar criminal after another gets DOJ dismissal or a Trump pardon, sending a clear message that it is okay for wealthy insiders to rip off families and consumers. And what's the result? Inflation now sits at its highest level in three years, 4.2%, nearly double what it was last year. Americans are paying more for groceries, for healthcare, for gas. The Federal Reserve is forecasting higher inflation, higher interest rates, and slower growth. And the American people can see plain as day that as the economy gets worse, Trump gets more chaotic. Trump focuses on building his golf course and his giant ceremonial arch, getting the right marble for his taxpayer-funded gold-encrusted ballroom, with no thought to the rising costs that are bearing down on Americans. The same guy who ran for office saying he would tackle inflation on day one now calls affordability a, quote, hoax and a, quote, made-up word. He says, quote, I don't think about Americans' financial situation. He says that he, quote, loves the inflation. Trump doesn't care about hardworking Americans. He cares about making himself richer by cutting crypto deals and making thousands of stock transactions with companies whose value he can boost with deregulatory policies or giant government contracts. Trump's billionaire friends are along for the ride. They're getting richer by the hour while American families are stuck with the bill. The world just got its first trillionaire, and the Trump family's wealth is up by at least $2.3 billion since just last year. And meanwhile, Americans' real wages since Trump was sworn into office 18 months ago have fallen. Mr. Chairman, I am glad that we are having this affordability hearing today. It is a stark reminder of the president's failures. Americans want Washington to make affordability our first priority. And instead, all Donald Trump is offering are higher prices, more chaos, and unprecedented corruption. I look forward to our conversation today.