Democrats are doubling down on their failed policies that have fueled 40-year high inflation, this time, pushing for more spending and crippling tax hikes, despite the fact that a majority of American workers and job creators now fear a looming recession.
In an op-ed for Fox Business, Republican Leader on the Ways and Means Health Subcommittee Rep. Vern Buchanan (R-FL) outlines solutions we should take right now to get the economy back on track and address inflation: Cut COVID-era spending, unleash American-made energy, remove barriers to work, and make the Tax Cuts and Jobs Act (TCJA) permanent.
CLICK HERE to read the full op-ed.
President Biden Fueled Inflation, Denied It, and Will Make it Worse:
- “Democrats have taken their eye off the ball when it comes delivering economic relief and we are all paying the price. Gasoline prices have hit a record $5 a gallon and overall inflation has surged to its highest level in 40 years. Bidenflation has cut the pay of every American worker, causing real wages to drop nearly four percent since the current Administration took office.”
- “Yet Democrats continue to double down on their same failed policies. They ignore studies from the San Francisco Federal Reserve, former top Obama-Biden economic advisers Jason Furman and Larry Summers and even the President’s own favorite economic forecaster, showing that Biden’s agenda will make inflation worse.”
What Can Be Done to Fight Inflation:
- “First, we should soak up some of the excess money floating around in the economy and reduce the deficit. Inflation skyrocketed immediately following passage of the $1.9 trillion Democrat/Biden backed American Rescue Plan (ARP). With supply chains still struggling to come back online, and a labor shortage induced by President Biden paying people more to stay at home than to go to work, this so-called stimulus flooded the economy with too much money chasing too few goods.”
- “Second, let’s unleash American energy independence. With gasoline prices at all-time highs, we can make it easier to get permits to drill, transport and refine domestic energy, which would increase supply and lower prices.”
- “Third, remove the barriers that prevent our job creators from expanding. Too much red tape and burdensome federal regulations raise costs for businesses that then gets passed on to consumers. Whether it’s new Labor Department paperwork, burdensome environmental regulations, or lengthy permitting requirements, the Biden Administration is building a mountain of new costs that directly lead to price increases for consumers.”
- “Fourth, make Republican tax reform permanent and lock in its historic achievement of higher wages for the lowest earners, the lowest unemployment in 50 years and rapid economic growth.
“President Biden’s persistent threat to deliver on his campaign promise of repealing these tax cuts and raising taxes further fuels inflation.”