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J. Smith: Biden-Flation is Robbing Flyover Country

“Every American is making hard decisions regarding spending right now, and it is time Congress does the same.”
November 9, 2022 — 'Inflation Reduction Act'    — Bidenflation    — Blog    — Op-eds and Speeches    — Press Releases    — Select Revenue Measures    — Talking Points   

“Rising prices are crippling Americans’ budgets, and at its core, inflation is a tax on rural Americans and the poor,” writes Ways and Means member and Republican Leader of the House Committee on Budget Rep. Jason Smith (R-MO) in a new op-ed for The Hill. “Congress must stop fueling inflation and stop throwing endless amounts of money at problems; it must carefully target where to spend Americans’ hard-earned tax dollars.”

Read the full op-ed here.

 

KEY EXCERPTS:

Families in flyover states are suffering from Biden-Flation. 

  • “On average, inflation is costing people in Wyoming more than $9,900 per year, and Missourians $8,900. The Congressional Budget Office (CBO) has also confirmed that inflation in rural communities — many of which we represent — is 130 percent that of urban areas.”
  • “Higher interest rates so far have not had a significant impact on lowering inflation, but they are having a major impact on the housing market, as families are being priced out of the market. The average rate on a 30-year mortgage is seven percent, more than double the average rate a year ago. Americans are also now being hit with the double whammy of not always being able to find the goods they need and paying higher prices when they do.”

READ: POLL: Biden-Flation Forces Majority of Families to Cut Back on Necessities

President Biden and congressional Democrats fueled the inflation fire.

  • “At the beginning of 2021, Congress had already spent approximately $4 trillion since the start of the pandemic on the response. The CBO warned that no more federal stimulus was needed.”
  • “Ignoring those facts, in March of 2021, Democrats chose to add $2 trillion to that total through the American Rescue Plan Act, even though there was still over $1 trillion in unspent COVID funds remaining on the books.”
  • “However, instead of heeding the warnings and focusing on targeted relief while curbing spending as the pandemic subsided, the Democrat majority in Congress used the excuse of a pandemic to continue to spend well beyond the country’s means, overheating the economy.”

READ: Like Inflation, President Biden’s Denial Doesn’t Make a Recession Go Away

Republicans are committed to delivering an economy that is strong.

  • “By cutting spending, Congress can send a powerful signal that it has heard the concerns of the American people and that it is serious about getting inflation under control and holding Washington accountable.”
  • “While we will fight efforts by Washington Democrats and the White House to use the upcoming lame duck session as an opportunity to increase spending even more before they pass the gavels of congressional leadership to Republicans, when Republicans gain control of Congress we must focus on fiscal restraint and getting our economy back on the right track.”

READ: How Ways and Means Republicans Are Fighting for An Economy That’s Strong

 

SUBCOMMITTEE: Select Revenue Measures