Worsening Inflation Pain Ahead as Dems Consider Trillions More in Spending and Tax Hikes
Ways and Means Republican Leader Rep. Kevin Brady (R-TX) appeared on the Erick Erickson Show to discuss how Democrats are still considering spending and tax hikes that will send 40-year-high inflation even higher on Americans.
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Rep. Brady warned that American families should brace for even more inflation pain ahead:
“The average family in America is paying $5,000 more a year because of inflation under President Biden – and it’s accelerating, by the way. Americans are going to have to brace for a lot more pain going forward. When the Fed keeps its interests rates low, especially for so long, they basically are giving a pass to the government to keep borrowing more without consequences. When you get back to more normal interest rates, you’re going to see debt soar.”
READ: Biden Tax Hikes Increase Burdens for Taxpayers
Asked about proposals to expand energy production to lower energy and oil costs for Americans. Rep. Brady said:
“About a third of inflation in your daily costs come from fuel costs. They estimate that people will pay about two thousand dollars more a year. And there’s no question: The administration doesn’t have to take huge actions to produce more oil and gas in America. Simply a green light signal saying, ‘We’re not going to be attacking you daily,’ would have the impact of unleashing more bidding on leases, more wells that can be tapped, more investment in pipelines, and other ways to get this oil to our refineries and back out to our communities in America.”
Rep. Brady added:
“It’s really deceitful to be attacking made-in-America energy from day one.”
READ: Buchanan: Rising Energy Costs Are a Hidden Tax That Stifle Growth
Democrats are still considering tax hikes and spending that will send prices higher on Americans and small businesses:
“Prices are growing about three times faster than paychecks right now. That was almost the opposite under the Trump Administration – you saw paychecks going up at twice the rate of inflation so families were getting ahead, especially people of color.”
Rep. Brady weighed in on the most important thing Congress can do right now to help the economy:
“Right now, the most important thing Congress can do is not make it worse. They are still considering this Build Back Better – two trillion, one and a half trillion – filled with a lot of green pork, a lot more stimulus spending, and a lot of higher taxes that will translate to higher prices. They are still trying to do that before we leave at the end of July, and that’s going to have even more economic impacts.
“The best advice for Democrats in Congress is to stop doing that and stop making it worse.”