Continuing the White House pattern of denial and passing the buck for high costs, President Biden argued, “I think our policies helped, not hurt,” while denying responsibility for the 40-year high inflation that is robbing workers’ paychecks. The President even repeated the now twice debunked claim that Republicans want to raise taxes on American families.
The Administration’s actions speak louder than President Biden’s excuses.
ON ENERGY COSTS…
- This week, as gas prices reached new heights nationwide, at $4.37 a gallon, the Biden Administration canceled oil and gas lease sales in Alaska and the Gulf of Mexico.
- The Biden Administration has touted their easing of restrictions on E15 gasoline as a way to address high energy costs. Unfortunately for Americans who are feeling the pain at the pump, this won’t go into effect until June, will get five percent less fuel mileage, and will be sold at less than 2 percent of gas stations across the country.
ON THE COST OF DOING BUSINESS…
- With more than 60 percent of job creators fearing inflation will drive them out of business, and 86 percent reporting they’re having to raise their prices, President Biden continues to threaten higher taxes on Main Street.
- A study of President Biden’s tax hikes from the nonpartisan Tax Foundation found his plan would shrink the U.S. economy even further, while destroying at least 138,000 U.S. jobs.
ON HOUSEHOLD COSTS…
- Democrats’ “new” plan to address inflation is to repeal the Tax Cuts and Jobs Act, which reduced federal tax rates for households across every income level–while increasing the share of taxes paid by the top 1 percent.
- Although more than 60 percent of Americans’ paychecks are unable to keep up with rising prices, President Biden’s tax plan would slash family wages across all income levels.
ON RISING RECESSION RISKS…
- President Biden’s economic policies have been so disastrous and inflationary, that since March of 2022, nearly 40 economists have raised concerns about a looming recession.
- Even economists who have been cited as favorable toward President Biden’s policies have criticized his agenda and warned about worsening inflation.
- Don’t forget, President Biden and congressional Democrats’ $2 trillion so-called COVID stimulus fueled this inflation fire, with former Obama-Biden White House economic advisor Jason Furman attributing at least 2.5 percent of current inflationary pressure to the massive bill.
- If the Democrats and the Biden Administration really did make fighting inflation their #1 priority, they would work with Republicans on improving Main Street optimism, unleashing American energy production, and promoting economic growth.