In an op-ed for the Wall Street Journal, President Biden touted a so-called “new plan” to address 40-year high inflation, which doubles down on crippling tax hikes and more inflationary spending.
“While the President’s op-ed purports to lay out a plan for addressing inflation, a close read shows that he actually seems to be pushing the burden off on others…”
President Biden and congressional Democrats are out of touch with the challenges American families face. Here’s how his so-called “new plan” will make inflation worse.
PART ONE: “First, the Federal Reserve has a primary responsibility to control inflation.”
REALITY: The Federal Reserve has already taken too long to address inflation, and President Biden is putting it entirely on the central bank. In fact, the Administration has a troubling pattern of playing the blame game for higher prices in their failure to address inflation.
- President Biden claimed that inflation peaked in December, but it has continued to rise every month afterwards.
- Before the crisis in Ukraine, the Administration dismissed inflation as “transitory.”
- When it became obvious higher prices were here to stay, the Biden Administration attempted to pass the buck onto everyone but themselves – even American businesses and industries like meatpackers.
PART TWO: “Second, we need to take every practical step to make things more affordable for families during this moment of economic uncertainty—and to boost the productive capacity of our economy over time.”
REALITY: President Biden’s “Build Back Better” agenda will make inflation worse, slow our economy, worsen our debt, kill U.S. jobs, and cut workers’ paychecks.
- On American-Made Energy: President Biden and congressional Democrats have attacked traditional energy, proposing to raise taxes by $145 billion on Made-in-America oil and gas, pipeline and refining firms—killing over 1 million jobs, raising fuel prices, and leaving America more dependent on foreign oil. (READ: Americans Brace for More Pain at the Pump)
- On Fixing Broken Supply Chains: President Biden’s trade moratorium has worsened inflation. The White House has failed to pursue an ambitious trade agenda that opens up new markets and enforces existing trade agreements. (WATCH: Bidenflation Isn’t Going Away and Biden Will Only Make it Worse)
- On Democrats’ Dangerous Price-Setting Scheme: Americans prefer Republicans’ plan to lower costs for medicines delivered in a doctor’s office, cap out-of-pocket drug spending for seniors, and allow Americans with high-deductible plans to pay less for certain services and prescriptions, while fewer Americans support Democrats’ plan to allow the federal government to negotiate drug prices for Medicare. (LETTER: Biden Budget Doubles Down on Democrats’ Economic Sabotage, Worsens Americans’ Health Care, and Bungles the Major Crises American Families Face)
- On Democrats’ ‘Toddler Tax’: According to a liberal study, Democrats’ ‘toddler tax’ raises child-care costs between $13,000 to $27,000 a year for working families depending on the state. (ONE PAGER: Top 5 Reasons to Oppose Democrats’ Toddler Tax)
PART THREE: “Third, we need to keep reducing the federal deficit, which will help ease price pressures. […] My plan would reduce the deficit even more by making common-sense reforms to the tax code.”
REALITY: President Biden wants to raise taxes to increase spending (including special carveouts for the wealthy)–which would actually add to the deficit.
- Analysis from the CBO and Joint Committee on Taxation found that President Biden’s “Build Back Better” agenda would add $3 trillion to the deficit.
- CBO found that corporate tax revenue is set to hit a new record of $454 billion after Republican tax reform – showing that Democrats’ fear-mongering about lower taxes was unfounded.
- Democrats are pushing an $80 billion bank surveillance scheme targeting farmers, families, and small businesses. President Biden is calling for a supercharged IRS to go after working families and Main Street businesses, while promising tax giveaways to wealthy Americans.