Hoeven Outlines Biden Administration's Failed Economics Policies, Calls on Colleagues to Reject Democrats' Tax & Spend Bill

Hoeven Outlines Biden Administration's Failed Economics Policies, Calls on Colleagues to Reject Democrats' Tax & Spend Bill

WASHINGTON - Senator John Hoeven this week delivered remarks on the Senate floor outlining the Biden administration's failed economic policies and called on his colleagues to block the Democrats' $740 billion tax and spending bill. The senator stressed the impact of record-high inflation and an impending recession on American families, and he pushed back on Democrats' plans to increase taxes and impose further burdensome regulations that would not only kill jobs, but also undermine U.S. energy production, leading to even higher inflation.

"Americans are facing soaring inflation that has not been seen in generations," said Hoeven. "The price increases families are seeing at the grocery store, at the gas pump and for basic housing needs have far outpaced wage gains and left Americans struggling to make ends meet. The news last week that our GDP shrank for a second consecutive quarter is only further evidence of the Biden administration's failed economic policies. Now, my colleagues across the aisle are doubling down on their failed approach, proposing to increase taxes on nearly every single hardworking American by $750 billion and spending nearly $370 billion on Green New Deal policies.

"This bill will increase taxes on millions of Americans across every income bracket, with more than half of the tax increases impacting Americans making less than $400,000 per year. Not only that, but this bill won't actually reduce inflation. Analysis by economists at Penn Wharton School at the University of Pennsylvania, the Federal Reserve, Moody's Analytics and the Congressional Budget Office show that this bill will actually have little effect on inflation. In addition, economists at the non-profit Tax Foundation have projected that this bill will reduce long-run economic output, reduce average wages, and eliminate 30,000 full-time jobs.

"Increasing taxes and further federal spending will not reduce inflation. It will not create new jobs, and it will not lower gas prices. Instead, we should be empowering our domestic energy producers, restoring our energy independence, reducing our reliance on foreign oil imports and creating more jobs here at home. Democrats however, are proposing new energy taxes and Green New Deal-style subsidies that will only worsen our current energy crisis and weaken our nation's economic and national security.

"We need to unleash our domestic energy production and get our debt and deficit under control, while positioning our farmers, ranchers, and agricultural supply chain to continue to produce the highest quality lowest cost food supply in the world. This bill does none of that and it should be rejected."

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