Tom Cole

09/26/2022 | Press release | Distributed by Public on 09/26/2022 09:33

Inflation Nation

President Joe Biden recently joined 60 Minutes and once again showed how out of touch he is with the realities facing the American people. As Americans continue to pay the highest prices on food and other necessities in 40 years, it is simply inconceivable that Democrats and the president continue to spend our nation further into a recession and raise taxes on the American people.

The latest symptom of our nation's dire economic condition was on display last week with the Federal Reserve's decision to raise interest rates for the fifth time this year. While this repetitive action should serve as a warning sign to change course with their irresponsible spending and misguided economic policies, the Biden Administration and the Democrats in Congress continue to plow ahead surprisingly unconcerned. Instead of acknowledging the fact that inflation is getting worse under their watch, they are celebrating their misnamed "Inflation Reduction Act" and falsely claiming inflation is under control.

Not only has their misguided legislation had little to no impact on inflation, but it has increased taxes on the American people. This includes a natural gas tax that charges a fee for onshore and offshore petroleum and natural gas producers and processors. In fact, last month, electricity prices increased at the highest level since 1981, and Americans are set to pay even more to heat their homes this winter as temperatures drop. Unfortunately, when given the opportunity to repeal this tax and help hardworking American families and small businesses who are already pinching pennies to save money, last week House Democrats blocked a vote to bring up a bill that would do just that.

Earlier this month the U.S. Bureau of Labor and Statistics reported that the Consumer Price Index (CPI) increased 0.1 percent in August and 8.3 percent in the past year. Not only is that rate higher than economists expected, but it is also higher than last month. Indeed, the irresponsible spending advanced by Democrats has ignited the worst inflation in more than 40 years. On top of the reckless spending advanced in August, the Biden Administration announced the intention to forgive hundreds of billions of dollars of student loan debt. Both these actions have only added more fuel to the raging fire of inflation.

Finally, not only have Americans essentially worked for one free month the past year because of inflation, but a recent study from the Senate Joint Economic Committee found that soaring prices are causing families to lose, on average, $715 a month. Americans cannot afford Democratic control over Washington, D.C. any longer. While Democrats continue to disassociate themselves from reality, House Republicans have solutions in our Commitment to America plan to restore the nation, including policies to rebuild our economy.

No matter how the president tries to spin news on the country's dismal economy, Americans are not fooled as unaffordable prices force them to dip into their hard-earned savings and retirement. One thing is clear though: the American people deserve better from their elected leaders.