Despite what the White House says, our economy is in recession and inflation is the highest in over 40 years.
Democrats in Washington keep telling us not to worry and that the problem is only temporary, but every month the mountain that Americans must climb to make ends meet grows steeper and steeper.
The reason is simple: President Biden’s tax and spending agenda.
But even now, with our economy in recession, Democrats are ignoring the struggles inflicted on American workers and continuing to push one trillion dollar bill after another. And as reckless spending increases, the value of the dollar declines, which means paychecks aren’t going as far as they were just a year ago.
To make matters worse, the Biden administration’s ongoing efforts to end domestic oil and gas production are fueling the high price at the pump, which hit an all-time high of more than $5 a gallon this summer. Internal analysis from the Biden administration’s own Treasury Department predicts that gasoline prices could top $6 a gallon this fall. I already hear from companies in Iowa and Iowa saying that people can’t even afford to drive to work!
Unpredictable prices are not confined to gasoline alone: the retail price of a new vehicle is $48,000; the cost of buying a home hit an all-time high of $416,000; and rent is at another all-time high of nearly $1,900 per month. Iowans shouldn’t have to play guessing games about whether or not their paychecks can be stretched enough to avoid hitting a financial cliff.
Every bill Democrats have passed on the Biden agenda has increased costs for American workers while driving our nation ever closer to the edge of the fiscal cliff. Consider that when President Biden was sworn in in January 2021, the inflation rate was only 1%. After the so-called Democrats “COVID Relief” bill, which cost $1.9 trillion, passed in March of last year, the inflation rate rose to almost 3%. In July, President Biden claimed that rapidly rising prices were “temporary” and that his big spending plans would drive prices down for Americans. And yet, by November, inflation had climbed to almost 7%. In December, President Biden declared that inflation had reached its “peak.” And friends, he was wrong again. Today, inflation is above 9%.
Step by step, the reckless fiscal and spending policies of President Biden and the Washington Democrats are bringing us closer to the fiscal cliff.
But that’s not stopping Senate Democrats who are now trying to outbid each other with another billion-dollar partisan, expensive package that would raise taxes and prices for almost everyone.
We are in a recession. Do you really think it’s time to raise taxes and spend more? I do not know. And not so long ago, neither did the Democrats.
Democratic West Virginia Senator Joe Manchin said in 2010: “I don’t think in a recession you disrupt taxes or raise taxes.” Senate Majority Leader Chuck Schumer (DN.Y.) said in 2008: “If we’re in a recession and we’re going through tough economic times, I don’t think Senator Obama or anyone else will raise taxes. You don’t want to take money out of the economy when the economy is contracting.
I don’t disagree – and I wish they were actually listening to their own words right now. Families in Iowa can barely afford to make ends meet. The last thing they want or need is another reckless Liberal tax and spending spree from the Democrats in Washington.
U.S. Senator Joni Ernst, a Republican, represents Iowa.