Despite what the White House says, our economy is in a recession, and inflation is at its highest in 40 years.
Washington Democrats keep telling us not to worry and this problem is only temporary, yet every month there are mountains Americans have to climb to meet their needs and it keeps getting worse.
The reason is simple – President Biden’s tax and spending agenda.
But even now, with our economy in recession, Democrats are ignoring the struggles being inflicted on hardworking Americans, and continue to push one trillion-dollar-bill after another. And as careless spending increases, the value of the dollar declines—meaning paychecks aren’t going nearly as far as they did just a year ago.
To make matters worse, the Biden administration’s ongoing efforts to end domestic oil and gas production are fueling higher prices at the pump, which hit an all-time high of more than $5 per gallon this summer. reached. An internal analysis by the Biden administration’s own Treasury Department estimates that this fall, gas prices could top $6 a gallon. I’m already hearing from Iowans and Iowa businesses about how people aren’t able to drive to work!
Unexpected prices haven’t just been capped off for gas: the retail price for a new vehicle is $48,000; The cost of buying a home has reached an all-time high of $416,000; And rents are at yet another all-time high of nearly $1,900 per month. The Iowans shouldn’t be playing the guessing game about whether their paychecks can be stretched far enough to avoid going on a financial cliff.
Each bill passed by Democrats as part of the Biden agenda has increased costs for working Americans while moving our country closer and closer to the edge of the fiscal cliff. Consider that when President Biden was inaugurated in January 2021, the inflation rate was only 1 percent. After Democrats’ so-called “COVID relief” bill, which cost $1.9 trillion, was passed in March last year, the rate of inflation shot up to nearly 3 percent. In July, President Biden claimed that rapidly rising prices were “temporary” and that his larger spending plans would result in lower prices for Americans. And yet, by November, inflation had reached around 7 per cent. In December, President Biden said inflation had reached its “peak”. And guys, he was wrong once again. Today inflation is more than 9 percent.
Step by step, the reckless tax and spending policies of President Biden and the Washington Democrats are getting us closer to going on a fiscal cliff.
But that’s not deterring Senate Democrats who are trying to outdo each other right now with a billion-dollar, budget-busting, partisan package that would raise taxes and raise prices for nearly everyone.
We are in recession. Do you really think now is the time to raise taxes and spend more? I don’t. And it’s not that long ago, Democrats didn’t either.
Senator Joe Manchin, a West Virginia Democrat, said in 2010: “I don’t think you mess with any taxes, or increase any taxes, in times of recession.” Senate Majority Leader, Chuck Schumer (D.N.Y.), said in 2008: “If we’re in a recession and we’re in tough economic times, I don’t think Sen. Obama or anyone else is going to raise any taxes. When. You don’t want to take money out of the economy when the economy is shrinking.”
I don’t disagree—and I wish they really heard their words right now. Iowa families barely make a living. The last thing they want or need is another liberal reckless tax and spending spree by the Washington Democrats.
U.S. Sen. Jonny Ernst, a Republican, represents Iowa.
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