Inflation and Our Economy

Floor Speech

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Mr. MEUSER. Madam Speaker, I thank the gentleman from Louisiana (Mr. Johnson) for his leadership.

Madam Speaker, President Biden's plan to tame escalating inflation passes the buck to Americans once again. Costs for driving to work, feeding families, housing, and utilities are under unimaginable increases and strain on my constituents, thanks to the disastrous policies.

President Biden largely puts responsibility on the Federal Reserve to stabilize inflation. However, the shocks that the Biden administration has brought to our economy are out of the Fed's control. Sure, they play a role here. A majority of the inflation, however, has been caused by the assault on domestic energy, excessive government spending, and incentivizing a lack of American productivity.

President Biden then wonders why we don't embrace his plan to reduce inflation by tapping the emergency energy reserves. Somehow that is going to lower gas prices. Well, it hasn't. It is a bad idea, and it hasn't made a dent.

Shockingly, against every fundamental of economics that we are even taught back in the seventh grade, Madam Speaker, he wants to raise taxes on American businesses, which, according to the Biden administration, will reduce the deficit, slow inflation, and create jobs. I am surprised it wouldn't put food on the table as well.

Americans, in their opinion, need relief right now, not in some far off, far out way. Small businesses are rightfully concerned about surviving after having to absorb huge new costs since the Biden administration came into office. And this is factual. The data is there, and the graphs are there.

Bidenomics has greatly worsened what was and is a challenging time for our economy. But digging a hole much deeper than necessary and exacerbating pain for Americans who are struggling to cope with one economic hardship after another is certainly not the answer.

There is no doubt the Federal Reserve's delay in acting did make inflation worse, and America's overreliance on goods made in China also contributed to inflation, along with the COVID supply chain setbacks. However, we would be nowhere near the position we are in now if it were not for the terrible Bidenomics that they put in place. These reckless actions have turned economic challenges into a full-blown, as some describe, hurricane of an economic crisis.

These policies have spearheaded an assault, an absolute assault, on our domestic energy--this is unforgivable--over the last 18 months.

President Biden canceled the Keystone pipeline. That was just the start of it. He halted issuance of other pipeline and drilling permits--far less were issued than were ever issued during the Obama years; mitigated LNG exports; threatened domestic banks and investment companies against investing in carbon fuels.

Our domestic energy went from a state of independence and surplus to a high level of dependency. After these Biden administration policies kicked in, the U.S. became at the mercy, once again, to the energy players like OPEC and Russia, meaning any geopolitical disruption would spike gas prices, leading to cascades of issues for Americans, consumers, and businesses.

Madam Speaker, we have seen this before. This is a rerun. This is why U.S. domestic energy independence is so crucial.

However, the administration, and many in this Chamber, have a ``go green now or else'' mentality, which has generated $5-plus gasoline prices and caused natural gas to go so far high up in price that fertilizer costs have caused farmers' prices and costs to skyrocket. Of course, food on everybody's table soon followed.

Biden and the Democrats--and it is far too many Democrats, frankly-- in Congress continued spending trillions which exacerbated inflation, leading to predictable inflation where even Democrats such as Larry Summers, an economist, stated, look out for a rapid rise and a sustained inflationary period.

Many others said, Oh, no, Larry's wrong this time. Well, Larry was not wrong. Now, with the threat of tax increases and a laundry list of every regulatory antigrowth measure imaginable, this woke, go-broke economy is going to continue to fail American families.

Madam Speaker, we must encourage responsible domestic energy production. We must lower taxes to rev up our economy. The United States must have the most competitive economy in the world, job creation machine and perhaps a job creation tax credit.

We must support production of items made in America. We must do our very best to buy American, and we need to pivot from this awful path that we continue to be on.

I will wrap up by simply stating that we must recognize where the problem started, what the problem is, have a plan for solutions, and that means having the courage to change course now.

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