Highlights From The Republican Roundtable on The Economy

Today marks one year of America under Far Left Democrat rule. America is now facing an economic crisis fueled by President Biden and House Democrats’ Far-Left Socialist agenda and out-of-control government spending.

Inflation is taxation, and it has gone up every month of Joe Biden’s presidency. Because of Democrats’ failed policies, Americans are now making less while paying more for just about everything. Last year, Biden’s Economic Crisis caused inflation to skyrocket 7% and cost the average worker nearly two paychecks and cost the average family $3,500.

That is why House Republican Whip Steve Scalise and Reps. Patrick McHenry, Stephanie Bice, Young Kim, French Hill, Jason Smith, Barry Loudermilk, and Jeff Duncan held a roundtable to discuss how Biden’s Economic Crisis has affected American families, small businesses, and workers. You can watch the full roundtable HERE.  

House Republican Whip Steve Scalise noted how Democrats’ Socialist agenda is hurting American families:

“As Joe Biden immediately pushed an agenda to spend not billions, but trillions of dollars in new programs and proposing trillions of dollars in new taxes, inflation started going up dramatically. We see highest levels in almost 40 years for inflation. But inflation is what really hits those low and middle income families the hardest. Those were the people Joe Biden promised wouldn’t be affected by his policies, and unfortunately, they’re the most and hardest hit.”

Rep. Jason Smith highlighted how the skyrocketing inflation affecting consumers and producers has been caused by Democrats’ spending:

“What we have seen over and over again is within this past year is the agenda of President Biden has failed American families. This reckless spending has truly overheated the economy. We are seeing the highest consumer prices in over 40 years. Just last week alone, we saw the producer prices index be at 9% year to yea – that is the highest ever in recorded history.”

Rep. Young Kim described the effect of Biden’s Economic Crisis on small businesses in her district and across the country:

“The state of California where I’m from, we talk about inflation. We talk about small businesses struggling to keep their doors open and keep their employees on payroll, and we see the gas prices on an average that is a dollar higher than any national average you see around the country. […] I visit regularly and meet with small businesses, they’re telling us these rising prices – inflation, which we know is a hidden tax on our families, businesses, and our workers. As inflation gets higher, families will have less in their savings accounts and workers’ wages are worth less.”

Rep. Jeff Duncan highlighted how the Biden Administration’s anti-energy policies have created an Energy Crisis:

“When you go through that whole list of all the commodities that are higher today than they were just a simple year ago – especially in the energy sector. Gasoline prices are up well over a dollar a gallon more, diesel prices up well over a dollar a gallon more. What that means is, for every 18-wheeler that has a 300 gallon tank, that’s $300 more it takes that trucker to fill up. You think that’s coming out of his pocket? No, that’s being passed on in consumer goods prices down the road.”

Rep. Stephanie Bice touched on how inflation is affecting job creators in the energy sector:

“We know that inflation has raised prices for those things – household goods and fuel. But it’s also causing significant pain for our job creators. The oil and gas industry in Oklahoma relies on a large number of suppliers and contractors that provide parts and equipment for pipelines, pumpjacks, and other key infrastructure, but the prices for parts and raw materials as well as the ongoing supply chain crisis has put a squeeze on businesses both large and small, and in order to find the roots of today’s inflation you have to go back a ways. The last year, the glut of federal dollars that’s been pumped into our economy has fueled the surge in prices.”

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 

  • Inflation is a tax on ALL Americans.
  • Americans are paying more for just about everything because of inflation:
  • The December jobs report was the worst of Joe Biden’s presidency with only 199,000 jobs being added.
    • The labor force participation rates decreased for, African American men 20 and older, Asian Americans, and Hispanic or Latino Americans
    • The number of persons not in the labor force who currently want a job was little changed at 5.7 million in December.