Economy

This week, as I visited a number of Third District communities, several major economic indicators were published, confirming what we already know: President Biden’s inflation hasn’t ended, and a radical change of direction in Washington’s fiscal policy is needed to remedy an ailing economy.

As the 2024 tax deadline nears, Americans are well aware of the outsized impact the Internal Revenue Service can have on their time, attention, and pocketbooks. From supersized agency funding to new reporting requirements on Venmo and PayPal transactions which amount to a “Babysitter Tax” to expanding IRS efforts to take over Americans’ tax preparation and tell them what they owe, the Biden administration’s IRS has continued to expand its intrusion into the daily lives of American families.

In December 2023, the House Select Committee on Strategic Competition Between the United States and the Chinese Communist Party (CCP) released a bipartisan report outlining a strategy to combat the CCP’s growing influence around the world. I have been vocal in my support for the committee’s work. As our leading adversary and one of the world’s worst human rights abusers, the CCP continues to increase its troubling influence around the world, and the U.S.

Americans are rightfully concerned about the direction of our economy. While inflation is no longer at nine percent, prices remain high, and the inflation rate remains double where it was when President Biden took office. According to Consumer Price Index analysis by the Joint Economic Committee, American families are facing an average of $11,400 more in annual expenses compared to prices when Joe Biden took office.

Economic hardships brought about by severe inflation and supply chain challenges continue, creating an ongoing affordability crisis in our country. Small businesses and families across the nation have had to make difficult choices and dig into savings to make ends meet in recent years. Inflation hits hardest those who can least afford it: those on fixed and low incomes. Seniors struggling to stretch their savings have little recourse when prices go up but their earnings do not.

This week, the House was set to continue its work on the twelve annual appropriations bills to ensure the government is responsibly funded. Unfortunately, our legislative work to cut wasteful spending was disrupted when a small handful of Republicans voted with Democrats to remove the Speaker of the House. I voted against vacating the chair because it sets a disruptive precedent and because the House should be focused on delivering results for the American people.

On October 1, absent a last-minute change in momentum, the federal government will shut down. No one wins a government shutdown, least of all the American people. The Biden administration has already announced it will, in the event of a shutdown, close agencies Nebraskans rely on such as FSA, Rural Development, and the Agriculture Research Service. Because the Biden administration appears prepared to make any lapse in appropriations as painful as possible, I would prefer to keep the government open while we fight for fiscal sanity.