Commitment to a Strong Economy
As American families continue to battle historic inflation at 8.2 percent, Nebraskans are feeling the pain every time they reach for their wallets. According to the Joint Economic Committee, households in Nebraska are spending an extra $759 each month, or more than $9,000 annually, because of inflation.
I am particularly concerned because inflation is driving up the costs of families’ basic necessities: fuel, food, and shelter. The Foundation for Government Accountability reports Nebraska families’ monthly energy costs are up $158 per month, with monthly combined fuel and transportation costs increased by $290. Likewise, Nebraska families are spending $114 more on food every month than they were last year, and housing, which was already a problem in communities across the Third District, is costing Nebraska families $76 more per month.
Inflation is not slowing down, and to stop it, we must stop wasteful, unnecessary government spending. Since the start of Biden administration, the federal government has spent $9 trillion, amassing deficits of $2.8 trillion and $1.4 trillion in the past two fiscal years. Because of this new wave of spending, along with Biden administration policies designed to limit access to energy and other products, inflation is driving price increases more than five times as quickly as it was in January 2021, and wage growth isn’t keeping up. To recover an economy that’s strong, House Republicans have made a Commitment to America to lower the cost of living, achieve energy independence, and enhance our competitiveness in the global marketplace.
While inflation is a tax on everything and everyone, small businesses have been particularly hard hit. For nine straight months the National Federation of Independent Business (NFIB) Small Business Optimism Index has been below its 48-year average. In September, NFIB reported the number of small business owners who expect better business conditions over the next six months declined by another two points as NFIB Chief Economist Bill Dunkelberg explained, “Inflation and worker shortages continue to be the hardest challenges facing small business owners.”
The value of predictability for businesses cannot be overstated. This is why Republicans have prioritized making Tax Cuts and Jobs Act (TCJA) provisions cutting taxes for families and small businesses a top priority. If these provisions are allowed to expire, we will not only lose out on the resulting stability and wage growth which benefited everyone, especially workers, following the passage of TCJA, we will lose ground to other countries which would love to capitalize on their expiration.
To rein in energy prices, we must also restore America’s leadership in energy production. While President Biden has refused to undo actions like cancelling the Keystone XL pipeline which would promote North American energy production, he has simultaneously worked to promote U.S. importation of more oil and gas from anti-American regimes like Venezuela, depleted the U.S. Strategic Petroleum Reserve, and asked OPEC+, which includes Russia, to increase energy production. These actions not only make us less secure internationally, they make us poorer at home.
The path to economic recovery is clear. We must do everything we can to increase domestic energy production, increase take-home pay, create good paying jobs, and lower the cost of living. We must reject wasteful spending which has fueled inflation and led to the national debt surpassing $31 trillion. We must expand U.S. manufacturing, maximize our competitive advantage, and become less dependent on China. Republicans will deliver on our commitment to achieve this. We will return to an economy that’s strong.