Note: The following is the weekly Wicker Report, provided by the office of Sen. Roger Wicker (R-Miss.)
Republican Policies Lower Prices and Increase Innovation
By now, Americans are becoming familiar with the term “Bidenomics.” President Biden has been using the phrase to highlight his economic agenda, but most Americans do not consider Bidenomics anything to celebrate. The reality is that the president’s policies are draining Mississippian’s wallets.
Since Mr. Biden took office in January 2021, overall costs have soared more than 17 percent. December was the 33rd consecutive month in which prices rose faster than normal, cementing high inflation as a key Biden administration legacy. In Congress, Republicans are fighting this trend by trimming excessive spending and resisting the president’s burdensome and costly regulations.
The Numbers Don’t Lie
When families count their blessings around the kitchen table, Bidenomics does not get mentioned. In fact, Americans are paying more for the food on that table. The basics cost more under President Biden. Rent and groceries are 20 percent more expensive, and gas prices are up nearly 35 percent. In an alarming trend, consumers are racking up record levels of credit card debt. More families are struggling to pay off their balances, indicating that the president’s inflationary policies have wiped out their savings. It will likely take those Americans many months to recover.
The Biden administration frequently touts the nation’s low unemployment rate. They use this data point to argue their economic policies are working. But that big-picture statistic feels distant when shoppers scan supermarket aisles or fill up their gas tanks. In fact, nine out of 10 people say gas, groceries, and housing costs are the economic indicators that matter most to them.
Spending Got Us Here
On the day he took the oath of office, President Biden announced a $1.9 trillion dollar spending spree called “The American Rescue Plan.” I opposed the bill, but Democrats narrowly passed it through Congress. After the president signed it into law, the plan failed to rescue the country. Instead, it sent prices sky-high and dented our pandemic recovery.
That excessive spending led to today’s persistent inflation. Republicans know fiscal responsibility is the lifeline the economy needs.
Fiscal Responsibility For the Win
Bringing down inflation begins when Washington cuts back on spending and ends intrusive federal requirements. I am working with my colleagues to do both.
This month, I introduced legislation that would stop one instance of unnecessary spending. My bill would prohibit federal taxpayer money from being used to administer state Medicaid benefits to noncitizens. If a state chooses to give Medicaid benefits to illegal residents, the bill ensures that the state does so entirely on its own dime, without any costs to taxpayers in other states.
Bidenomics is hurting Mississippians as it is. The last thing we want is to foot the bill for those residing here illegally.
I have also joined several Republicans to oppose Biden administration regulations that would handicap our job creators and pass higher costs along to consumers. The National Highway Traffic Safety Administration recently proposed severe “green” automotive standards. With just the stroke of a pen, the president seeks to force the auto industry to shift to electronic vehicles – whether customers want them or not. This would cause massive disruption, driving up prices for suppliers and consumers.
Time after time, the Biden administration has stubbornly pursued policies that weigh down families and businesses. Congressional Republicans are advocating a better way, one that rejects Bidenomics and unleashes the potential of the American economy.