Biden and Democrats continue to fight inflation – here are 4 ways to fix things fast

Like unfortunate baseball players in a time of crisis, President Biden and Democrats in Congress continue to strike when it comes to lowering historic inflation levels caused by massive spending and threats of tax hikes.

Eighteen months of unified democratic control in Washington has taught us that it is easier to break an economy than to fix it – and this economic hardship is not on track to end anytime soon. However, there are some common sense steps we can take to bring some relief to the American people.

Democrats have taken their eyes off the ball when it comes to providing economic relief and we are all paying the price. Gasoline prices hit a record $ 5 a gallon and headline inflation rose to the highest level in 40 years. Bidenflation has cut the wages of every American worker, causing real wages to drop by nearly 4% since the current administration took office.

IN MAY, INFLATION HITS A NEW 40-YEAR HIGH WITH CONSUMER PRICES INCREASING BY 8.6%

Yet the Democrats continue to double down on their own failed policies. They ignore studies from the San Francisco Federal Reserve, former Obama-Biden economic advisers Jason Furman and Larry Summers, and even the president’s favorite economic meteorologist, showing that Biden’s agenda will worsen inflation.

President Biden and the Democrats in Congress continue to wobble and fail when it comes to finding workable solutions, opting instead to attack bogies like big corporations, COVID or the war in Ukraine.

INFLATION TIMELINE: MAP OF BIDEN ADMIN’S RESPONSE TO RAPID PRICE GROWTH

Here are four steps we should take now.

First, we should absorb some of the excess money circulating in the economy and reduce the deficit. Inflation skyrocketed immediately following the passage of the $ 1.9 trillion American Rescue Plan (ARP), backed by Democrats / Biden. With supply chains still struggling to get back online and a labor shortage induced by President Biden paying people more to stay home than to go to work, this so-called stimulus has flooded the economy with too much money by chasing too little. goods.

WASHINGTON, DC – JUNE 16: United States President Joe Biden speaks during a bill signing event at the White House State Dining Room on June 16, 2022 in Washington, DC. President Biden signed the Ocean Shipping Reform Act of 2022 into law. (Photo by Alex Wong / Getty Images / Getty Images)

With the public health emergency behind us, Congress is expected to reuse the ARP’s estimated $ 200 billion non-obligated funding to reduce the deficit. This would help remove some of the inflation-causing money from the economy. But you guessed it: Democrats in Congress show no interest in redirecting those funds.

MULVANEY RIPSA BIDEN IN CHARGE OF LARGE OILS FOR GAS PRICES: ADMIN THINKS HE CAN ‘ONEND A MAGIC WAND’

Second, let’s free American energy independence. With gasoline prices at all-time highs, we can facilitate obtaining permits to drill, transport and refine household energy, which would increase supply and lower prices.

By rejecting Republican bills that expand American energy production, President Biden and the Democrats are committing economic negligence. They claim inflation is their top priority, but their instinctive reaction against increasing natural gas and oil supplies and building pipeline infrastructure shows that their war on fossil fuels is the real priority. American consumers and workers are the victims.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Third, remove the barriers that prevent the expansion of our job creators. Excessive bureaucracy and burdensome federal regulations increase costs for businesses which are then passed on to consumers. Whether it’s new Department of Labor paperwork, burdensome environmental regulations, or lengthy licensing requirements, the Biden administration is building a mountain of new costs that directly lead to higher prices for consumers.

According to an analysis of Biden’s first year in office by the American Action Forum, the regulatory costs of his administration are three times those of Obama’s first year and nearly 40 times those of Trump. Each individual settlement may not increase inflation, but collectively the total sum of this activist regime drives costs and inflation up.

CLICK HERE TO READ MORE ABOUT FOX BUSINESS

Fourth, make the republican tax reform permanent and block its historic achievement of higher wages for the lowest incomes, the lowest unemployment of the past 50 years and rapid economic growth.

President Biden’s persistent threat to deliver on his election promise to repeal these tax cuts and raise taxes further fuels inflation. Businesses need certainty to create a stable environment to invest and grow, yet Democrats continue to talk about imposing crippling tax increases and policies that expand jobless welfare policies that keep Main Street understaffed, empty shelves and high prices.

By doubling down on the policies that have put us on the brink of recession, the president is sending all the wrong signals when it comes to getting our country back on track.

Republican Vern Buchanan represents the 16th District of Florida in the United States House of Representatives and is the co-chair of the bipartisan delegation from Florida. Buchanan is second in seniority on the Ways and Means Committee, where he serves as the Republican head of the Health Subcommittee.