Hard-working Americans don’t need the latest Consumer Price Index (CPI) to confirm what they have been experiencing for months: pain.
Even at face value, however, the CPI remains above eight percent, inflation remains at a 40-year record high, and Americans are left shouldering the burden. Shelves across the country are bare, gas prices are at an all-time high, and small businesses are struggling to stay afloat amid supply chain issues and increased production costs. According to CNBC, inflation is costing U.S. households nearly $300 more per month.
Democrats dismissed inflation as “transitory” while they continued to recklessly spend your taxpayer dollars. From the American Rescue Plan’s $1.9 trillion price tag, to the $1.2 trillion “Infrastructure” bill, to the proposed $5 trillion Build Back Better spending bill, Democrats seem numb to the magnitude of “trillion.”
This is not monopoly money. In February, our national debt broke $30 trillion for the first time ever. That equates to $91,000 per American. Now, your children will have to pay for President Biden’s inflation too.
The consequences of inflation are hitting Oklahomans disproportionately hard. The majority of businesses in the Second District are small businesses. After surviving the pandemic, small business owners now face the challenge of raising their prices and absorbing higher costs. For example, fertilizer costs are up 220 percent. Additionally, transporting goods across Oklahoma’s rural landscape now comes at a higher cost.
Despite claims to the American people that he is doing “everything in his power” to alleviate the pain at the pump, President Biden’s actions tell us anything but. Joe Biden’s administration has stifled our domestic production, meaning gas prices will continue to rise as he continues to push his green priorities. Just last week, his administration canceled three leases off the coast of Alaska and the Gulf of Mexico, meaning there will be no further oil and gas lease sales this year. That doesn’t sound like lower prices to me.
Unfortunately, there is no end in sight. At the beginning of this month, the Federal Reserve raised interest rates by an entire half percent. This is the sharpest increase in 22 years. Higher interest rates will make it more expensive to buy a car, mortgage a home, and carry a credit-card balance. Not to mention, recent talks of canceling student loan debt would increase inflation if they are indeed carried out.
The American people elect their officials to be good stewards of taxpayer dollars. If inflation is a “top priority” of President Biden’s as he says, he should start acting like it.
Markwayne Mullin serves as the U.S. Representative for Oklahoma's 2nd congressional district.