Note: This article is the weekly Wicker Report from U.S. Sen. Roger Wicker and is provided by the Senator’s office.
By Sen. Roger Wicker (R-Miss.)
Christmas Costs More Under President Biden
Businesses look forward to Black Friday, when customers empty the shelves and return corporate balance sheets to “black.” Unfortunately, this year’s sales day will find many Americans still in the red.
High prices continue to plague our nation’s economy. In Mississippi, the cost of living is 18 percent higher today than when President Biden took office. This season is full of holiday cheer, but parents will feel a pinch as they stuff stockings and place presents under the tree.
In a recent survey, 66 percent of Americans rated the economy negatively, and just over half say the president’s policies add to their financial pain. Despite this grim news, President Biden continues to tout “Bidenomics,” a shorthand term for his economic agenda.
Bidenomics Continues to Wear Americans Down
The truth is that his agenda has hurt Mississippians. In October, families in our state were forced to shell out $769 more on monthly expenses than they did at the beginning of the administration. This includes $115 more in food costs and $132 more on shelter. Families nationwide are facing similar challenges. On average, gas is over 50 percent more expensive, and rent and energy costs have risen. Since April 2020, wages have decreased three percent.
Today, credit card debt is higher than ever. This signals that American families are saving less, prompting them to buy more items on credit. And since six in ten Americans are living paycheck-to-paycheck, they will struggle to pay off the debt they are building.
President Biden spent his first year in office forcing two trillion dollars in spending through Congress. Prominent economists predicted this would cause inflation. We can see they were right every time we count cash at the register, swipe our card at the pump, or browse the internet for Christmas gifts.
During the Trump administration, Americans enjoyed the fruits of pro-business, Republican policies. In 2017, we passed the Tax Cuts and Jobs Act, which reduced the corporate and small business tax burden. Small business is the way we create jobs in the United States. By giving entrepreneurs a tax break, we made it easier for them to hire more staff. Because of these policies, the economy thrived. Federal revenues actually increased.
Radical Climate Regulation Hurts Consumers
President Biden promised to improve the American economy, but his top-down, ideological policies work against the American free market. His spending triggered double-digit inflation, and his burdensome regulations add to the problem. This spring, his administration proposed sweeping vehicle emissions standards. The requirements are so radical that they would effectively force automakers to overhaul their factories and mass produce electric vehicles. The mandate is also a tax on poor and middle-class Americans, since the increased cost of production would be passed onto consumers.
In response, Senator Cindy Hyde-Smith and I joined a bill opposing the Biden administration’s overreach. The legislation, called the Choice in Automobile Retail Sales (CARS) Act, would keep the Environmental Protection Agency from enforcing those standards. This would keep the auto industry free to produce cars based on consumer demand, not Washington edict.
The president’s disruptive climate rules are out of touch. Americans consistently say pocketbook issues are the top issue facing our country. The Biden administration should be responding to these worries, not imposing green agendas that drive prices higher. In Congress, I will continue advancing legislation that creates well-paying jobs and begins to repair the damage from Bidenomics.