Biden’s ‘plan’ to combat inflation is misguided; a focus on energy, lower taxes is needed

Joe Biden’s Wall Street Journal op-ed on his latest plans to tame escalating inflation passes the buck once again when Americans are desperately trying to hold on to their own money. Their costs for driving to work, feeding their families, housing and utilities are under unimaginable strain, thanks to Biden’s previous disastrous policies.  

Biden largely puts responsibility on the Federal Reserve to stabilize inflation. He expects tapping emergency energy reserves will lower gas prices, but this will barely make a dent. And, shockingly, he wants to raise taxes on American businesses, which Biden believes will reduce the deficit, slow inflation and create jobs. Mr. President, Americans need relief right now from historic gas prices, sticker shock at the grocery store and dread over this summer’s air conditioning bills. Small businesses are rightfully concerned about surviving after having to absorb an unreasonable amount of costs since the Biden administration took office. 

Biden wrongfully suggests other countries are performing worse than the U.S. However, most of Western Europe have growing gross domestic products. Here at home, the GDP last quarter contracted 1.5 percent, bordering on recession. 

Biden and congressional Democrats have greatly worsened the economy in already challenging times, digging a hole much deeper than necessary and exacerbating pain for Americans who are struggling to cope with one economic hardship after another. There’s no doubt the Federal Reserve’s delay in acting did make inflation worse. And, America’s overreliance on goods made in China has also contributed to inflation and supply chain disruptions. 

Simply put, however, the reckless actions of the Biden administration have turned economic challenges into a full-blown economic crisis. 

The policies of the Biden administration, with support from Democrats in Congress, have spearheaded an assault on our domestic energy industry over the past 18 months. Biden cancelled the Keystone Pipeline, halted issuance of other pipeline and drilling permits, mitigated LNG exports, and threatened domestic banks and companies against investing in carbon fuels. Our domestic energy industry went from a state of independence and surplus to a high level of dependency. After Biden administration policies kicked in, the U.S. was at the mercy of energy players like OPEC and Russia, meaning any geopolitical disruption will spike gas prices, leading to a cascade of issues for American consumers and businesses. We’ve seen this many times, yet the “go green or else” mentality of Biden and the Democrats has generated an economic crisis. Because natural gas is used for fertilizer, farmers have seen their costs skyrocket, and food prices soon followed.  

Biden and the Democrats in Congress continued spending trillions, even after the hyper spending that arose from the COVID-19 pandemic, leading to predictable inflation. Former Treasury Secretary Larry Summers, a Democrat, said of the American Rescue Plan proposal, “Look out for a rapid rise and a sustained inflationary period.” These measures, along with the threat of tax hikes and a laundry list of every regulatory, anti-growth measure imaginable by Biden and tax and spend congressional Democrats, has precipitated a “go woke, go broke” economy, failing American families. 

We must encourage RESPONSIBLE domestic energy production, lower taxes to rev up the economy, and provide job creation tax credits. We must support production of items made in America and patronize our Main Street businesses that have struggled through turmoil and uncertainty in the past 18 months.  

The world is at a pivotal juncture. The U.S. must lead economically and militarily. Our allies are pleading for American leadership. A united plan with partners of the free world will unite us to compete and defend against rising adversaries including China and Iran, along with others who are looming. Biden’s backwards economics very simply put us in a position of weakness versus our economic and military adversaries, who are already beginning to take advantage of our weakened posture. These are serious times, and just as the U.S. has risen to the occasion throughout our history, we must do so once again.    

Dan Meuser was sworn in to represent Pennsylvania’s 9th District in Congress in 2019 and currently serves as a member of the House Small Business and Foreign Affairs Committees. He previously served as Pennsylvania’s Secretary of Revenue and spent over 25 years in the private sector.