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Friday, May 24, 2024

Where 'Bidenomics' has failed, Republicans have delivered

On June 28, President Biden traveled to Chicago – the epitome of failed liberal policies – to tout the so-called successes of his economic agenda, which he has coined “Bidenomics.” 

According to the president, Bidenomics has unleashed the greatest economic boom in American history. Allegedly, thanks to his economic plan, prosperity abounds, families thrive, our economy grows and small businesses succeed. Those who don’t see the benefits of Bidenomics just haven’t been watching – according to Biden, of course. 

The only problem with Bidenomics is that Americans aren’t buying it – and rightfully so. President Biden’s economic philosophy of raising taxes on our families to pay for his wasteful agenda doesn’t resonate with hardworking families who are trying to make ends meet. That’s no surprise to those of us who fiercely opposed every last dollar of President Biden’s wasteful spending spree. 

President Biden responds to questions from the White House.

President Biden’s economic philosophy of raising taxes on our families to pay for his wasteful agenda doesn’t resonate with hardworking families who are trying to make ends meet. (AP Photo/Susan Walsh)

On my biannual 36-county tour, I’ve met with countless Iowans who are struggling from 40-year-high inflation spurred by $6 trillion in wasteful government spending. Regulations – like the Biden administration’s burdensome WOTUS rule – are crushing the farmers and producers who feed and fuel our country and the world. Thanks to skyrocketing interest rates, our small businesses cannot afford to finance new expansions or hire new employees. 

WATCH: Americans react to Bidenomics Video

We pledged that we would rebuild our economy and reignite the American Dream by cutting taxes, ending wasteful spending, and reversing President Biden’s regulatory insanity. Six months into our Republican majority in the U.S. House of Representatives, I am proud to say that our policies reflect our promises.

For starters, we passed the REIN IN Inflation Act to curb record inflation sparked by President Biden’s wasteful economic agenda and costly executive orders. This legislation would require the Biden administration to publish the inflationary impact of executive orders prior to their enactment. It’s common sense that lawmakers understand the full economic ramifications of legislation before approving massive bills that drain wallets, empty bank accounts and make life harder for working families. 

FOX poll finds only 20% of Americans believe 'Bidenomics' is helping Video

More specifically, this bill would require the chairman of the Council of Economic Advisors and the Office of Management and Budget to prepare a report detailing the inflationary effects of any executive order with an estimated impact of at least $1 billion. This is an important tool in the legislative toolbox that ensures Congress plays by the same rules as every family in our country. If American taxpayers can stick to a budget and live within their means, Congress should, too. 

Kevin O’Leary on the ‘unintended consequence’ of ‘Bidenomics’: We’re ‘starving’ small businesses Video

As a matter of policy, the REINS Act requires any executive order  e–stimated to have a financial impact of greater than $100 million on the American economy – to be reviewed and approved by both the House and the Senate. With this backstop in place, Congress – which is the only branch of government that correctly enjoys the power of the purse – will determine the fate of administrative rules and executive fiat, removing power from the bloated bureaucracy and restoring Congress’ rulemaking authority.

Additionally, my colleagues on the House Ways and Means Committee and I passed our American Families and Jobs Act out of committee a few weeks ago. This comprehensive economic and jobs package will lower taxes for our families, equip our small businesses with the financial tools they need to thrive, give our farmers breathing room in their budgets while drought conditions and record inflation pinch their bottom lines, and support robust investments in our rural communities. 

'Bidenomics' has been an unmitigated disaster: Vivek Ramaswamy Video



In stark contrast to the president’s Bidenomics rhetoric, House Republicans are upholding our promises and delivering real results for our families, farmers, small businesses and communities. With the right regulatory conditions and tax policies, American families, farmers and small businesses can outcompete any other nation in the world. Our ingenuity, productivity and innovation are second to none. 

As a strong fiscal conservative, I will continue to support pro-growth, pro-family, pro-taxpayer policies that fuel economic expansion, end wasteful spending, reduce our $32 trillion debt, and unleash opportunity and prosperity for every American family.

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