While President Biden and Democrats have laid out their vision to lower costs for Americans, Republicans want to raise income taxes on half of Americans and raise taxes on seniors – all while failing to put forward a single plan to cut costs for working families.
Key Points
- The Biden-Harris administration’s top economic priorities have been to create a growing economy with more good-paying jobs, and to lower the prices Americans have faced from the global problem of inflation related to the pandemic.
- We have seen historic success on the first priority: The president’s first year in office saw historic economic growth and historic job creation – the fastest economic growth since 1984 and the most jobs created in one year ever.
- On higher prices, the administration has been using every tool at their disposal, and while last month’s inflation numbers are a reminder that Americans’ budgets are being stretched in ways that create real stress at the kitchen table, there are also signs that we will make it through this challenge.
- We have more work to do – to keep wages up and prices down – so that working families can actually get ahead.
- The Federal Reserve plays the primary role in helping our economy achieve stable prices and, while inflation is a global challenge, the president is squarely focused on doing everything he can to bring down prices for the American people:
- First, the administration is helping repair our supply chains and infrastructure to ease bottle necks and make more here at home.
- Second, the president is fighting to pass legislation that will lower the cost of living, including cutting the cost of prescription drugs.
- Third, the president is continuing his work to make our economy more competitive.
- The president’s competition council is continuing its progress implementing the president’s executive order to give consumers more choices and lower prices.
- President Biden pledged that his administration will continue to be all hands on deck to win this fight.
- Meanwhile, Republicans have no plan to lower costs for Americans or fight inflation.
- Just this week, NRSC Chair Rick Scott laid out a blueprint which confirmed that the Republican agenda is about raising taxes on half of Americans, including seniors and retirees.
- This “plan” doesn’t include anything about lowering costs for families. Why? Rick Scott himself told us. It’s because Republicans see higher costs as a “gold mine” politically.
- And instead of working with President Biden to fight inflation, Republicans on the Senate Banking committee are playing political games to block the federal reserve nominees who would help our economy achieve stable prices.