Hoeven: Democrats’ Massive Tax-and-Spend Bill is the Wrong Approach, Will Drive Inflation Even Higher
WASHINGTON – At a press conference with his Senate Republican colleagues today, Senator John Hoeven continued his efforts to stop the Democrats’ reckless tax-and-spend legislation. The senator highlighted how the bill’s massive increase in spending would add to the debt and deficit, drive inflation even higher and hurt American consumers.
“Simply put, the Democrats’ massive tax-and-spend bill is the wrong approach,” said Hoeven. “Last month, inflation came in at 6.2 percent on an annualized basis, and that’s nationwide. But in the Midwest, it’s at 7.3 percent. We’re a huge energy-producing state and a huge ag state, so those costs are coming through to consumers as well, which means the inflation problem is not lessening, it’s getting worse.
“Now add to that the supply chain problems. We have 4.4 million less workers in the economy than in February 2020, but we have 10 million job openings right now. The Democrat policies are disincentivizing people to go back into the workforce, so that exacerbates the supply chain problems and further increases inflation.
“What’s the solution this administration is putting forward? More mandates, more regulations, more taxes and more spending. Absolutely the wrong approach. CBO has scored this bill as having about $1.7 trillion in spending over 10 years and about $1.2 trillion in increased taxes over 10 years, with about a $400 billion increase in debt and deficit. But that isn’t even close to right – this bill is full of gimmicks.
“The revenues are set up over a 10 year period, but the spending programs are set to supposedly expire after just a few years. We know that those spending programs are not going to expire. The Democrats are going to continue those programs, and they have already said they want those programs to be permanent. Clearly, this is far more spending, and it is going to add much more to the debt and deficit.
“This is not what we need for our economy and for our country. We need to get back to the kind of pro-growth policies that benefit all Americans and stop this massive tax-and-spend bill.”
Hoeven’s full remarks can be viewed here.
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