Hoeven Outlines Impact of Biden Administration's Tax & Regulatory Policies on Consumers

WASHINGTON – During remarks delivered on the Senate floor this week, Senator John Hoeven outlined the impact of President Biden’s tax and regulatory policies on American consumers. The senator highlighted how the administration’s policies are contributing to workforce stagnation and global supply chain disruptions, while also undermining domestic energy production, leading to higher energy prices and increased costs across the economy.

“Americans today are facing the highest increase in costs of goods and services in over a decade, with inflation now at more than 5 percent and rising,” Hoeven said. “Rather than working to spur economic growth, encourage workforce participation and return our economy to the growth we saw in the last administration, President Biden and the Democrats in Congress are focused on raising taxes and enacting harmful, job-killing policies. 

“A prime example of the harmful policies being pushed by the Biden administration is the Green New Deal that will hinder domestic energy production and increase the expense for every American household. Affordable and reliable energy is foundational to our economy, quality of life, and national security. Across the country, and in my home state of North Dakota, we are seeing energy prices rise across the board. Drivers are paying more for fuel at the pump, and homes and businesses are preparing for record-high heating costs as we go into the winter months. 

“Because the cost of energy is built into virtually every product we consume, we are seeing the inflationary pressures of higher prices on goods across the entire economy, all the way to the dinner table. For an energy rich nation such as ours, the situation we find ourselves in is unacceptable and it is certainly avoidable.”

Hoeven’s full remarks can be viewed here.