Hoeven Outlines Impact of Persistent Inflation on American Consumers, Farmers, Ranchers & Energy Industry

WASHINGTON – Senator John Hoeven today, on the floor of the U.S. Senate, outlined the harmful impact of President Biden’s tax-and-spend policies, which have led to record-high inflation and skyrocketing food and energy prices. The senator pushed back on the administration’s decision to double-down on failed policies and its refusal to allow needed energy development on federal lands, which is worsening the issues facing American consumers, farmers, ranchers and many others.

“Inflation has now exceeded 8% for six straight months. This persistent high inflation is causing price increases for American families at the grocery store, at the gas pump, and for basic housing needs, leaving many Americans struggling to make ends meet,” said Hoeven. “Rather than getting government out of the way, increasing domestic energy production, securing our border, and taking meaningful action to reduce inflation, the Biden administration is instead doubling down on its failed economic policies.

“Last month, as follow-up to their massive $2 trillion spending package from March 2021 that fueled the inflationary fire we are now dealing with, Democrats jammed through yet another tax and spend package on a party-line vote that imposes new energy taxes and Green New Deal-style subsidies that will only worsen our current energy crisis and weaken our nation’s economic and national security.

“Ironically, the so-called “Inflation Reduction Act”, does nothing to help reduce inflation. Analysis by economists at Penn Wharton School at the University of Pennsylvania, the Federal Reserve, Moody’s Analytics, the Congressional Budget Office, and others all agree that this bill will do nothing to help reduce inflation.

“Meanwhile, the cost of food at the grocery store has increased 13.5 percent over the last 12 months – the largest 12-month increase since March 1979. Yet, the Biden administration has done nothing to help alleviate these inflationary price increases on Americans.”