Ricketts “Inflation is A Tax on Every American’s Standard of Living”

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) spoke on the Senate floor about President Biden’s failed policies and the harm Bidenomics has caused Nebraskans.

“This inflation is a tax on every American’s standard of living. President Biden said that Bidenomics is ‘just another way to say the American Dream,’” said Senator Ricketts. “And yet the numbers show the American Dream is now more out of reach than any time in recent history. Maybe that's why President Biden has stopped saying Bidenonmics.”

“Americans know that bringing the cost of living down and getting our country [back on track] means that Washington must reverse course,” Ricketts continued. “We need to reject the bloated omnibus bills and spend less. Plain and simple. We need to stop the political regulations and tax increases that are stifling innovation and growth in our country. We need to unleash American energy production and lower energy prices. And we need to secure the border. In the coming weeks, this body will have the opportunity to do all of these things. I stand here ready to work with anyone to get these important priorities accomplished for the people of Nebraska.”

Senator Ricketts: “I've been hearing from a lot of families back home who are frustrated with the economy.

“The numbers say it all. Americans are paying the price for failed Bidenomics.

“Since Joe Biden became president, prices have increased by 17.38%.

“Necessities continue to cost hard working American families hundreds of extra dollars every month. Gasoline is up 42.18%. Groceries are up 20.28%. Energy prices are up nearly 35%. Electricity is up 23.5%. Rent is up 18.5%.

“A CBS News poll recently showed 76% of Americans say their income is not keeping up with Joe Biden's inflation. 92% of adults have felt the need to reduce their spending. 76% plan to cut back on nonessential items.

“Another report stated the average American family is spending $11,400 more each year to pay for the same standard of living they had when Joe Biden took office.

“That's several months of paying for an everyday household. And as anyone with a basic understanding of economics knows, they will tell you that people on low and fixed incomes are the ones that are going to be the hardest hit.

“This inflation is a tax on every American’s standard of living. President Biden said that Bidenomics is ‘just another way to say the American Dream.’ And yet the numbers show the American Dream is now more out of reach than any time in recent history. Maybe that's why President Biden has stopped saying Bidenonmics.

“Before, the average monthly payment for a new home was $1787.00. Today, that number is almost double to $3322. That makes a new home unaffordable for many Americans.

“This inflation is caused by President Biden's failed policies and reckless spending. Americans are forced to pay more now because of inflation and pay more later to address the rising cost of our national debt.

“President Biden has adopted the term Bidenomics as a way to make Americans believe that they are better off. Well, it didn't work.

“He's falsely claimed to have cut the national debt by $1.7 trillion, when in fact the debt has increased by $6 trillion.

“He's falsely claimed the prices went down for holiday meals, when in fact every single item that he mentioned has increased since he took office.

“Once again, the numbers say at all. An astounding 76% of Americans believe the country is headed in the wrong direction.

“The president's war on domestic energy production has caused the price of energy to skyrocket.

“A wave of burdensome regulation has cost Americans thousands of dollars per household and limited their freedom.

“An avalanche of green energy spending has added trillions of dollars to the debt without building a single EV charger.

“And while Americans have tightened their belts in response to rising costs, our federal government has done the opposite.Federal spending is up 40% in the last four years.

“The result of these failed policies and national debt is approaching $34 trillion. That comes out to about $257,000 per American household. That's like having a second mortgage on a house for Nebraska families.

“And that CBS News poll I talked about earlier, it also showed that 62% of Americans rate the condition of the U.S. economy as bad, with inflation being the most important reason for the problems facing our country.

“And what do Americans rate the number one reason for this inflation? Joe Biden's big government spending, with 56% of Americans saying so.

“Our constituents deserve better than to have their pocketbooks pummeled by Joe Biden's failed policies.

“Americans know that bringing the cost of living down and getting our country [back on track] means that Washington must reverse course.

“We need to reject the bloated omnibus bills and spend less. Plain and simple. We need to stop the political regulations and tax increases that are stifling innovation and growth in our country. We need to unleash American energy production and lower energy prices. And we need to secure the border.

“In the coming weeks, this body will have the opportunity to do all of these things. I stand here ready to work with anyone to get these important priorities accomplished for the people of Nebraska.

“I'll work every day, all day to get it done and I urge my colleagues to do the same.”