Internal GOP Memo Highlights Inflation Spurred by Biden Admin. Spending

Rep. Jim Banks (R-Ind.) is pictured. (Tom Williams via AP Images)

Rep. Jim Banks (R-Ind.) is pictured. (Tom Williams via AP Images)

OAN Newsroom
UPDATED 11:26 AM PT – Monday, May 24, 2021

A leading Republican representative has warned of the dangers of Joe Biden’s plans to dramatically increase federal spending.

An internal GOP document highlighted the dangers of unfettered inflation caused by the Biden administration’s massive spending packages. The memo, which came to light on Sunday, was sent to members of the Republican Study Committee last week by Rep. Jim Banks (R-Ind.).

It highlights the effects Biden’s push for unprecedented levels of federal spending is projected to have on the cost of necessities Americans depend on. According to the memo, these effects are already being felt.

From May 2020 to May 2021, the price for gas has gone up by nearly 72 percent, while the cost of sugar has spiked by almost 55 percent and lumber costs by a whopping 318 percent.

Meanwhile, the Biden administration has tried to downplay the effects of inflation on the economy by paradoxically arguing poor job creation is a sign their plan is working. Biden recently stated that some critics opposed the American Rescue Plan and believed the economy would heal on it’s own.

“Today’s report just underscores, in my view, how vital the actions we’re taking are checks to people who are hurting, support for small businesses, for child care and school reopening,” Biden argued. “…Our efforts are starting to work, but the climb is steep and we still have a long way to go.”

Biden’s policies appear to only be working to benefit the Democrat Party’s agenda, while endangering American prosperity.

Rep. Banks argues this inflation amounts to a back-handed tax on the American people, who will have to live with rampant inflation while ultimately shouldering the cost of enacting Biden’s expensive hyper-partisan agenda.

MORE NEWS: 6-Year-Old Boy Killed In Road Rage Shooting On Calif. Freeway

Source link

Amber Coakley
Author: Amber Coakley

Be the first to comment

Leave a Reply

Your email address will not be published.