According to President Joe Biden, the U.S. has been able to tackle the inflation problem from a “place of strength” due to his economic plans.

However, he blames the record-high inflation on Republicans in Congress and their refusal to accept his Build Back Better Plan. 

On Sunday, Biden tweeted, “Under my plan for the economy, we’ve made extraordinary progress. We’ve put America in a position to tackle the worldwide inflation from a place of strength. The problem is Republicans in Congress are doing everything they can to stop my plans to bring down costs.” 


According to a report from the U.S. Bureau of Labor Statistics, the Consumer Price Index for all urban consumers rose by 1 percent in May, with food, shelter, and gasoline being the main contributors. Before seasonal adjustment, the BLS showed that prices for all items on the index increased by 8.6 percent.

While Biden continues to place the blame on other players for the inflation, research on the rising costs of everyday expenses shows that his policies greatly contribute to the issue.

One of the major inflation drivers was the American Rescue Plan, which cost American taxpayers $1.9 trillion. Additionally, the Jones Act (which increases shipping costs and, subsequently, food prices) deferred student loan payments.

However, despite the record-high inflation, the Biden administration has refused to acknowledge its role in the crisis. 

Biden’s Build Back Better Plan, which Republicans fought alongside Democrat Sens. Joe Manchin (D-WV) and Krysten Sinema (D-AZ), was estimated to cost $3.5 trillion, but the Congressional Budget Office announced that the plan would actually cost approximately $4.5 trillion.

Last week, Biden proposed a plan that could allow for oil drilling in the Gulf of Mexico, but it would not allow for offshore drilling in the Pacific or Atlantic oceans or in oil-rich states such as Texas. In fact, Biden’s energy policies refuse to unleash the full domestic production capabilities of the U.S. energy industry despite rising gas prices.

Nevertheless, the president told gas companies, “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”

The U.S. Oil and Gas Association responded: 

Meanwhile, ExxonMobil has asked that the U.S. government waive certain provisions of the Jones Act to increase supply and then allow for increased domestic production in the long term to lower prices. 

 According to AAA, gas prices in Texas dropped to $4.54 statewide but are still up from $2.87 last year. 

In the meantime, the Biden administration’s attempts to lay blame on Republicans have caused backlash from Texas congressmen.

“Americans have to suffer the MOST EXPENSIVE 4th of July in our nation’s history thanks to our incompetent “commander-in-chief.” Remember last year when Democrats BRAGGED about a fake 16-cent decrease in costs? Where’s the talk now? Crickets!” said Congressman Ronny Jackson

U.S. Sen. Ted Cruz tweeted another criticism: 

“My message to the guy running your teleprompter: it’s YOUR fault. Reverse the dozens of executive orders, regulations, and agency actions targeting American energy, and gas prices will fall… FAST.”

Texans for Fiscal Responsibility also commented, saying that the Biden administration has made the problem worse by crushing U.S. oil production and pushing for more spending. 

The subject of inflation is a bit more complicated than President Biden would have you believe. The main reason we are experiencing inflation is a flawed monetary policy from the Federal Reserve. Eighty percent of all U.S. dollars in existence were printed in the last 22 months (from $4 trillion in January 2020 to $20 trillion in October 2021). This is the main driver behind the record inflation we are seeing.

 

— Tim Hardin, president of Texans for Fiscal Responsibility

While the Biden administration continues to blame gas stations, the war in Ukraine, and other factors for the rising inflation crisis, the stifling policies and regulations on energy entities in the United States have only worsened the problem.

Emily Medeiros

Emily graduated from the University of Oklahoma majoring in Journalism. She is excited to use her research and writing skills to report on important issues around Texas.

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