Tuberville attributes inflation to White House spending and energy policy – “Biden’s economy is just not sustainable” – Yellowhammer News

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Tuberville attributes inflation to White House spending and energy policy – “Biden’s economy is just not sustainable”

Inflation is rising at an unprecedented rate for nearly 13 years, and US Senator Tommy Tuberville (R-AL) is blaming President Joe Biden.

The Labor Department said on Tuesday that the consumer price index rose 5.4% in June. This is the highest 12-month rate since August 2008. The Consumer Price Index measures what consumers pay for goods and services, including clothing, groceries, restaurants, activities. recreational vehicles and vehicles.

On Wednesday, Tuberville stressed that rising inflation is one of the most pressing concerns he has heard from residents of Yellowhammer state.

The Alabamians are working just as hard, but their paychecks don’t go that far, ”he said. “This is due to rising inflation driven by President Bidens’ fiscal and spending policies and untargeted government stimulus spending. The trillions of dollars printed in the past few months are causing the costs of just about everything we buy to skyrocket. Prices go up on everyday items like fruits, vegetables, chicken, eggs, meat. Chances are, your recent 4th of July celebration cost more than last year. The Biden administration launched numerous tax hike proposals in the first few months of the president’s first term.

In addition to a high-profile proposal to raise the corporate tax rate, Biden is pursuing increases aimed at small businesses. The proposals include more than doubling the capital gains tax, taxing trade in equipment, and taxing trade in similar properties.

Biden authorized Treasury Secretary Janet Yellen to rally support for a global corporate tax rate that would tie U.S. corporate taxes to those of foreign governments.

Neither option is attractive to Tuberville.

One of the biggest burdens of these tax hikes will fall on workers in the form of fewer jobs and lower wages, ”he said.

He considers Biden’s proposals to further increase inflation if passed.

“As taxes go up, the cost of doing business goes up,” Tuberville said. “Then jobs are lost to offset these rising costs, and when jobs are lost, the prices of goods and services rise. Biden’s economy is simply not sustainable. Obviously, things don’t add up. I hope for the sake of our economy and the hard-working Alabamians who get up to go to work and earn a living every day that the White House takes notice.

Nothing in the ongoing negotiations on a possible infrastructure bill has changed his perspective on acceptable methods of financing projects.

You can bet I’ll be watching like a hawk to make sure there’s zero and I mean zero tax increase to pay that infrastructure bill, ”Tuberville said. “There’s never a good time to raise taxes, but it just doesn’t make sense to do it and raise taxes.

As for the country’s inflation dilemma, the president’s approach to energy policy is part of the problem, according to Tuberville.

Natural gas prices have more than doubled in the past year and crude oil has seen an increase of over $ 32 per barrel in the past 12 months.

Tuberville attributes the rising cost of energy to Biden’s decision to cut back on oil and gas production in the United States. At the same time, a White House spokesman admitted last week that the administration was urging OPEC to increase production in the future.

Tuberville claimed that this caused an unhealthy dependence on foreign powers and hurt the US economy.

We are our own enemy when it comes to energy right now with the Biden administration, ”he concluded. “Right now we’re in a difficult position when it comes to getting rid of fossil fuels, getting rid of our energy, buying it from other people. It’s driving up the price.

Tim Howe is the owner of Yellowhammer Multimedia

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