On metric after metric, President Biden’s economic agenda – which he has coined “Bidenomics” – has failed our families, farmers, small businesses, and rural communities. His tax-and-spend policies have pushed the American Dream out of reach for too many families by eroding their paychecks and crushing their budgets under the insurmountable weight of record inflation, higher taxes, and crippling debt. The economic indicators speak for themselves, too.
American families have accrued more than one trillion dollars in credit card debt for the first time ever, mortgage rates have hit a 23-year high, inflation increased in July, and gas prices are once again spiking. Even more alarming, Fitch Ratings – one of the largest credit rating agencies in the United States – recently downgraded American creditworthiness, citing our worsening fiscal health and ballooning national debt. Our foreign adversaries – especially China – rejoice at the deteriorating condition of our economy as they seek to exploit our financial woes to destroy American exceptionalism and undermine our economic might. For the sake of our families, this trajectory cannot continue.
Over the last eight months, House Republicans have taken real action to reverse our economic decline and reignite the American economy. We passed the REIN IN Inflation Act to curb record inflation sparked by President Biden’s wasteful economic policies by requiring government agencies to publish the inflationary impact of any executive order with an estimated impact of at least $1 billion prior to its enactment.
We also passed the Regulations from the Executive In Need of Scrutiny (REINS) Act to end President Biden’s excessive regulatory agenda, remove power from the bloated bureaucracy, and restore Congress’s rulemaking authority. As a matter of policy, this bill would require every new “major rule” proposed by federal agencies with an estimated cost to American taxpayers of over $100 million to be approved by both the U.S. House of Representatives and the U.S. Senate before going into effect. These commonsense measures lower costs for our families and return power to the people by empowering their elected officials – not the federal bureaucracy – to pass and implement policy.
I’m equally proud that my colleagues on the House Ways and Means Committee and I recently passed our American Families and Jobs Act out of committee. This comprehensive economic package will deliver much-need tax cuts for our families, lower operating costs for our small businesses, help our farmers finance new equipment purchases, and revitalize our rural communities.
While President Biden lies about the sorry state of the American economy, Republicans have delivered on our Commitment to America. Despite liberal obstruction, we have done our part to lower taxes on hardworking families, recharge our economy, and eliminate wasteful spending that has plagued Congress for far too long. As we continue to deliver real results for American families, I pledge that we will restore fiscal responsibility, tackle our debt crisis, and rebuild our failing economy.
We are government together, and your thoughts and opinions matter to me. Please contact my office at Feenstra.House.Gov or by phone at 202-225-4426 if I can ever be of assistance. I am proud to represent our families, farmers, main street businesses, and rural communities in Congress.