Policy Papers
Currently showing results related to Economy. See all results
Reckless Tax Hikes: A Terrible Idea at the Worst Possible Time
KEY TAKEAWAYS Democrats are pushing for tax hikes across the economy, even though federal revenues are already at the highest level as a share of GDP in more than two decades. Democrats’ $2 trillion “COVID relief” stimulus fueled inflation and forced the Federal Reserve to raise interest rates at the fastest pace in decades. The Fed has lowered its expectations for economic growth in 2022, while raising its projections for inflation, interest rates, and... Continue Reading
June 10, 2022
Inflation by the Numbers
June 7, 2022
Gas Prices Up 100% Under Biden
Just as the summer vacation season heats up, the average cost for a gallon of gasoline has doubled since President Biden’s inauguration. As of June 6, the national average cost for a gallon of gasoline was $4.88, an increase of more than 100% from the week Joe Biden took office, when it was $2.39 per gallon. Gas prices have climbed steadily since January 2021, thanks to President Biden’s anti-American-energy agenda. The president started by canceling the Keystone XL pipeline and... Continue Reading
June 7, 2022
Democrats' Wasteful "COVID" Spending
KEY TAKEAWAYS In their $2 trillion “COVID relief” law, Democrats used the pandemic as a pretext to fund a litany of progressive pet projects. Democrats gave cities hundreds of billions of dollars they did not need, and now taxpayers are funding projects from coast to coast that have nothing to do with pandemic recovery. Their first oversized stimulus fueled four-decade-high inflation, yet they are still focused on restarting their stalled reckless spending spree. Just 45 days... Continue Reading
May 24, 2022
Focusing on Retirement Security
KEY TAKEAWAYS In 2020, about three quarters of working Americans said they have retirement savings in some form, but only 36% thought their savings were on track. Most people with savings have accounts through their employers, such as a 401(k) or 403(b). Congress has previously worked to increase access to savings tools and enhance retirement security, and additional reforms are an area of bipartisan interest this year. One part of the American dream for many people is reaching a point where... Continue Reading
May 24, 2022
Vacation Inflation
May 24, 2022
Democrats Feel the Heat on High Gas Prices
KEY TAKEAWAYS On May 10, average gas prices in the U.S. hit a record high, and they’ve been hitting new records ever since, reaching $4.59 per gallon on May 24 – up more than $2 per gallon since President Biden took office. The Energy Information Administration recently predicted the average household will spend an additional $450 on gasoline this year when compared to 2021. For months, Democrats have tried to deflect blame from their disastrous energy agenda. Now they are pitching... Continue Reading
May 11, 2022
The Biden-Harris Inflation Failure
May 11, 2022
Democrats "Fight Inflation" with Reckless Tax Hikes
KEY TAKEAWAYS Since President Biden took office, price hikes have outpaced wage gains. In April, nominal wages increased by only 5.5%, compared to 8.3% inflation – a decline of 2.6% in inflation-adjusted wages. Democrats think the answer is to raise taxes. Senate Majority Leader Chuck Schumer has claimed that tax hikes are “the only way” to get rid of inflation. Their tax schemes would squeeze inflation-weary Americans even more by further jacking up consumer prices, hurting... Continue Reading
May 5, 2022
The Fed Finally Pivots to Control Inflation
KEY TAKEAWAYS As the Fed tries to control soaring inflation, it hiked the target range for the federal funds interest rate by 0.5% and said it will begin trimming its $9 trillion balance sheet on June 1. The Fed waited months before taking action to reverse its economic stimulus policy and curb inflation, maintaining that high inflation was temporary and due to pandemic related factors. Now that it is catching up and trying to bring inflation down to a sustainable level swiftly, its challenge... Continue Reading
May 3, 2022
Putin's Global Food Crisis
KEY TAKEAWAYS Together, Russia and Ukraine generally account for one-quarter of global wheat exports, three-quarters of sunflower oil exports, and one-sixth of corn exports. The region also produces raw materials used for fertilizer production. Russia’s invasion of Ukraine has disrupted processing and export of previously grown products and is likely to prevent spring planting in many areas of Ukraine. Commodity prices spiked following Russia’s February 24 invasion. These price... Continue Reading
April 26, 2022
Inflation Weighs Down the Federal Budget
KEY TAKEAWAYS The burden of inflation weighs down the U.S. fiscal outlook, but President Biden insists on downplaying the threat. The president’s new budget assumes average inflation of 4.7% in 2022, but independent experts estimate it will be between 6.2% and 7.2% this year. Bidenflation erodes buying power for priorities like national defense, and interest rate hikes – used by the Fed to tame inflation – raise the government’s cost to borrow and hold... Continue Reading
April 26, 2022
Biden v. Carter
April 12, 2022
Biden's Inflation Strikeout
KEY TAKEAWAYS Even before inflation hit 8.5% in March, it was costing families $296 more a month. As baseball season starts, sky-high inflation means fans are paying more for everything from tickets to the game to the gas to get them to the ballpark. Democrats told Americans that high inflation wouldn’t happen, then they said it wouldn’t last, and now they claim that more spending will fight inflation. It’s clear all of those claims are wrong. Three strikes, they’re... Continue Reading
April 6, 2022
Biden's Gaslighting Us on the Economy
KEY TAKEAWAYS In 2021, Democrats dumped a $2 trillion stimulus on a pandemic-shocked, but recovering, economy. Inflation has climbed from 1.7% before their law to 7.9% a year later. Skyrocketing inflation has undermined Americans’ economic optimism: consumer sentiment plunged 30% from March 2021 to March 2022. The president rejects responsibility for persistent, high inflation, while taking credit for the natural course of the post-pandemic economic recovery, and Americans have noticed... Continue Reading
March 22, 2022
Biden's "Putin Price Hikes" Ploy
KEY TAKEAWAYS As inflation soared to a 40-year high in February, President Biden claimed the year-long price hikes hitting Americans’ wallets are “largely the fault of Putin.” The president is trying to deflect blame for inflation, which has been climbing steadily since he took office. Inflation has averaged 5.4% in that time, compared to an average of 1.6% from 2012-2020. Prices have jumped since last year on almost everything, with Americans paying more for groceries, gas,... Continue Reading
March 10, 2022
Food Prices Climb as Inflation Surges
KEY TAKEAWAYS Consumers are paying more at the grocery store, and food prices keep climbing. Grocery prices were up 8.6% in February from one year earlier. The price of bacon jumped 18.8% from one year ago, the price of eggs was up 11.4%, and whole milk was up 12.4%. Democrats have spent months pushing their reckless tax and spend spree agenda, which would only exacerbate inflationary pressures. Consumers are forking over a lot more money to put food on the table. Despite warnings from... Continue Reading
March 10, 2022
A Year of Democrats' Inflation Fiction
KEY TAKEAWAYS One year ago, Democrats passed a partisan “COVID-19 relief” law, injecting $2 trillion of federal stimulus into the economy as it was already recovering. Since then, Americans have seen inflation soar, including higher prices for household essentials like groceries and gas. In February, prices were up 7.9% from a year ago. Democrats have spent the last year telling Americans one fiction after another about the inflationary effects of their reckless spending... Continue Reading
March 8, 2022
"Shortsighted, Ineffective, Goofy, and Gimmicky": Democrats' Gas Prices Plan
KEY TAKEAWAYS As of March 8, the national average price for a gallon of gas was a record high $4.17 – up from $2.77 a year ago. Feeling immense political pressure stemming from the left’s failed policies, a group of endangered Senate Democrats recently proposed a “solution” to suspend collection of federal excise taxes on gasoline, which currently account for about 5% of the cost of an average gallon of gas. Instead of pitching short-term gimmicks, Democrats should... Continue Reading
March 1, 2022