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In a new move to reveal the inflationary costs to people of President Joe Biden’s liberal agenda, a House GOP leader is calling for a requirement that all spending and tax bills include an estimate of the economic punch they would deliver to low- and middle-income families.
Indiana Rep. Jim Banks, the chairman of the Republican Study Committee, said that as inflation takes off under Biden, Congress should provide some sunshine on the potential that its actions will also increase consumer costs.
Just this week, the administration reported that prices jumped a surprising 5%. People have felt the pain of higher prices for goods from gasoline to beef. Some have warned that Biden’s massive spending plans will surge costs and inflation higher.
“Inflation is Democrats’ hidden tax on working families,” Banks told Secrets. “Americans deserve to know how Biden’s $6 trillion spending packages will affect the cost of their groceries, gas and other everyday items,” he added.
His is part of a strategy for Republicans to tie inflation to the Biden economic agenda. In a recent memo, he said, “There is no doubt that inflation is tied to the reckless spending bills Democrats have pushed for during the last year. Increasing the money supply to fund things like stimulus cash and generous unemployment benefits will always devalue our currency, which means your dollar won’t go as far.”
Banks plans to offer the change to House rules tomorrow during a pro forma session. His proposal reads:
“Each report of a committee on each bill or joint resolution of a public character reported by such committee that would increase budget authority, outlays, or revenue shall contain a detailed analytical statement as to whether, and the extent to which, the increased budget authority, outlays, or revenue produced by enactment of such bill or joint resolution into law may have an inflationary impact on prices and costs in the operation of the national economy. Such statement shall also include whether, and the extent to which, the inflationary impact would affect the purchasing power of low and middle-income families.”
He has 15 original co-sponsors.
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Original Author: Paul Bedard
Original Location: House GOP leader targets inflation hurt of Biden spending and taxes