In a tweet responding to Robert Reich decrying “trickle down economics,” Rep. Kevin Brady (R-Texas), the Republican leader of the House Ways and Means Committee, describes President Joe Biden’s economy as “cruel.”
#GOPTaxCuts: Highest household income rise in decade, 6 million lifted out of poverty, income inequality began to shrink. #BidenEconomy: shrinking economy ‘22, crushing inflation, families skipping meals, delaying retirement, largest health care/housing costs on record – cruel. https://t.co/EQFrjK3t6K
— Kevin Brady (@RepKevinBrady) November 27, 2022
Figures published by the Bureau of Labor Statistics (recording annual pricing increases as of October of 2022) tell the story of the Biden economy. Those numbers show that overall inflation has increased by 7.7 percent in one year; that the price of food has gone up by more than 10 percent in a year; and that the price of energy has risen by more than 17 percent in one year.
What works is an economy that can work. An economy that can work is made possible when government-created obstacles are removed from the path of market producers and creators. Market obstacles can be unnecessary regulations created by Democrats catering to pressure from the extreme left. Market obstacles can be tax increases on individuals and businesses, which often lead to smaller budgets and fewer jobs. Market obstacles can be government, which is not driven by market forces and incentives, spending more than it can afford on ideologically-oriented “projects.” Market obstacles are removed when unnecessary regulations are eliminated, when the tax burden on individuals and businesses is lessened, and when wasteful spending is stopped.
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