RALEIGH — North Carolina Republican Party Chairman Michael Whatley and U.S. Senate candidate Rep. Ted Budd (NC-13) have criticized the Biden administration over the state of the economy and the “law on Reducing Inflation” recently promulgated by the President during a media call. on the 2022 campaign.
Whatley criticized the White House’s attempt to redefine the term recession as two consecutive quarters of negative GDP growth. He drew attention to the fact that the consumer price index rose 8.5% compared to last year before citing a long list of items hit by 40-year high inflation under Biden.
Some of the increases Whatley listed included fuel oil up 75.6%, gasoline up 44%, eggs up 38% and airfare up almost 28%.
“This inflation is very real and it is wiping out wage gains,” Whatley said. “In fact, real wages have fallen every month since Joe Biden and the Democrats passed their $1.9 trillion stimulus package.”
Whatley, referring to the Cut Inflation Act, said Biden’s response was “to pass legislation that will increase costs, increase the deficit and increase inflation.”
“By voting for this bill, every Democrat in the House and Senate voted to raise American taxes during a recession,” Whatley said.
He went on to add that a number of groups, including the Congressional Budget OfficethePenn Wharton Budget Model,The Tax Foundation,Moody’s Analytics,Minneapolis Fed CEOas well as some Biden’s staff at the White Houseall said that the Inflation Reduction Act would have no impact on inflation. Moreover, the Tax Foundation said the legislation would actually make inflation worse.
Budd said the bill would “make life worse” for people in North Carolina and across the country and that his opponent, Democrat Cheri Beasley, would serve as a “rubber stamp for Joe Biden.”
“She supported the Cut Inflation Act, which really should be called the Accelerate Inflation Act,” Budd said. “Because it does nothing to reduce inflation and creates taxes on the middle class.”
Budd said inflation under Biden had “cost our state’s working families $7,800 a year.”
“At the end of the day, the choice couldn’t be clearer,” Budd said. “The Democrats just want to raise your taxes and the Republicans want to lower them. Democrats want to hire more tax officials and Republicans want to hire more police. Democrats want to help the rich buy a Tesla; Republicans want to lower gas prices for working families.
Referring again to what he calls the Accelerating Inflation Act, Budd went on to say, “it’s not good for our country or our state.”
According to an inflation tracker created by the Joint Economic Committee Republicans, inflation under the Biden administration has risen every month for the past year and cost the average household in North Carolina.$651 last July.
The Cut Inflation Act has also been criticized for including a long list of ideological wish list items backed by Democrats, such as $370 billion in taxes on the oil and energy industry to “fight against climate change”.
“The Democrats’ Accelerating Inflation Act is misleading,” RNC spokeswoman Taylor Mazock told the North State Journal. “Whether it’s tackling climate change or reducing inflation, these are just more points to add to their long list of lies.”
In a letter sent to House and Senate leaders last September, industry experts warned that a methane tax included in the bill would increase natural gas costs.by 17%, or “over $100 a year for the average American family”.