KAWX News

Congressman Bruce Westerman's Weekly Column

 

Yellen Admitted Wrong, Now It’s Time To Do What’s Right

This week, Secretary of the Treasury Janet Yellen did the right thing by admitting she was wrong about the dangers of inflation and the damage it would do to our economy. Inflation has hit a near four-decade high after the Biden Administration naively called inflation temporary and then wrongly blamed corporate greed. American families, many of whom are already living paycheck to paycheck, are feeling the burden of higher prices. Any pay raise from the last year is instantly negated as the cost of goods and services mean real wages are less; and economists predict there is little relief in sight.

 

We should remember what brought us here, and again, we can appreciate Secretary Yellen’s candor when she acknowledged what Republicans have warned of for a year. Irresponsible spending in COVID-19 relief bills, especially the latest package where only roughly 9% was actually earmarked to fight COVID, which was championed by the Biden Administration and Congressional Democrats, added gasoline to a red-hot economy resulting in record high prices. 

 

Simply being honest about what caused inflation will not fix the issue. The Biden Administration must reverse course and end the policies that have caused this economic disaster. The solutions the President promised this week to bring down inflation included investing in clean energy, infrastructure, and building new homes. It seems that no matter how many times he repackages the same “solutions,” the President still doesn’t understand that pouring more government money into the economy, financed by more debt, is just more of the same faulty logic that got us into this mess.

 

The path forward is simple: President Biden must return to the path of energy independence, which will effectively lower gas prices and increase national security by ensuring the U.S. and Europe do not have to rely heavily on bad actors like Russia or Venezuela. He must also abandon his grandiose plans of implementing the Green New Deal and cancelling $10,000 or more of student debt, often benefiting wealthy Americans at the expense of the middle class.

 

President Biden made this bed, and we have to lie in it, for now. I am confident that Congressional Republicans’ plan of fiscal responsibility, unleashing American Energy Independence, and reducing burdensome regulation will kickstart the economy and reduce the cost of living so families can return to pre-pandemic prosperity.

 

6-3-22 10:30 a.m. KAWX.ORG