Nikki Haley: There is nothing good about 'Bidenomics'
2024 GOP presidential candidate Nikki Haley says Americans can't afford Biden anymore on 'The Story.'
On June 28, President Biden traveled to Chicago – the epitome of failed liberal policies – to tout the so-called successes of his economic agenda, which he has coined "Bidenomics."
According to the president, Bidenomics has unleashed the greatest economic boom in American history. Allegedly, thanks to his economic plan, prosperity abounds, families thrive, our economy grows and small businesses succeed. Those who don’t see the benefits of Bidenomics just haven’t been watching – according to Biden, of course.
The only problem with Bidenomics is that Americans aren’t buying it – and rightfully so. President Biden’s economic philosophy of raising taxes on our families to pay for his wasteful agenda doesn’t resonate with hardworking families who are trying to make ends meet. That’s no surprise to those of us who fiercely opposed every last dollar of President Biden’s wasteful spending spree.
President Biden’s economic philosophy of raising taxes on our families to pay for his wasteful agenda doesn’t resonate with hardworking families who are trying to make ends meet. (AP Photo/Susan Walsh)
On my biannual 36-county tour, I’ve met with countless Iowans who are struggling from 40-year-high inflation spurred by $6 trillion in wasteful government spending. Regulations – like the Biden administration’s burdensome WOTUS rule – are crushing the farmers and producers who feed and fuel our country and the world. Thanks to skyrocketing interest rates, our small businesses cannot afford to finance new expansions or hire new employees.
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These economic outcomes contradict President Biden’s rosy picture of his "bustling" economy.
While President Biden lies about the efficacy of his economic policies and willfully ignores the bleak state of the American economy, House Republicans have delivered on our promises to the American people.
We pledged that we would rebuild our economy and reignite the American Dream by cutting taxes, ending wasteful spending, and reversing President Biden’s regulatory insanity. Six months into our Republican majority in the U.S. House of Representatives, I am proud to say that our policies reflect our promises.
For starters, we passed the REIN IN Inflation Act to curb record inflation sparked by President Biden's wasteful economic agenda and costly executive orders. This legislation would require the Biden administration to publish the inflationary impact of executive orders prior to their enactment. It’s common sense that lawmakers understand the full economic ramifications of legislation before approving massive bills that drain wallets, empty bank accounts and make life harder for working families.
More specifically, this bill would require the chairman of the Council of Economic Advisors and the Office of Management and Budget to prepare a report detailing the inflationary effects of any executive order with an estimated impact of at least $1 billion. This is an important tool in the legislative toolbox that ensures Congress plays by the same rules as every family in our country. If American taxpayers can stick to a budget and live within their means, Congress should, too.
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We also passed the REINS Act, which places a much-needed legislative check on the Biden administration’s reckless executive orders. Since the beginning of his term, President Biden has saddled American taxpayers with $1.5 trillion in additional expenses thanks to his regulatory regime.
In fact, some reports estimate that every American has faced $10,000 in additional expenses due to his reckless executive orders. From his $400 billion student loan bailout – which the Supreme Court thankfully overturned – to his cancellation of the Keystone XL pipeline, these misguided mandates represent just a few examples of the executive overreach that this legislation would prevent.
As a matter of policy, the REINS Act requires any executive order e–stimated to have a financial impact of greater than $100 million on the American economy – to be reviewed and approved by both the House and the Senate. With this backstop in place, Congress – which is the only branch of government that correctly enjoys the power of the purse – will determine the fate of administrative rules and executive fiat, removing power from the bloated bureaucracy and restoring Congress' rulemaking authority.
Additionally, my colleagues on the House Ways and Means Committee and I passed our American Families and Jobs Act out of committee a few weeks ago. This comprehensive economic and jobs package will lower taxes for our families, equip our small businesses with the financial tools they need to thrive, give our farmers breathing room in their budgets while drought conditions and record inflation pinch their bottom lines, and support robust investments in our rural communities.
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Because of this legislation, our families will benefit from a $4,000 bonus guaranteed income deduction on top of the $24,000 enhanced standard deduction, keeping more dollars in their wallets. Our farmers will have the opportunity to buy new equipment – like precision agriculture tools – and immediately expense purchases of up to $2.5 million. Our small businesses will be able to permanently depreciate 100% of the cost of machinery, new equipment, and other assets while freeing up dollars to grow their business.
Finally, our package takes real steps to attract private investment and encourage robust economic activity in rural communities through rural opportunity zones.
Republicans know that burdensome government red tape stifles entrepreneurship, increases the cost of living for our families, raises input costs for our farmers, and disincentivizes Iowans from starting their own business. I’m confident that our American Families and Jobs Act helps reverse the costly trends of President Biden’s tax-and-spend agenda.
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In stark contrast to the president’s Bidenomics rhetoric, House Republicans are upholding our promises and delivering real results for our families, farmers, small businesses and communities. With the right regulatory conditions and tax policies, American families, farmers and small businesses can outcompete any other nation in the world. Our ingenuity, productivity and innovation are second to none.
As a strong fiscal conservative, I will continue to support pro-growth, pro-family, pro-taxpayer policies that fuel economic expansion, end wasteful spending, reduce our $32 trillion debt, and unleash opportunity and prosperity for every American family.
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