An Economic Disaster

Just as citizens are beginning to return to pre-pandemic routines, Americans hoping to spend more time outside their home and make summer travel plans are realizing everything from gas, to groceries, to airfare and hotels have skyrocketed in price. Study after study has found that the Democrats’ budget proposals are negatively impacting wide swaths of our economy. This should be a time for Americans when optimism is met with opportunity. Instead, our country is facing serious economic headwinds.

Gas prices have skyrocketed to an average of $3.15 per gallon. This is the highest price for a gallon of gasoline since 2014, and a 42 % increase from last year. In Oklahoma, the average price for a gallon of gas is $2.88. Oklahomans who spend time traveling to and from work can’t afford these increased fuel prices and they will discourage hardworking Americans hoping to get back to work.

Worse, grocery costs are also on the rise. Prices for everyday necessities such as fruit, vegetables, meat and bread are significantly more expensive. Over the past year, consumer prices have shot up 5.4 % – the largest jump since just before the 2008 financial crisis.

But these increased costs are not just impacting the consumer.  The most recent $3.6 trillion in tax increases, proposed by the Biden Administration, would raise the corporate tax rate by one-third to 28 %, along with a host of other tax increases on employers. There are 15,149 employers in Oklahoma that will see their taxes increase under this proposal, including 10,471 small businesses with fewer than 500 employees. Just as Oklahomans are recovering from the pandemic, they are getting hit with higher taxes, fewer jobs and lower wages.

Make no mistake, the price spikes we’re seeing are a direct result of the multi-trillion-dollar spending bills passed by the left.  Average Americans are not seeing the benefits. Instead, not only are taxpayers going to be burdened with massive debt, they are also being forced to pay more for basic goods and services. These policies will not strengthen our nation’s economy, nor Oklahoma’s economy. Americans deserve a growing economy with more jobs, higher wages, and thriving businesses in their communities. It is my priority to ensure Oklahoma families are not forced to weather the storm of reckless spending and uncontrollable inflation.