The State of Our Nation: Two Years of Economic Mismanagement

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Following President Joe Biden’s State of the Union address, Senate Finance Committee Mike Crapo (R-Idaho) expressed his deep concern with its content. He noted that the President had “touted the status quo” but that such acceptance was profoundly out of touch with the grim realities under which so many Americans are suffering. These include spiking prices for goods, heightened interest rates, an alarming influx of lethal fentanyl, a serious crisis at the southern border and a weakened foreign policy posture. Crapo believes that unless something is done to roll back these difficulties our nation will continue to face a period of severe hardship.

“[The] President touted the status quo, but acceptance of the current state of our nation is deeply out of touch with the hardships many Americans face: record costs for goods; higher interest rates; a crisis at the southern border; a growing domestic energy crisis; a weakened foreign policy posture; and an influx of lethal fentanyl killing our youth at alarming rates.

“The economic policies of the last two years have made life unaffordable for many families. Unrestrained federal spending led to the highest inflation in decades, a harsh reality anyone who has gone to the grocery store or filled up their gas tank has encountered. Compared to this time two years ago, Idahoans are paying more than $800 per month just to keep up. Higher prices have wiped out wage gains, and higher interest rates have made it harder to buy a car, invest in a home or save for the future.

“The United States recently hit its staggering spending cap of $31.4 trillion. Conversations about how the United States will continue to pay its bills on time, and how we should budget for the future, will rightly dominate the halls of Congress for the next few months. Now is the time for spending reform proposals to be put forward and debated.

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“For the President to refuse to engage in discussions about how our federal government should live within its means is irresponsible. Both parties have a responsibility to do their part, in good faith, to find a bipartisan solution. We must address our growing deficits in order to put our country’s finances on a sustainable path, rather than continue down a road of more unsustainable taxing and spending.”

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