Economy

Well over two years in, the Biden administration clearly is failing to represent US economic interests on the global stage. And perhaps the best example is how it’s handling the international tax negotiations at the OECD.

Over the course of Biden’s time in office, this administration has enacted billions of dollars of new taxes on American businesses and has proposed trillions more. At the Organization for Economic Cooperation and Development, the administration found common cause with their international counterparts, all agreeing on higher taxes for American companies.

Thanks, in large part, to President Joe Biden’s tax-and-spend policies, the state of the American economy is bleak. Wasteful government spending fueled the worst inflation crisis in more than forty years, small business optimism has plummeted, interest rates on everything from home mortgages to car loans continue their devastating trajectory upwards, and the cost of farm inputs remains historically high. Left unresolved, these economic challenges will spell disaster for American prosperity, productivity, and competitiveness.

Earlier this month, I led a letter joined by seven of my colleagues to Treasury Secretary Janet Yellen raising our concerns about an extraterritorial tax Germany is imposing on American companies.

President Biden’s economic agenda – which he has coined “Bidenomics” – has failed our families, farmers, small businesses, and rural communities by every measure possible. 61% of Americans reported living paycheck to paycheck, 71% of Americans have a negative view of the state of the economy, and gas prices continue their upward trajectory. Even more concerning, credit-car and car-loan delinquency rates are rising with American families now carrying a record one trillion dollars in credit-card debt.

Economic hardship caused, in large part, by President Biden’s wasteful spending policies and misguided attacks on American energy production recently broke another record. For the first time in over two decades, mortgage rates rose to 7.12% as the Federal Reserve continues its rate hikes to combat the inflation crisis spurred by reckless government spending. Even worse, there is no indication that this upward trajectory will reverse course in the coming months – spelling disaster for American families who want to purchase a home and plant their roots.

On metric after metric, President Biden’s economic agenda – which he has coined “Bidenomics” – has failed our families, farmers, small businesses, and rural communities. His tax-and-spend policies have pushed the American Dream out of reach for too many families by eroding their paychecks and crushing their budgets under the insurmountable weight of record inflation, higher taxes, and crippling debt. The economic indicators speak for themselves, too.

In 2022, nearly 110,000 Americans died from a drug overdose, including 75,000 people who lost their lives at the hands of synthetic opioids like fentanyl.