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Comments:
Secretary Yellen,
welcome. Frankly, Secretary Yellen, I wish you would be here
more with everything going on in the economy, as I think this is
the second time you've come here in 18 months.
Madam Secretary, like so many of my colleagues have talked
about, I just spent the last two weeks in my district in central
and west-central Illinois. The two biggest issues are gas and
groceries. That is what everyone talks about, and it transcends
everything. Inflation is a tax on Americans, and those making
the least are the ones most affected.
Two weeks ago, I attended an event put on by Americans for
Prosperity at Beachler’s Gas Station in Peoria, IL where AFP
paid the difference between the cost of gasoline today and
$2.30, the price per gallon the day President Biden took office.
It's now over $5.00 in Peoria. We had people lined up for hours.
Literally five-mile-long lines. I talked to a lot of those folks
who are single moms, working families, and low-income folks
filling up gas. There was immense anxiety and fear about the
state of our economy.
As I listen to you here today, and look at what has not been
done by this Administration it's very perplexing whether the
Administration is tone-deaf or just becoming aware of these
issues. I look at what President Obama's Treasury Secretary
Larry Summers said, alerting the Administration in February of
2021 about the fear of inflation, and nothing was done.
I want to pivot and talk about the budget of the Treasury
Department, which is why we are here. As I look at Biden
Administration’s FY2023 budget proposal, the budget proposal
includes $4 trillion in tax hikes on U.S. companies, including
targeted tax hikes on U.S. energy.
My question is, will hitting these U.S. businesses with $4
trillion in tax hikes help lower the costs of goods for
consumers?
[Darin LaHood]
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