NW Kentucky News

The Subcommittee on Economic Growth, Energy Policy, and Regulatory Affairs held a hearing titled “Kitchen Table Economics: How Failed Biden-Harris Policies Continue to Hurt Consumers.” The session aimed to examine the impact of the Biden-Harris Administration’s economic policies on American households and taxpayers. A staff report from the Oversight Committee highlighted that new federal regulatory costs under this administration have reached $1.7 trillion.

Key points from the hearing included concerns about inflation driven by significant government spending and regulations. Notable spending packages like the American Rescue Plan, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act were cited as contributors to rising costs.

Dr. Paul Winfree, President and CEO of the Economic Policy Innovation Center, remarked, “The Biden-Harris Administration’s economic strategy is founded on the belief that public spending is the engine of job creation, income growth, and wealth. However, this approach has contributed to both rising costs and ineffective government.”

Brendan Duke, a former member of the National Economic Council under Biden-Harris, faced challenges defending these policies during his testimony.

Statistics presented indicated that since January 2021, average American households have lost approximately $2,000 in purchasing power. Patrice Onwuka from the Independent Women’s Forum discussed how federal spending and regulations have fueled inflation: “Inflation and high prices are the consequences of unsustainable federal spending and burdensome regulations.”

Subcommittee Chairman Pat Fallon (R-Texas) introduced discussions around a proposed regulatory spending cap via House Republicans’ REG Budgeting Act. Fallon stated: “Overregulation has been the silent killer of economic growth under the Biden-Harris Administration.” Dr. Winfree supported this view by noting potential benefits for businesses and consumers if such caps were implemented.

Rep. Nick Langworthy (R-N.Y.) highlighted reduced consumer choice due to new regulations on household appliances. Ms. Onwuka added that these requirements are cost-prohibitive for many low-income families.

Rep. Russell Fry (R-S.C.) questioned measures needed to enhance American energy independence in future administrations. Mr. DeVore suggested reopening federal lands for exploration and reconsidering subsidies provided in recent acts like the Inflation Reduction Act.

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