Inflation

My plan to fight inflation:

1) Instead of pressuring the oil and gas industry to cap prices, the President should streamline the permitting process for federal land and allow projects like the Keystone XL pipeline to continue. This will not only create thousands of high-paying jobs at a time when Americans need them most but decrease our reliance on oil from our adversaries.                                                                                                                     

2) According to the U.S. Bureau of Labor Statistics, the manufacturing industry lost 7.5 million jobs since its peak in 1969, with the most significant drop between 2000 and 2017. Ensuring our tax system is favorable to manufacturers is one way to reverse that trend. Congress and the Administration could work together to make permanent the 100 percent bonus depreciation credit passed as part of the Tax Cuts and Jobs Act (TCJA), which is set to begin phasing out at the end of 2022. According to Tax Foundation estimates, making the TCJA bonus depreciation provision permanent would result in higher wages, a larger economy, and 172,300 new full-time jobs.                               

3) Since taking office less than two years ago, President Biden’s added $1.9 trillion in debt through the passage of ARPA, lobbied Congress to pass the $2.15 trillion Build Back Better agenda, raised the federal debt limit, and recently endorsed nearly $1 trillion in new spending with more than a third for Green New Deal initiatives. Inflationary pressures will only worsen if we do not work to cut reckless spending.