The Home Republicans are off to an excellent begin, passing two vitality payments that make loads of sense. Two weeks in the past, they handed the Defending America’s Strategic Petroleum Reserve from China Act with a lopsided bipartisan vote of 331 to 97, whose content material is self-evident.
Right this moment, they handed the Strategic Manufacturing Response Act, which might tie any SPR gross sales to further oil and gasoline leasing on federal lands. The vote was 221 to 205.
There are companion payments within the U.S. Senate and we will probably be talking with Senator John Hoeven in a short while about all this. Hopefully, the subsequent step will probably be a broad-based H.R. 1 allowing invoice that may reopen fracking, pipelining, refining, LNG terminals and so forth.
That is all so essential as a result of refined petroleum merchandise permeate nearly each nook and cranny of the American financial system. Bigger provides will carry down costs and make it reasonably priced for middle-class working of us. After all, Joe Biden opposes all this.
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He is comfortable to promote SPR reserves to China, needs to make use of this nationwide safety instrument for short-term gasoline political worth manipulation and cares not one whit that we’re nonetheless one million barrels a day brief from the place we had been again in 2019 in the course of the Trump vitality independence period and talking of Biden opposition to commonsense Republican laws, the president and his allies proceed to fear-monger and oppose any spending discount which may come out of the debt ceiling dialogue this summer season.
He has mentioned he’d meet with Home Speaker Kevin McCarthy, however they have not set a date but and he mentioned that in that assembly he won’t talk about any finances negotiations. In different phrases, he is stone-walling, however the worst a part of this story, is Mr. Biden’s use of the massive lie.
I’ve mentioned repeatedly that he’s incapable of truth-telling on the financial system significantly, however many different points as effectively. All the things he says is remarkably left-wing partisan. He’s the non-unifier. He barely even acknowledges that the Republicans gained the Home within the final election, however his worst sin of all is his fixed harping that the Republicans need to slash social safety, need to slash Medicare, and need to default on our authorities debt. That is merely NOT TRUE.
I’ve interviewed Home leaders McCarthy and Scalise and requested them about this straight. Please take a pay attention:
LARRY: “There he goes once more. He’s saying the Home Republicans need to crash into social safety and Medicare and you are going to default on the debt. So, I am simply going to ask you, is that true?”
SCALISE: “No, it isn’t, Larry and most significantly Joe Biden is aware of it isn’t true and he retains saying it as a result of he needs to scare the American folks.”
LARRY: “They’re saying you are going to minimize social safety, you are going to minimize Medicare and you are going to default on the curiosity funds on the bonds.”
MCCARTHY: “None of that’s true.”
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So, the Republican Home leaders could not be clearer and but the president retains saying it. Chuck Schumer retains saying it. Hakeem Jeffries retains saying it. Karine Jean-Pierre retains saying it. So, simply to lighten issues up a bit, here is Senator John Kennedy on the topic:
SEN JOHN KENNEDY: “President Biden says my celebration – I – need to intestine social safety and Medicare and Medicaid and that is simply not true. Not even George Santos would make up a whopper like that and the president is aware of that.”
Good for Senator Kennedy. Final night time on Sean Hannity’s present, I put it this manner:
LARRY KUDLOW: “Biden and Schumer and Jeffries, they’re all giving us this huge lie. This is the massive lie: the Republicans are going to chop into social safety, the Republicans are going to chop Medicare, the Republicans are going to default on the debt. It’s a full lie. That is what authoritarians do, that is what totalitarians do. They are saying one thing that’s not true, they maintain repeating it and so they hope that in some way it’s gonna change into true.”
Sure, this tactic is utilized by authoritarians and dictators since time immemorial and I’ll assure you, that Mr. Biden’s polls, which have been sinking due to his categorized paperwork scandal, will sink much more with this sort of fearmongering.
From the gang that pushed $6 trillion in new spending and borrowing within the final two years, the place the financial system up to now yr grew by only one% with the very best inflation price within the final 40 years, they can not even take into account working with a brand new Congress to curb over-spending and debt creation.
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The general public has manner an excessive amount of widespread sense. They don’t need one other bout of inflation and Steve Scalise mentioned it effectively final night time on our present, when he mentioned Biden’s huge improve in social welfare advantages, with none work necessities is conserving folks out of the labor power, and that’s truly damaging the massive entitlements as a result of fewer folks can have any assets to assist and pay into social safety and Medicare.
It is good perception by Mr. Scalise and I am going to add yet one more level. All this huge authorities spending, borrowing, regulating and taxing is continuous the multi-decade development of stagnant financial development.
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The CBO simply got here out with a 10-year forecast of 1.5% annual development. That may make the third consecutive decade of faltering American prosperity. We needs to be rising at 3.5% a yr, as we did for over 50 years after World Struggle II and if we had been on that observe, with a drastically restricted authorities, we’d be fixing all of our finances and debt issues.
How about $3 of spending cuts for each new greenback of debt? Kevin Hassett is correct. It is simply widespread sense and the way about stopping the massive lie? Save America. Cease the spending.