The American Dream is in Danger
September 20, 2021
Friends,
Inflation is taxation. It's also increased every single month of Joe Biden's presidency.
You and your family are paying more for everyday items like groceries and gas. Yet instead of addressing the root cause – reckless government spending – this week President Biden and House Democrats took steps to ram through their $3.5 trillion tax, borrow and spending scheme written by Senator Bernie Sanders.
This is the largest spending bill in American history. In fact, the $3.5 trillion price tag is equal to the Growth Domestic Product (GDP) of Mexico and Canada – combined.
This bill will advance their radical agenda for more government control over energy production and use, health care, and the entire economy. It includes 40 new tax increases on families, workers and businesses. It will also raise our national debt by a whopping $17 trillion in ten years to $45 trillion overall.
For businesses and workers, it will raise the corporate tax rate to the third highest in the developed world. This will cost an estimated 1 million jobs, according to the National Association of Manufacturers.
It also opens the door for amnesty for 325,00 illegal immigrants in North Carolina alone.
Bottom line: This will only add fuel to America's skyrocketing inflation, weaken our competitiveness, result in job losses and tax hikes for you and your family, and as I said in a hearing last week – it will lower the standard of living for our children and grandchildren.
But what's not included is almost as shocking.
Even with unprecedented spending increases, Bernie Sanders and others crafting this bill failed to include a single dollar increase to our Defense Department and Homeland Security – the agency overseeing our border.
Funding our border has become more important than ever, as we learned last week that nearly 210,000 migrants illegally crossed the border in August. That's a 21-year-high and the second straight month with over 200,000 crossings. Despite claims from the President and Vice President that the border crisis was "seasonal," these numbers show that it continues to get worse, even as migrants bring more and more deadly fentanyl and cases of COVID across the border. We must do more to end the Biden border crisis, as well as get inflation under control.
Thanks to the Republican Tax Cuts and Jobs Act of 2017, families in North Carolina received an average tax cut of $1,900. We saw what sound economic policies of tax cuts and deregulation led to in 2019: the lowest unemployment in 50 years, record low poverty and the largest reduction in poverty in 50 years, and record high household income including the largest income gains for minority groups. I remain very concerned my Democrat colleagues are completely ignoring the fiscal consequences of their policy choices in Washington D.C.
As the August jobs report showed last week, there is still a lot of work to do to rebuild our economy. The Consumer Price Index (CPI) jumped 5.3% in August, which is nearly the fastest pace in 13 years. That means the stuff you buy costs more. This is not an economy that requires or can handle trillions more in government spending. Instead, we need to get people back to work and stop the spending.
Earlier this month, I visited the Harnett County regional airport and saw firsthand improvements that are helping our entire local economy. At Edelbrock Performance's facility in Sanford, which employs more than 90 people, I got to see how businesses like this are building on our great workforce and racing industry. I remain committed to helping create jobs such as those at Edelbrock by advancing common sense solutions like the RPM Act to protect our automotive industry from overregulation.
There are solutions to grow our economy, secure our border, and meet the many other challenges before us. What we don't need is Bernie Sanders' $3.5 trillion spending scheme. I will continue to push back against this radical agenda so that the American dream can stay alive for you and your children and grandchildren.
Until next week,
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Richard Hudson
Member of Congress