Curbing America’s Corrosive Inflation | Office of Governor Pete Ricketts

Curbing America’s Corrosive Inflation

By Governor Pete Ricketts

June 21, 2022

Governor’s Official Photo here.

Americans experience pump pain and sticker shock at the store. Prices continue to soar. This out-of-control inflation is corrosive to the financial health of American families.

The failed policies of the Biden-Harris administration are directly responsible for this runaway inflation. It is time for the president to act to bring it under control.

Here in Nebraska, we have shown how to achieve sustained growth, even in the face of floods, fires and a global pandemic. We are the least indebted state in America. Policy ranked Nebraska as having the best pandemic response in the nation. We have the lowest unemployment rate of any state in US history. We have the highest participation rate in the country. And our growth is generating record revenues for the state that allowed us to deliver historic tax relief to Nebraskanians this legislative session.

President Biden would be wise to consider doing things the Nebraska way.

First, control expenses

Families with healthy finances live within their means. Governments should do the same.

In Nebraska, we have managed to control expenses. For the past eight years, we have held Nebraska’s average annual budget growth to 2.8%. This is well below the annual growth rate of state revenues, which averaged around 4.2% during this period.

In contrast, the Biden administration spent big without worrying about the consequences. Less than two months after taking office, President Biden pushed through a partisan stimulus package at a cost of $1.9 trillion. Not a single Republican in Congress voted for it. This massive spending bill lit the fuse for US inflation.

Since taking office, President Biden has increased our country’s long-term budget deficit by $2.4 trillion. Inflation is at its highest level in over 40 years, with consumer prices up 8.6% in the past 12 months. This is despite defeating a $3.5 trillion spending bill that President Biden tried to ram through last year. Imagine how much worse things would be if the president got what he wanted!

Second, reduce regulations

In Nebraska, we trust citizens and local communities to make decisions instead of telling them what to do. For example, we avoided using the heavy hand of government to impose lockdowns, statewide mask mandates, or vaccine passports during the coronavirus pandemic. This approach has proven successful.

Contrary to what we have done, the Biden administration has sought to impose its will from the top down. The president illegally tried to bully private employers into taxing COVID vaccines. And his team of bureaucrats are challenging the federal court’s decision that overturned mask mandates on planes in a bid to restore their authority to mandate them. The overreach goes beyond the COVID response. The Biden-Harris administration has taken 35% more regulatory action than the Trump administration over the same period.

This excessive regulation breeds resentment and stifles growth. The annual cost of complying with federal regulations is estimated at $2 trillion. That’s about the same amount of money the federal government takes each year from personal and corporate taxes combined! According to Geopolitical Intelligence Services AG, “the paperwork burden of federal bureaucracy alone exceeds 10.6 billion hours per year, at an estimated cost of $145.2 billion.”

Third, support energy production in the United States

Gasoline has climbed above $5/gallon and diesel is approaching $6/gallon. President Biden tried to attribute these historically high prices to the Russian invasion of Ukraine that began in February 2022. The truth is that President Biden’s war on American energy had already caused oil prices to spike. gas in 2021.

The president has put a radical environmental agenda ahead of the needs of the American people. And he no longer hides it. Asked about the high gasoline prices earlier this year, he had this to say: “[When] when it comes to gas prices, we are going through an incredible transition…we will be stronger and the world will be stronger and less dependent on fossil fuels when this is over. This is reminiscent of the disconnected Green New Deal progressives who tried to get Congress through not too long ago.

On his first day in office, President Biden canceled Keystone XL. In his first month in office, President Biden attempted to suspend all oil and gas leases on federal lands as part of his sweeping climate policy. After nearly a year and a half in office, the Biden administration has failed to hold a successful public auction for oil and gas leases on public lands. They have also restricted the development of land for energy production.

As early as August 2021, the Biden administration was advocating for OPEC and its allies…including Russia— to increase production. Instead of begging authoritarian governments to sell more oil, the president should prioritize biofuels produced right here in the heartland of America.

Ethanol saves drivers money at the pump. Recently, wholesale ethanol has sold for up to $1.20/gallon cheaper than gasoline. These savings can benefit motorists who fill up with higher ethanol blends.

In Nebraska, we are doing our part to increase US production of biofuels. The State of Nebraska has shown that E30 fuel can be used in regular vehicles without reducing performance or requiring additional maintenance. And earlier this year, we created tax incentives for fuel retailers to offer customers higher blends of ethanol.

In addition to increasing ethanol production, the president should reinstate the Keystone XL pipeline, move forward with oil and gas leases on federal lands, and cut red tape that impedes energy production in the United States. United. Americans don’t want a Green New Deal; they want the president to get real about reducing inflation.

In Nebraska, we have shown the way to responsible growth. We are committed to fiscal responsibility, limited government and American energy independence. I encourage the president to follow our example to get America back on track.

I invite you to let me know how inflation has affected your family by emailing [email protected] or calling 402-471-2244.

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