Thune critical of Biden Administration response to rising inflation

RAPID CITY, S.D. — South Dakota Senator John Thune is hitting back at President Joe Biden after the president penned an op-ed detailing his plan to fight inflation.

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data courtesy: U.S. Dept. of Labor Bureau of Labor Statistics

Inflation, for the preceding 12 months ending in June 2022, topped out at 9.1 percent, the highest since 1981. Sen. Thune and his Republican colleagues say the Biden Administration’s policies – especially on energy – are to blame. The administration says COVID recovery, like supply chain issues – exacerbated by the war in Ukraine – is responsible.

When asked about short- or long-term solutions, Sen. Thune had this to say: “There’s very little right now with Democratic control of congress that Republicans can do to influence that, but if we get the majorities back, then I think we can start pressuring the administration to restore policies…to put policies in place that will encourage domestic production of energy rather than discouraging.”

Senator Thune criticized Biden’s energy policy and the “far-left’s” push towards electric vehicles, saying much of this problem is due to imbalanced supply and demand.

“They’ve taken a lot of federal lands out of production. They have killed a lot of the infrastructure, including pipelines. They’re denying permits to drill,” Sen. Thune said. “They’re pressuring companies in this country who invest in the oil and gas sector, not to invest there and threatening them with regulatory penalties, etc. So there’s been a just…a concerted effort on behalf of this administration to go after energy.”

In his op-ed piece published in the Wall Street Journal, President Biden laid out his three-part plan for curbing inflation, which begins with letting the Federal Reserve do it’s job. Biden slammed the Trump Administration for “demeaning” the Fed. The second part of his plan addresses cutting everyday costs for Americans by fixing supply chains, passing clean energy tax credits, and investing in housing and other infrastructure. Reduction of the federal deficit is the third part, with Biden pushing reforms to the tax code.

Thune says he’s seen the impact firsthand, and sympathizes with struggling Americans everywhere.

“It’s groceries, it’s gas, it’s utilities, it’s housing, and now, with interest rates going up, [it’s] car loans and school loans and mortgages,” Thune added. “It’s just…this is an economy that’s really hurting working Americans.”

For a 12-month period ending in June 2022, gas prices increased nearly 60 percent, according to the U.S. Bureau of Labor Statistics. Food prices increased 10 person, while electricity and gas utilities went up 13.7 percent and 38.4 percent, respectively.

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data courtesy: U.S. Dept. of Labor Bureau of Labor Statistics

The U.S. Department of Labor will release the next update on inflation numbers on August 10.

Categories: National News, Politics & Elections