Americans for Prosperity (AFP) released a new economic report today, responding to lawmakers’ attempts to avoid accountability for endorsing President Biden’s economic policies by blaming businesses for increased consumer prices.
The report, titled "Bidenflation Blame Game: How Big-Spending Politicians Scapegoat Business," authored by AFP Senior Fellow in Fiscal Policy Kurt Couchman and AFP Economic Policy Analyst Ilana Blumsack, addresses lawmakers' rhetoric of blaming businesses for higher prices or downsizing products.
Couchman and Blumsack's analysis shows that corporations have not experienced the purported 74 percent increase in profits claimed by lawmakers such as Sen. Bob Casey (D-PA). These claims reportedly rely on selective data that overlooks regular business expenses like taxes and overhead.
The report attributes the economic challenges facing Americans nationwide to government spending and regulatory interventions during and after the COVID-19 pandemic. It cites excessive government spending in legislation such as the American Rescue Plan, the Inflation Reduction Act, and the CHIPS and Science Act as contributing factors. This influx of money into the economy led the Federal Reserve to raise interest rates to control rising prices. As inflation remains high, politicians who supported this spending have become defensive and shifted blame elsewhere.
Kurt Couchman stated: “DC politicians have been parroting deceptive talking points about business profits driving inflation. President Biden even repeated those claims during this year’s State of the Union address. But repeating it doesn’t make it true. Reckless government spending and debt caused inflation and higher interest rates. What’s most telling is that the politicians who backed the ‘Bidenomics’ spending and regulation spree are the same who loudly cast blame on anyone else.”
He added: “If we are going to straighten out the nation’s economic problems, we must be honest about what caused inflation in the first place. The Bidenflation Blame Game shows that Congress must control federal spending and debt through better budgeting, carried out by those who recognize the causes of today’s challenges.”
Ashley Klingensmith, AFP Regional Director, commented: “Real leaders own up to their failures when they’re wrong. What we’re seeing from members of Congress—including my senator, Bob Casey—is an immature and deceptive excuse to cover up a lousy voting record. Senator Casey and many other lawmakers have voted in lockstep with President Biden but aren’t willing to own the consequences, apologize, or change course. But we at AFP-PA will ensure that Pennsylvanians know his voting record and encourage them to call his office and tell him to stop voting for an agenda that’s actively hurting the Keystone State.”
