Vice President Mike Pence today released his top economic policy priority to fight Joe Biden’s inflation nightmare. The comprehensive four-part plan addresses Biden’s bloated spending spree, failed economic policy, supply chain breakdowns, and foreign energy dependence. With prices up more than 16% and real wages down 3%, Vice President Pence will not rest until prices are lower and inflation is ended.
“Government cannot spend its way to prosperity, and yet Joe Biden is set on dismantling our once great economy and hurting families who can no longer afford food or find a good paying job,” Vice President Mike Pence stated. “My top economic priority will be to renew American prosperity by cutting wasteful government spending, restoring the value of the dollar, building resilient supply chains, and restoring American energy independence.”
From day one, President Pence will bring skyrocketing prices back to earth with common-sense policies:
- Stop record-breaking government spending that is driving inflation;
- Reinstate a sound money policy and stabilize wildly fluctuating interest rates;
- Bring manufacturing and production supply chains back home to reduce costs; and
- Produce cheap, abundant American made energy to power our economy.
The Pence Plan to Fight Inflation will:
1. Stop the Government’s Deficit Spending Spree
The federal government has been overspending for decades, and it’s only gotten worse under Biden. In the wake of the COVID pandemic, Biden’s unprecedented spending spree has sent inflation through the roof. The Pence Administration will end runaway deficits by freezing non-defense spending, eliminating unnecessary government programs, repealing over $3 trillion in new spending under Biden, and reforming mandatory programs that drive our debt.
2. End the Dual Mandate and Stabilize Interest Rates
The Federal Reserve’s monetary policy has increased the money supply by $5 trillion since 2020 and resulted in wildly unstable interest rates. Higher interest rates make it more expensive to borrow money for things like cars and homes, while destroying the value of every dollar Americans earn. It is time to bring stability to interest rates. We must end the Fed’s dual mandate and make stable interest rates its sole focus as the country winds down monetary stimulus.
3. Bring Supply Chains Back Home to America
Global backlogs have driven up prices since the pandemic. We need to reduce the supply chain costs associated with shipping products from overseas by boosting manufacturing here in the United States. The Pence Administration will create the conditions to bring production back to this country by removing regulatory burdens, enacting pro-growth tax policies, and ensuring access to abundant American energy. We will fight inflation by making America the best place to do business again.
4. Restore American Energy Independence
Since Biden took office, the price of electricity to power our homes has increased by 25%. Gas has gone up 60%. These higher prices for energy are passed on to consumers and increase the cost for every product that is grown on a farm, built in a factory, or shipped on a truck. It is time to reverse Biden’s attack on American energy by restarting oil and gas leasing on federal lands, opening the Arctic and offshore regions for exploration, approving safe transportation of oil and gas, mining rare earth minerals, and rejecting climate change hysteria that is causing U.S. energy production to fall.
Read Mike Pence’s full plan to fight inflation HERE.