Arrington to Treasury Sec. Yellen: Biden’s Budget Will Destroy Jobs In West Texas
Washington DC, June 17, 2021
WASHINGTON, DC—In a House Ways and Means Committee hearing, Congressman Jodey Arrington (TX-19) passed a message along from West Texas farmers and energy producers to U.S. Secretary of the Treasury Janet Yellen that President Biden’s spending proposals will destroy their livelihoods.
“I would say, taken all together, [Biden’s budget proposal] is a major unforced surrender of America’s economic prowess. It is a fundamental retreat from the policies that gave America unprecedented prosperity, and I know you know all the metrics – decreased unemployment, record wage increases, jobs coming back to this country overseas as a result of those incentives. And, taken together, this is a unilateral energy disarmament. We will cede, we will enrich, [and] we will empower the likes of Russia and China, who are expanding their conventional fuel sources and supplying that energy to our allies.”
“I’m deeply, deeply concerned with the largest expansion of government, redistribution of wealth, and transfer of power in the history of the United States of America. You mentioned a couple of phrases I’d like to key on – one was a “stronger economy”, the other was “fairer tax code.”
“Let’s start with “stronger economy.” I don’t think Americans have to have a PhD or be experts in monetary or fiscal policy to know that when you’re subsidizing people to the point that they’re incentivized to stay on unemployment instead of going back to work, there’s no surprise we have a labor shortage. We can’t get people back to work. Small businesses are suffering. We’re spending our way into debt oblivion. It’s beyond unsustainable, and we’re seeing runaway inflation and there is a direct result of the massive, reckless spending that we’ve seen.”
“We’re also full-on assaulting on our bread and butter, our lifeline, and the lifeblood of this economy in terms of oil and gas, and it’s driven by a climate radical alarmist ideology. It’s not balanced stewardship of the environment and economic growth by any stretch, and everybody is deeply concerned about that, especially my oil and gas producers that give our nation not only the greatest economy in the world and an affordable clean supply of energy but also energy independence.”
“I have a message from West Texas and my family farmers, Madam Secretary. They do not believe that this proposal is “fair” in any stretch. What you’re going to do if you pass this repeal of stepped-up basis, doubling the capital gains tax, you will have the largest fire sale of farm equipment and farming operations in the history of the United States. They simply can’t afford it, Madam Secretary, what do I tell him about the fairness of the tax code in that regard?"
Congressman Jodey Arrington is a member of the U.S. House of Representatives serving the Nineteenth Congressional District of Texas. He serves as a member of the House Ways and Means Committee.