Austin News

U.S. Senators Ted Cruz and Rick Scott have expressed concerns over the economic impact of the Biden-Harris administration in a recent op-ed published in the Wall Street Journal. The senators argue that inflation under the current administration has made it increasingly difficult for American families to manage their finances.

In their article, they state: “The past four years, runaway inflation has made it increasingly difficult for families to make ends meet. Since the Biden-Harris administration took office, consumer prices in U.S. cities have risen 26% faster than private-sector wages. Paychecks now buy less than they did in January 2021."

They compare this situation with the previous administration, noting: "During the four years Donald Trump was in office, inflation-adjusted private-sector wages rose by 8.1%. That means real private-sector wages today are effectively 11.8% lower than they would have been if the Trump-era economy had continued for another four years.”

Cruz and Scott highlight several areas where costs have surged due to inflation, such as housing and automobile expenses. They point out that while car prices have increased by 17%, associated costs like financing, insurance, and gasoline have risen by 32%. Homeownership costs have also seen significant increases; average home prices rose from $303,900 in January 2021 to $416,700 recently.

The senators argue that these financial pressures exceed educational expenses: “That $21,375 exceeds the annual in-state tuition for any public university in Florida or Texas.” They suggest a decade of strong economic policies is necessary to reverse what they see as failures of the current administration.

Their proposed solutions include restraining government spending, enforcing work requirements for welfare recipients, curbing illegal immigration, reducing regulatory burdens, and allowing families to retain more income.