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July 11, 2022
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Portman Difference
Senator Portman joined FOX Business Cudlow. To discuss President Biden’s comments this afternoon, he said Republicans are responsible for our current economic woes. Portman Democrats warned that not only the Senate, the House and the White House, but the economy was hit by a $ 1.9 trillion stimulus package last March – Republicans and some Democrats have warned. Senator Portman said the previous administration had seen a three percent increase in wages for 19 consecutive months, and now there is a sharp rise in inflation due to Democrats’ spending and party spending.
Senator Portman also discussed the Senate Democrats’ reckless efforts to reform taxes and spending, which Portman said was wrong because it would increase taxes on middle- and low-income Americans during high inflation.
Cudlow touched on President Biden’s upcoming trip to the Middle East and called on Arab countries, such as Saudi Arabia, to increase energy prices. Senator Portman pointed out the hypocrisy of the Biden administration by asking other countries to produce more oil and gas when the United States has the capacity to do so and we have better environmental standards – but the administration has done its best from day one to discourage it. Domestic oil and gas production.
A transcript of the interview can be found below and you can also watch the interview. over here.
Porman blamed President Biden Republicans for the current economic crisis
“Yes, I mean, it’s frustrating because the people I represent are paying so much for everything. Wages are declining, you know, but they’re talking about taxes and more taxes, especially in small businesses where many people work in Ohio. No, it is the Republicans who are responsible, not the Republicans. During the campaign, they made a number of policy choices. They say they are going to discourage the production of fossils. When you reduce fossil fuels and have a demand for cobalt, you have a higher value and see what the results are. So, they now earn an average of $ 4.85 per gallon. You know, that was a policy decision. The stimulus package, you remember, Larry, most of us Democrats and Republicans in March last year, because Larry Sumers, the famous, former Democratic treasurer and others, you know, this is going to warm the economy. And in fact, most of us Republicans went down to the White House and said, ‘Slow down here, let’s focus on Covd. Let’s not pack a big stimulus. That’s not what the economy needs now. ‘ But that huge increase in demand has led to a lot of demand and is due to the inflation problems we see today, coupled with a small supply of supply, which is partly due to CVD, but primarily, again, in terms of energy supply and we need more demand. So, yes, Larry, it’s easy to blame other people for what I think, but sometimes you have to look in the mirror and these are the changes in policy.
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“Yes, we are in the minority. We’re trying, but you know, we don’t have a majority in the Senate right now. I think this will change here in a few months but for now, you know, we have to try to put in place defenses to prevent things from getting worse and reconciliation, you remember, Larry, it’s one of those things. In other words, Democrats can do it on their own under budget laws. My understanding is that they will move forward vigorously in everything they do. My hope is that this will not happen. Again, we have been successful for the last 18 months since the last time you did this. And my hope is that they will see, again, this does not make sense to the American people. Let’s give this economy a chance to get back on its feet by controlling demand. Increasing supply is the key, continuing supply. Let’s not rely solely on lower interest rates on federal interest rates. That hurts everyone. Let’s be soft here, but we can’t do it with the policy you say about putting in those policies.
PORTMAN ON TAMING INFLATION
“Well, no, especially in terms of the campaign. Remember that during the campaign, he ran as a man who wanted to work with Republicans to get things done. “Look, you’re on the left,” he said. I am a person who has learned how to work with the other party for years. I want to be a mediator. I want to heal the country. Then look at the policies and, unfortunately, the policies, as you say, are very radical in terms of the impact of the campaign on inflation, the economy, energy prices, especially. There is a direct link there. So, yes, this is really frustrating. What shocked me was that I had the opportunity to work together and bring something meaningful, to work with CVID and then to return to the development policies that you remember before hitting COVID. We had incredible economic growth. Over the past 19 months, we have received a monthly salary increase of more than three percent or more. The people I represent felt good. why? Because their wages were rising above inflation and they had a chance to make a living. So we have to go back there. This is due to development policies. They do not have to be party policies. Policies that make sense to the US economy and are not happening.
Portman for Small Business Tax Increase
“That’s what scares me the most because most people work in the United States. That’s where most middle and low-income people work and those are the ones who suffer the most. For those who don’t follow these things, you know, 90% of American businesses are passersby. They do not pay taxes as an organization. You pay taxes as an individual. The owners pay the tax. What would you do if you left the crowd? All studies say the same thing. By the way, there are some 33 billion studies that analyze the impact of the tax return, which is still being announced today. It comes out of the pockets of low-income and middle-income people. why? Because it hurts the worker and hurts the consumer. So, don’t go after a little business. This is a big mistake, it helps to cover a lot of expenses, it creates a lot of demand, which leads to more inflation, but now it hurts people whose wages are not in line with inflation. . Do not overdo it and make it difficult for them to make ends meet. ”
Portman with tax reform and regulatory relief
“It hurts jobs and you’re right, what I said earlier is the result of a three percent pay rise for 19 consecutive months, in my view, mostly a tax reform, a relief package. The main thing, however, is to help the people we really want to help. The highest paid wage workers were the low- and middle-income workers. That’s what you want to do. This is what happened. If these taxes are applied, the opposite will happen. By the way, other countries in the world do not apply that low tax. This means that American workers will be victims. That doesn’t make sense. We want to encourage more American products to go overseas. We want to encourage American companies to engage in the global economy because it creates jobs in the United States. The point is this. It creates well-paying jobs in the United States. If you impose tariffs on US businesses, on European businesses, that’s not about Japanese businesses, that’s not about Chinese business – it hurts American workers. So Larry is worried about this and I think this has not been successful in the last 18 months and otherwise I think this inflation is getting worse and the economic situation is going to slow down. I think we are seeing growth and wages, again, low, middle income workers continue to slow down compared to inflation. Because inflation will be relatively high, wages will be relatively low. Let’s get back to growth. Let us return to giving people a chance to take the lead.
Portman on the collapse of the JCPOA
“No, it didn’t work. And it didn’t work in part because, frankly, other countries are not helping to impose multi-party sanctions on Iran. You know, you have had some countries with Iran. So Iran did not feel pressured. No, the law passed by this Congress, we should not go ahead with this agreement, we did not get enough votes, we did not get 60 votes, but the law says we got a majority, because I think the agreement will be effective in getting what the administration said at that time. Unfortunately, we were right. You just have to ask what they think, including the Arab countries in the Gulf, including Israel. Unfortunately, this agreement did not work because it had to be negotiated again. So, instead of going back to the previous agreement, this is what the administration should do now. So, let’s see. What amazes me about this trip is that Larry is going to ask me to go there and produce more oil, so the fossil fuels and gas produced in those countries are by the same environmental standards that we don’t have. So, this house is not as clean as we are, we can’t produce in any way and therefore, we are more dependent on these other countries that you don’t want to be in Saudi Arabia or Venezuela or others. It is as dependent as Iran. So, when we say we are promoting fossil development at home, we think there will be some disconnection and we want you to give us more products that you can ship with liquid natural ingredients. Gas or oil, which makes no sense. As a result, many more CO2 emissions occur.
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