4 Ways House Republicans Want to Reshape the U.S. Economy by 2023

This week’s rollout of the House of Republicans’ “Commitment to America” ​​was an intentional echo of its famous predecessor, the 1994 “Contract with America.”

At the time, Newt Gingrich, who would later become Speaker of the House, stood with other Republicans and outlined his promises on September 27, 1994. While Gingrich’s proposal contained a 196-page book of 10 specific bills, the attempt by this week vaguer rate, fitting on a single page.

Nevertheless, it is a glimpse of Republican plans if they recapture at least one House of Congress, as some experts predict they will. So far, Republicans have focused heavily on powerful political issues such as immigration, crime and education, but this week’s rollout also contains hints of economic plans.

“What the commitment is is a plan, a plan for a new direction,” House minority leader Kevin McCarthy said Friday at a Republican rally with his colleagues in Monongahela, Pennsylvania. “It’s about you, it’s not about us.”

House Republicans Reveal Commitment to America Image: YouTube

House Republicans Reveal Commitment to America Image: YouTube

Here are four key economic conclusions from this week’s disclosure that relate to blaming Democrats for high inflation; increasing production of fossil fuels; China; and whether Republicans will change the “third rail” of Medicare and Social Security.

Inflation, inflation, inflation

Inflation remains the main GOP message.

At the event in Pennsylvania on Friday, McCarthy focused on the US bailout passed last year as a major driver of inflation. “These Democratic policies have already cost a month of your pay,” he said before vowing to repeal the newly passed Inflation Reduction Act once Republicans take control.

Republicans have long blamed inflation in Washington, while most economists point to a wider range of factors behind persistently high prices. Still, many pundits consider last year’s US bailout plan — which provided immediate aid to Americans — as a key driver of skyrocketing prices. Meanwhile, despite its name, the Inflation Reduction Act is unlikely to affect prices, according to a widely cited study from the University of Pennsylvania business school.

In reality, Republicans would have a hard time repealing the Inflation Reduction Act, especially since Biden would certainly veto any bill to undo his signature feat that aims to fight climate change, reform healthcare and improve the health of the people. Internal Revenue Service support.

Republicans also pledge new “pro-growth tax and deregulatory policies” to fight inflation, with Rep. Patrick McHenry, who would head the House Financial Services Committee, said “The number 1 thing is to stop digging the ditch” when it comes to fighting inflation. The second priority? Keeping an eye on Biden’s records.

An Upcoming Election Debate on Medicare and Social Security

Rights only made a single line in this week’s plan and it wasn’t discussed at all during Friday’s event, but they’ll likely take center stage as a major topic of conversation this fall.

House Republicans pledged this week to “save and strengthen Social Security and Medicare.” They offered no further details, but the mere mention of the two programs is fueling a battle with eager Democrats.

Biden’s party has focused on these rights since Republican Senate campaign chairman Rick Scott issued a plan in February requiring Congress to review “all federal legislation” — including Social Security and Medicare — every five years. . GOP candidates in the US have also proposed privatizing Medicare.

“The difference with older voters couldn’t be greater,” said Democratic Congressional Campaign Committee chairman Rep. Sean Patrick Maloney (DN.Y.) Thursday. “Your choice is between a party that says we can take your Social Security and Medicare every five years.”

Biden will also bring the issue back to the fore next Tuesday with a trip to Florida — a key swing state that is home to many older voters — to deliver a speech about lowering health care costs and strengthening of Medicare and Social Security.

US President Joe Biden gives a thumbs up as he boarded Air Force One at John F. Kennedy International Airport on September 22, 2022, as he returns to Washington, DC.  (Photo by MANDEL NGAN/AFP) (Photo by MANDEL NGAN/AFP via Getty Images)

President Biden will board Air Force One on Thursday after a trip to New York. (MANDEL NGAN/AFP via Getty Images)

A focus on fossil fuel production

The GOP also signaled a focus on increasing fossil fuel production by 2023 with the promise to “maximize production of reliable, American-made energy” and “halve permit process time to reduce reliance on foreign countries.” , prevent ongoing blackouts and reduce gas and utility costs.”

On Friday, House Republican Whip Steve Scalise said he was determined to send a bill to send energy prices to Biden’s desk. “We’re going to give him that dilemma; we’re going to give him that chance to wake up,” he promised.

Still, Senator Joe Manchin (D-WV), a close ally of the energy industry, is pushing his own efforts to reform the energy licensing process. While Republicans are generally inclined to support energy reform efforts, many have voted with liberal Democrats against Manchin’s proposal ahead of a likely vote next week.

MIDLAND, TEXAS - MARCH 13: An oil drilling rig setup in the Permian Basin Oil Field on March 13, 2022 in Midland, Texas.  US President Joe Biden has banned Russian oil, the world's third-largest oil producer, which could mean oil producers in the Perm basin will have to pump more oil to meet demand.  The Permian Basin is the largest petroleum producing basin in the United States.  (Photo by Joe Raedle/Getty Images)

An oil drilling rig in Midland, Texas, seen earlier this year. (Joe Raedle/Getty Images)

Supply Chains and China

Republicans also plan to annex China next year.

“China has too much control over our supply chain; we’re going to bring that back to America,” McCarthy said. In an op-ed this week, he added that the GOP’s plan “is modernizing outdated regulations to expand U.S. manufacturing, strengthen our supply chain and end our reliance on China for critical goods.”

Republican leaders have reportedly conducted polls showing that 23% of independents named China their “main problem.” Details about a possible account are scarce, however. Lawmakers have recently launched bipartisan efforts around supply chains — mostly tied to medical supplies — without agreeing on a large-scale bill.

Also Friday, House GOP leaders pledged to hold hearings on the origins of COVID and China’s role in the pandemic if they take control and set the agenda next year.

House Republican leader Newt Gingrich opens a ceremony on Capitol Hill on September 27, 1994.  About 300 Republican incumbents and challengers signed a binding contract with the American people, which includes a 10-point reform program that a Republican majority would seek to implement in the first 100 days of the 104th Congress.  REUTERS /Ira Schwarz

Then-Republican leader Newt Gingrich at a ceremony on September 27, 1994 with about 300 Republicans to promote the “Contract with America.” (REUTERS/Ira Schwarz)

Ben Werschkul is a Washington correspondent for Yahoo Finance.

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