If you want proof the Administration’s economic policies are not working, look no further than American income levels. After posting a small increase in December, the average income level across the country plunged by a full four percent in January. Not surprisingly, the savings rate fell to 2.4 percent, the lowest level since November, 2007.
It is true a portion of the drop in disposable income and the ability to save is the result of the expiration of the payroll tax cut. However, American incomes have also been hammered by higher gas prices, more expensive grocery and utility bills, and rising health insurance premiums.
This President likes to talk about energy production rising under his Administration, and energy production on private land is in fact up. However, production on federal lands is way down. Currently, our overall production is barely keeping up with population growth which is part of why prices are going up.
Look at the XL Pipeline from Canada, our largest trading partner and one of our strongest allies. More than two years later, and following a proposed re-route around sensitive environmental areas, the Administration still hasn’t approved it or the millions of gallons of oil it would send to American refineries every day. Canada has already made it clear they will build a different pipeline to the west coast and ship the oil to China if we fail to act.
The President’s war on coal is raising electricity prices across the country. In a state like Ohio where we produce more than 80 percent of our electricity from coal, we’re feeling it harder than most. Already, several coal fired plants in Ohio have been or will be shuttered in the face of new regulations on the industry.
Thanks in large part to the President’s health care law, insurance premiums and costs are continuing to rise for Ohioans. There are 21 new taxes and fees in Obamacare. The latest ten year estimates have the law taking more than $1 trillion away from American businesses and families and sending it to Washington. Increases in fees assessed to insurance companies will no doubt be passed on to consumers.
Virtually every major initiative this Administration as embarked on has raised the cost of living in Ohio. All of that could change if they just reversed course on some of their initiatives. Approve the XL Pipeline and the cheaper, more stable North American oil it will deliver. Stop attacking the coal industry, which is cleaner, cheaper and more efficient than it has ever been. Repeal Obamacare and replace it with market-based initiatives that will actually drive health care costs down. These are all viable options, and they will all help grow our economy and put more money in the pockets of Ohio families.
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