U.S. Rep. Mike Haridopolos (R-Fla.) called out the federal government’s “failed energy policies, poor monetary decisions”, and over expenditure, as contributors to the rise in inflation and consumer goods amongst American families during a House Financial Services Committee markup.
During the meeting, the Florida Congressman called for stronger congressional oversight and economic policies to bolster domestic growth.
“We all hate high gas prices. We all hate high interest rates. But the way to lower costs is not through politics—it is by increasing supply, strengthening American energy production, and putting more money back in people’s pockets,” Congressman Haridopolos affirmed. “The American people deserve honest oversight, fiscal responsibility, and policies that actually lower costs for working families.”
Former Fed Chair Powell's Previous Testimony
Rep. Haridopolos cited former Federal Reserve (Fed) Chairman Jerome Powell’s testimony, in which the Fed Chair acknowledged excessive government spending during the Biden administration.
“I asked him two basic questions. I said ‘Did the government overspend during the Biden presidency? And he said, ‘Yes, that was one of the leading causes of inflation’ …. Second thing I would add to that is that he admitted right here that they messed up on interest rates during those years, it’s one of the reasons why inflation was also so high,” Congressman Haridopolos stated.
Haridopolos History Lesson
While referring to former Chair Powell’s prior statements, Congressman Haridopolos additionally recognized failures from both political parties, given his role as a former U.S. History and Political Science educator.
“As a former history teacher, I believe context matters. Both parties have made mistakes over the years, but the facts are clear: overspending by the Biden Administration fueled inflation, energy restrictions increased costs, and Americans are still paying the price,” the former Florida Senator asserted.
Rep. Haridopolos addresses rising fuel prices following the launch of “Operation Epic Fury,” citing prior U.S. government decisions regarding domestic oil production as additional contributors to the increase.
“I would also like to go back to history in saying, we got rid of the Keystone Pipeline just a few years ago. That would’ve lowered gas prices. We also got rid of 40% of our strategic oil reserve because we were playing politics during the previous administration,” he added.
