Congress Must Do Everything it Can to Squeeze Russia’s Revenue
After President Biden agreed to reinclude comprehensive bipartisan sanctions in the trade bill holding Russia accountable for its invasion of Ukraine, I appeared on The National Desk with Jan Jeffcoat highlighting my bicameral, bipartisan bill to squeeze Russia’s revenue, while warning that higher costs from inflation continue to be passed down to American families.
CLICK HERE to watch the full interview.
I welcomed President Biden’s decision to embrace the bipartisan, bicameral work of the committees on Ways and Means and Senate Finance to hold Russia accountable:
I welcome this move by the President. Last weekend, I worked with Republicans and Democrats in Congress to negotiate an end to the purchase of Russian oil and revoking the special trade status for Russia. The President fought those sanctions, and finally relented when he realized Congress had the votes. But he insisted we strip out the new trade sanctions against Russia. Apparently he’s changed his mind. That’s a good thing.
This targets the forty percent of other Russian products that come into the U.S. – whether they’re Russian Diamonds or Vodka or other elements. Everything we can do to squeeze the revenue of Russia, we ought to do.
With the consumer price index increasing 7.9 percent over the past year, I said:
The report we got yesterday marked a full year of raging inflation in America. It is really crushing not just families and workers, but small businesses as well. It has wiped out three years of wage gains, which means three years of getting ahead for most families have been wiped clear.
Two more red flags are that inflation is accelerating. If last month continues, this would be double digit inflation for the year. And the other challenge we have is that because people can’t buy as much with their paycheck, real wages have declined more this year than since we started recording the data for it. This is unprecedented inflation.
The thing is for the President: don’t make it worse. He’s still pushing major funding and spending programs, and Build Back Better that would fuel more inflation.
As long as workers are staying home under this administration, we’re not going to see inflation ease.
Debunking President Biden’s claim that higher gas prices are the result of Russia’s invasion of Ukraine, I said:
That claim is a bit of nonsense. This has been a full year. In fact, inflation started to surge right after President Biden’s nearly two trillion dollar, unpaid for, COVID stimulus. That’s what drove inflation up.