President Biden recently announced a plan to suspend the federal excise tax on gasoline – however, not every Democrat is on board.
This week, President Biden held a press conference aimed at drumming up support for his plan to suspend the federal excise gas tax.
As expected, a majority of Biden's speech was dedicated to shifting blame away from his own policy failures, and once again blaming the Russia-Ukraine conflict for the increased price at the pumps.
Media personality John Stossel released a video on his Twitter feed that highlighted exactly how far removed from reality the President's recent claims truly are.
While many Americans will agree that some relief is better than none, the overall impact of a Federal gas-tax holiday will be very small. For every gallon of gasoline pumped at a gas station, 18.4 cents goes to the Federal government in the form of excise tax, that portion is larger for diesel fuel at 24.4 cents. This means that a family using the most popular truck on the market, a Ford F-150, would save on average $4.24 per tank.
Many voices in Congress, including House Speaker Nancy Pelosi, have expressed concerns that the suspension of the gas tax would not guarantee savings for Americans as oil companies may just pocket the profits.
In a statement, Pelosi said “We will see where the consensus lies on a path forward for the President's proposal in the House and the Senate, building on the strong bills to lower prices at the pump already passed by House Democrats including the Consumer Fuel Price Gouging Prevention Act and the Lower Food and Fuel Costs Act,“ illustrating the divide Biden faces within his own party.
Biden himself downplayed the overall impact of his policy idea, tweeting “I understand that a gas tax holiday alone won't fix the pain Americans are feeling at the pump. But it will provide families some immediate relief – what my dad would call, “just a little bit of breathing room.”
While President Biden continues to chase bad policy ideas that fail to please even his own party, everyday Americans are being priced out of the housing market, are facing record-breaking costs of goods, and sky-rocketing gas prices that are climbing higher every week.
Claims he made during the press conference were also refuted by many Republicans, one of those being Tennessee Senator Marsha Blackburn. She recently joined Fox Business host Stuart Varney to call out the President for not addressing the root of the problem when it comes to gas prices.
As the midterm elections draw closer, the divide between the White House and Congress highlights the desperation among White House officials as they scramble to stabilize a faltering economy.
RNC Research didn't hesitate to highlight the dissonance in the Democrat Party that was the subject of a recent CNN segment.
Voters will be heading to the polls in November, and the state of the economy is at the top of their priority list – a bad omen for Democrats.
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“…the overall impact of a Federal gas-tax holiday will be very small.”
It will, in fact, be non-existent. It will only change which pocket the federal tax take comes from. It’s like pinching a balloon; the shape may change, but the overall volume remains the same. Don’t be fooled, folks. This is simply optics prior to the mid-terms, nothing more.
Let’s go, Brandon! Remember in November.
You’re right, this will be of little to no help to anyone. His chiding the petro companies to provide more oil for this country. Well since he stopped them from doing anything about the situation because he did away with all of the regs that Trump allowed for the oil companies so we could be self sufficient. Now we are paying the price for Biden’s stupidity.
You’re exactly right about biden’s quick fix on gas prices. It’s not a permanent solution to the problem he created. He’s only addressing one aspect of our economic nightmare. I don’t ever remember a time post WWII when Americans faced shortages of essential goods. It’s shameful and embarrassing to rely upon foreign countries to provide nourishment for infants who’s parents can’t obtain what they need to feed them. And yet we provide crib to coffin aid for the mobs who daily invade our open borders. Priorities must change if we are to preserve our way of life.
Let’s see now. Biden has been causing major destruction of the country with the help of the Demonrat party for a year and a half now and all of a sudden they get upset over a gas tax stoppage for three months? This sounds more like they’re trying to play CYA to cover their own butts.