Sen. Mike Lee, R-Utah, ranking member of the Joint Economic Committee, released his response today to President Biden’s Economic Report. In the response, Lee identifies multiple Biden policy decisions that have amplified today’s high inflation and highlights the path America must take for future economic success. The response includes analysis from Heritage’s Paul Winfree on the loss of economic policy consensus.
Winfree, distinguished fellow in economic policy and public leadership at The Heritage Foundation, and former White House director of budget policy and deputy director of the White House Domestic Policy Council, released the following statement Friday:
“The Joint Economic Committee Republican Response should be required reading alongside the ‘Economic Report of the President.’ The response accurately captures a key problem reflected in our politics: the fundamental breakdown in the consensus supporting what goals should motivate economic policy.
“Policymakers once agreed that economic policy should support the near universally shared goals of maximum employment and production, as well as price stability. It is true that many Americans still share this view, which is reflected in their desire to tame inflation without needlessly damaging economic productivity and growth. However, in an attempt to unify his party, President Biden’s economic report suggests that the ‘core aim’ of economic policy should be ‘to restore the public sector as a partner in long-run growth.’
“President Biden would be better off finding that old consensus once again that can unify the American public around economic policy that reduces the pain of inflation and increases the potential of the American people and American businesses. Many of the proposals introduced in Sen. Lee’s response would be a good start.”