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I hope you saw my latest weekly column.



ROGER WICKER: New Legislation Would Help Local Governments Stimulate Growth
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American families received another unwelcome reminder of President Biden’s
failed economic agenda this month. Prices rose yet again in April, just like
they have for the past two years. High inflation continues to be a drag on the
economy – but with new effects. It has been a factor in the collapse of three
large banks and has led more Americans to fear for the future. Meanwhile,
President Biden waited weeks to begin talks with Republicans over the debt
ceiling, raising the specter of global economic meltdown. The fruits of his
failed leadership saddle American families with a higher bill for necessities
like gas, groceries, and rent.


President Biden's Inflation Hits Families Hard


Administration officials told us repeatedly that inflation would be a
short-term blip. But as higher prices persist month after month, tighter
finances have started to feel like a new normal.

As higher interest rates have made borrowing costly, it has become more
difficult for families to make big purchases. The price for new cars has risen
20 percent, and used cars are nearly 30 percent more expensive. The housing
market normally wakes up in springtime. This year it stayed dormant. Increased
rates reduced the purchasing power of everyone involved: Buyers balk at higher
monthly payments, and sellers wait for lower rates before getting a new
mortgage.

A recent survey found the economy was respondents’ top concern, a sign that
Americans are worried about inflation’s effect on their lives. This anxiety is
eroding the sense of optimism that has made our economy so powerful for so
long. Today, nearly half of Americans think the economy will get worse in the
next year, and over a third think it will stay the same.


Republican Bills Focused on Main Street


As President Biden’s inflation holds back an economy trying to improve, local
governments need to be able to attract investment and create jobs.

While Democrats want to spend their way to prosperity, Republicans have been
able to spur markets by incentivizing private investments. To do just that, I
recently introduced a bill called the Rural Jobs Act. This legislation would
make changes to an existing tax credit for investors who bring capital to rural
and low-income areas. The program has already proven to be a successful way to
stimulate development in distressed communities. However, those benefits have
gone mostly to urban cities. The Rural Jobs Act builds on the success of these
efforts but tailors the program to ensure that rural communities receive a
proportionate share of the benefits.

This month, I also reintroduced legislation that would help state and local
governments build roads, bridges, and utility systems. Often, municipal leaders
finance these projects by issuing bonds, which have grown more expensive with
today’s interest rates. The first bill – the LOCAL Infrastructure Act – would
decrease the long-term cost of those bonds. The second – the American
Infrastructure Bonds Act – would give local leaders more decision-making power
over infrastructure projects. Legislation like this would help states and
cities build schools, parks, and waterways, which draw even more business
activity.

The American economy was built on the hope that hard work will lead to better
days. President Biden’s inflationary policies dampen those dreams as families
struggle to make ends meet. My proposals would help to keep that possibility
within reach for all Americans.


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Thank you for your support,



Senator Roger Wicker

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