Under the Biden-Harris administration, inflation triggered by anti-growth policies, lackluster engagement on trade, and bloated federal spending has hit Nebraska households hard—costing the average household in our state $32,110 more since January 2021. Rising input costs also continue to severely impact the agriculture and manufacturing industries. Data published this week by the Bureau of Labor Statistics shows the annual rate of inflation for wholesale products again increased in October.
To confront these challenges, we must get back to the basics of sound economic policy and reinvigorate the effort to advance a United States trade policy which unleashes the powerhouse of American innovation and promotes prosperity for the American people. Unfortunately, when it comes to international market access for our products abroad and effective protections of our intellectual property, the United States is not better off than it was four years ago. While the current administration has neglected to negotiate new enforceable, rules-based trade agreements on behalf of our farmers and ranchers and failed to provide leadership on impactful issues such as digital trade, our competitors such as China and Brazil have aggressively sought to strengthen their own positions.
With our agriculture trade deficit at an all-time high and climbing, maximizing the competitiveness of our tax and trade policy is crucial to leveling the playing field and standing up for American industry. In a rapidly changing global marketplace, we cannot afford to sit back and allow hard-working Americans to get left behind.
