Mobile Courant

On July 9, 2024, U.S. Senator Tommy Tuberville (R-AL), Ranking Member of the HELP Subcommittee on Children and Families, led a hearing focused on the impact of rising costs on children and families. The hearing featured testimony from David Malpass, former President of the World Bank.

In his opening remarks, Senator Tuberville highlighted the severe effects of inflation over the past three years. He noted that during President Donald Trump's administration, annual inflation averaged 2.1%, whereas under President Joe Biden, it has increased to 5.6%, reaching a 40-year high.

Senator Tuberville remarked: "We’ve got to rein in inflation, or we aren’t going to have a middle-class left in this country." He attributed much of the economic strain to policies enacted by the Biden-Harris administration and Congress's spending practices.

He introduced David Malpass as "a brilliant economist with an incredible record of public service," noting that real wages had decreased by $4,200 under President Biden compared to an increase of $4,000 during Trump's tenure. Additionally, he pointed out that gasoline prices have risen significantly under current policies.

During their exchange, Senator Tuberville asked Mr. Malpass if a supply-side economic approach involving tax cuts and deregulation could ease the current inflation crisis. Malpass responded affirmatively: "I think the answer is yes," emphasizing that regulatory policies significantly affect economic performance.

Tuberville closed his remarks by underscoring how inflation affects everyday Americans: "Our country is in trouble when it comes to inflation... Small businesses [are] in trouble." He stressed that reducing regulations and increasing domestic fuel production are crucial steps toward alleviating these pressures.

Senator Tommy Tuberville represents Alabama in the United States Senate and serves on several committees including Armed Services, Agriculture, Veterans’ Affairs, and HELP.

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