On August 7, 2022, Sen. John Kennedy (R-La.) shared the following statement upon voting against the Senate’s tax and spending bill, the Inflation Reduction Act of 2022:
“Senator Manchin and Senator Schumer’s massive tax-and-spending bill has unfortunately, in my judgment, now passed.
“Because of inflation, Louisianians are really getting good at barely getting by—and that’s true for most Americans, too. As a result of Senator Manchin’s bill—and I hope I am wrong on this—I predict that Joeflation, as some people call it, will now refer to Joe Manchin, not President Biden.
“For example, Senator Manchin’s bill raises taxes on oil and gas. Now, when you tax something, you get less of it which causes prices to rise.
“Senator Manchin’s message seems to be: “Since you can’t afford gas, because of my bill, go buy a seventy-five-thousand-dollar electric vehicle. That’s not going to work in Louisiana. That’s not going to work across America.
“Number two. According to the non-partisan Joint Tax Committee, which doesn’t take sides—it’s not Republican or Democrat—the burden of Senator Manchin’s bill will fall on everyone, everyone and their taxes. Not just people making more than four-hundred thousand dollars a year; everyone.
“So, most Americans—if not all Americans—are going to have even less money to spend as prices continue to rise.
“Point three. Senator Manchin’s bill raises taxes on businesses, especially manufacturers. Most people understand this: Corporations don’t pay taxes, people do. And, those taxes, when they’re increased, are passed on in higher prices, lower wages, lower stock prices and lower 401k balances.
“It’s a special kind of stupid, in my judgement, to raise taxes during both a recession and inflation—that’s called stagflation, which is what we have right now as a result of President Biden’s policies.
“Look, I’m not saying that Senator Manchin intentionally wants to hurt people. I’m not saying that he intentionally wants to have even more people living in a tent behind Whataburger, but that’s going to be the result of this bill. I hope I’m wrong, but I think I’m right. This bill is tier 1 moronic.”
The day prior, Sen. John Kennedy (R-La.) had introduced an amendment to the Inflation Reduction Act of 2022 to unleash U.S. energy production by mandating oil and gas leases in the Gulf of Mexico.
“On day one, President Biden launched a full-blown war on America’s oil and gas jobs, and we see the results: Louisianians’ cost of living has skyrocketed and the price of almost every product in this country has gone up—thanks to his attacks. My amendment is the first step to restoring the thousands of energy jobs killed by this administration, and returning Louisiana and America to the days when families did not have to choose between putting food on their tables or gas in their cars,” said Kennedy.
Kennedy’s amendment requires the Department of the Interior to authorize two leases per year for five years in the Gulf of Mexico to oil producers, and requires the department to authorize one lease in the Cook Inlet.
Support for this legislation includes the Louisiana Mid-Continent Oil and Gas Association, American Petroleum Institute, National Ocean Industries Association, International Association of Drilling Contractors, Consumer Energy Alliance, International Association for Geophysical Chemistry, Petroleum Equipment and Service Association and others.