Scott Blasts Biden Admin’s Mishandling of the Economy on Fox Business
WASHINGTON – U.S. Senator Tim Scott (R-S.C.) joined Fox Business’s Making Money with Charles Payne to discuss how the Biden administration’s economic plan has failed struggling Americans and how the GOP’s plan can help restore access to the American Dream.
On the Biden administration’s mishandling of the economy … “[Democrats] certainly misunderstand the American economy. Remember, the president said during his State of the Union speech that you have to lower costs by increasing wages. That tells me he has no clue what happens in the free market. … Number two, remember gas prices went up 60 percent before Thanksgiving last year, which means it was three months before Russia and the Ukraine situation even occurred.
“So what we continue to see out of this administration is ‘who can I blame next?’ Russia didn't work. Putin didn't work. Now, let's go to the CEOs of the same companies that last year in the House hearings, they were [telling,] ‘don't you dare produce any more energy.’ So you can't have it both ways.”
On capitalism and the American Dream … “I always tell folks that what we're seeing today is this incremental approach towards getting us closer and closer to a socialist economy. And that works terribly for the poorest Americans in this country. If you're coming from a neighborhood like the one I grew up in, the one thing you should know about a caste system created by socialism is you're stuck at the bottom. It's free markets and capitalism that believes that there's more, that the pie can be increased in size, and because of that, you, too, can live the American Dream. And what these folks are doing is exactly the opposite.”
On why disadvantaged Americans should trust the GOP … “There’s no doubt that the Biden administration has just let down their primary voters. They continue to tell people living in poverty, ‘we are here for you.’ Well, you look at a 40-year high, frankly, in inflation, and you go to the gas pump and your prices are 100% higher. You go to Walmart or to the grocery store and you say, ‘I can't afford bacon, I can't afford food, I can't afford fish.’ You look at your accounts; they're all going down. Your credit card balances are all going up. And you come to the conclusion: The Biden administration is a part of the problem for people living in marginalized communities, and that’s disproportionately African-Americans and Hispanics. So come to the GOP, the Great Opportunity Party, and let us show you what we've already done and we'll do it again.”
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