now recognize the uh chair of the Republican policy committee and a great member from Alabama Mr Palmer 5 minutes thank you Mr chairman I've heard my Democratic colleagues say mentioned several times Pro uh project 2025 and I want to tell you chairman of the Republican policy committee uh there's been no collaboration no contribution I haven't even read the report so if you want to keep misleading American public about it I I caution you that that we produce our own policy committee uh policy so just wanted to make that clarification for the record also want to point out some things that uh in 42 months the Biden Harris Administration seasonally adjusted cumulative inflation for all goods and services has risen 19.4% that's two and a half times faster than the 48 months during the Trump Administration for a family with an average income a median priced home has not been this unaffordable since 1982 in 237 cities across the country the average starter home price starter home price is a million dollar the economic effects of current federal regulations are estimated at least 2.1 trillion annually that's passed on to the consumers that's almost equal to the entire amount of personal income taxes collected by the federal government right now the Biden Harris Administration is on track to add $447,000 in Net Present Value regulatory cost per household from Rules fin finalized during its first term the inflation adjusted median income for all households under the Biden Harris Administration has dropped by 2.3% household debt is at a record 17.8 trillion dollar 3.5 trillion of that originated during the current Biden Harris Administration a lot of this has to do with energy policy and I I heard my colleagues talk about higher energy cost natural gas prices are flat in fact they're down 4% since August Mr chairman of uh oil prices are at a near three-year low primarily because of the decline in the Chinese economy and because of concerns of a Biden Harris inflicted recession so what what's keeping uh energy cost up what's keeping household um utility prices higher is the federal government the Biden Harris Administration forcing energy companies to shift to Renewables and uh the added regulations that are are being laid on top of people miss a wanka in your testimony you mentioned the impacts of riseing energy cost and household prices uh and how they impact poor workingclass families you even shared a story of having to uh people having to pick between paying rent utilities and feeding their kids I just wanted to lay out these these numbers for you and Mr chairman um the picture is worth a th000 words uh the blue line is regulatory cost that gets passed on to people the green uh column is uh personal income taxes uh if you want to look at at U regory cost for household the red line it went down almost $11,000 on under President trump it went up uh $47,000 under Biden Harris I think you know that's a $58,000 differential right there would you like to comment on how this is impacting people in their daily lives Miss aanka thank you sir um absolutely I think it's under undermining the household financial situation uh not only are Americans still contending with high costs groceries energy utilities but they're also dealing with high borrowing costs because you know interest rates are much higher which means your credit card debt your mortgage payments your car notes are much more expensive um at the say and so I think the household the American household is is not as strong as it was at the start of 2021 uh savings have been spent down as we talked about credit card debt is at a record high right now uh and then when you look at low-income families um so many of these families they bear a disproportionate burden of uh higher energy costs and higher grocery costs because they spend more of their discretionary income on it this is not just the poor and working class families Mr chairman um this is also retirees since the beginning of the Biden Harris Administration uh retirement Market assets including annuities defined benefit plans Define contribution plans IRAs you know 401ks things like that uh adjusted for inflation have actually gone down 6.6% what we've gone through in the last four years is a tsunami of increased cost inflation that will continue over the next four years if this if these policies are perpetuated and carried forward I think the American public needs to know how this going to impact them it's going to impact Farmers too U Miss prior would love to have had a discussion about that I grew up on a farm in a small town in Northwest Alabama but I know what it's doing to them and and they're they want to eliminate hydrocarbon fuel they want to eliminate natural gas they won't say it now but that's what they want to do that's 80% of the cost of ammonia nitrate fertilizer that's what feeds the world Mr chairman I yeld back jman Yi's back on now go to miss