BIDEN’S COSTLY POLICIES: How Biden’s Foreign Policy Failures Jeopardize Global Financial Security
The reckless foreign policy pushed by the Biden Administration has weakened our standing and emboldened our enemies. The botched Afghanistan withdrawal left over $7 billion worth of taxpayer-funded equipment, munitions, and military assets in the hands of the Taliban. The White House chose to resume sending financial assistance to the Palestinian Authority, resulting in over $200 million going directly to Gaza and the West Bank.
The President’s failed policies have created an economic and political environment in the Middle East that runs counter to America’s strategic interests. These conditions – which currently are manifested by the horrific and barbaric war crimes being committed by the Hamas terrorists against Israel – not only hurt our allies in faraway lands, but they have a major impact on Americans right here at home.
How The Hamas Terrorist Attack Impacts Oil Prices:
The political and military destabilization in the Middle East due to Hamas’ terrorist attack on Israel will inevitably lead to spikes in oil prices. Over the weekend, Iranian officials admitted to aiding Hamas with training and resources, celebrating the attacks on the Jewish State. One of the likeliest retaliatory outcomes from the international community is to put in place a sanctions regime to severely restrict Iran’s ability to sell oil – Iran’s largest commodity.
That disruption in the oil market will cause oil prices to spike, just as the world saw in the immediate aftermath of Vladimir Putin’s invasion of Ukraine.
Consumers will be feeling this at the pump as the price of oil already started to spike in light of Saturday's attack.
After the record-breaking oil prices already witnessed under President Biden, Americans know the price of oil effects the price of everything, driving up the cost of transportation, groceries, and manufacturing. Because of President Biden’s disastrous domestic energy policies, Americans are already being straddled by high gas prices – over $1.30 per gallon more today than the day President Biden took office.
Weakness Leads to Costly Conflict:
Budget Committee Chairman Jodey Arrington (R-TX) stands unequivocally with Israel. As the war between Israel and the Hamas terrorists unfolds, the Israeli government will inevitably need support from the international community to defend its sovereignty, save its people, and reassert its fundamental right of existence.
That support will take the form of replenishing Israel’s Iron Dome air defense system, supplying the humanitarian aid to safeguard Israeli children, women, and the elderly from Hamas’ brutality, and helping to rebuild infrastructure that was destroyed by the terrorists.
With the hostile attacks still ongoing, it’s hard to calculate the cost of what Israel might need from the international community. As the United States and the international community rallies to Israel’s side, the House Budget Committee will continue an analysis and cost breakdowns of specific defense and humanitarian assistance programs and will support other Committees in finding sustainable and efficient ways to offer Israel the resources they need to defeat the enemy.
The Bottom Line:
The Biden Administration’s foreign policy has been an abject failure. This weakness and lack of leadership creates a dangerous political and economic environment around the world that undermines our interests. Reckless policies have a chain reaction that leads to American consumers facing higher prices and our government scrambling for resources.
