Sen. Ted Cruz (R-Texas), defended Republican economic policies, targeting Democratic proposals on taxes, health care and affordability.
While speaking on Fox News’ "Sunday Morning Futures,” Cruz argued Democrats are blaming Republicans for affordability challenges despite what he described as higher inflation and gasoline prices during Democratic administrations.
"The Democrat policies are an absolute and total train wreck,” he said.
He compared gasoline prices near $4 per gallon with prices above $5 during Joe Biden’s presidency. Cruz said prices moved toward $3 during the first year of President Donald Trump’s administration.
“And what do the Democrats want? If you listen to what they say, they want gas prices even higher. They want $10 a-gallon gas,” he said. Cruz also cited California, saying taxes and regulations supported by Gov. Gavin Newsom and left-wing Democrats have contributed to gasoline prices ranging from $6 to $7 per gallon.
Cruz said Democrats opposed a working families tax cut, exemptions for tips and overtime, and eliminating taxes on Social Security. He said their alternative would impose higher taxes to fund socialized health care.
The Texas Senator cited the recently released Census data, which showed record median family income and the lowest recorded poverty levels, including among Black, Hispanic and Native American Americans.
Affordability Pressures Intensify Before Midterms
Cruz’s remarks come as affordability remains central to the political debate.
At the end of last month, Senate Majority Leader John Thune (R-S.D.) said diesel prices above $6 per gallon were intensifying voter concerns before the Nov. 3 midterm elections. Thune said the Iran war had overtaken other issues for voters, while diesel costs in Midwestern states were worsening affordability pressures for households and businesses.
Those concerns were followed by a Federal Reserve Bank of New York survey showing one-year inflation expectations reached 3.9%, the highest level since May 2023. Households grew more pessimistic about their current and future finances, even as median income growth expectations edged up to 3.1%. Expected spending rose to 5.5%, its highest since May 2023, while perceived job-loss risk fell to 13.5%, the lowest since December 2024.
Housing costs have added another strain. JPMorgan Chase & Co. analysts said U.S. housing affordability remained near its worst level since the global financial crisis. They said that U.S. housing affordability pressures, mortgage rate lock-ins and a supply shortage have frozen the market. Buying a median-priced home now costs renters roughly 50% of median income, versus 20%–25% for existing homeowners with lower locked-in mortgage rates.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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