American families are enjoying a level of economic relief they haven’t experienced in six years—and it is largely attributable to the recent slide in gasoline prices. The average price for a gallon of gas, according to AAA, has tumbled 34% in the past year to about $2 a gallon from $3.27. Families are saving $100 a month at the pump and are paying less for groceries and everyday goods thanks to lower transportation costs. Considering that median family incomes are 3% lower than they were six years ago, this is a welcome reprieve for the middle class.
Politicians, on the other hand, see an opportunity to ask Americans for more of their paychecks. On Feb. 4 Democrats in the House of Representatives, led by Rep. Earl Blumenauer (D., Ore.), introduced a bill that would raise the federal gas tax by 15 cents—nearly doubling the current 18.4-cent-per-gallon tax. Meanwhile, legislators and governors in more than 15 states are pursuing gas-tax hikes of their own.
While the various proposals differ, one thing is the same: None should be passed into law. Any gas tax hike, big or small, will harm American families and hurt economic growth—all so politicians can waste more taxpayer money.
Click here to read the rest of this op-ed at the Wall Street Journal.