{"id":1615629,"date":"2022-08-19T07:02:49","date_gmt":"2022-08-19T11:02:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1615629"},"modified":"2022-08-19T07:02:54","modified_gmt":"2022-08-19T11:02:54","slug":"families-need-a-rein-on-inflation-not-shortsighted-spending-gimmicks","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/families-need-a-rein-on-inflation-not-shortsighted-spending-gimmicks\/","title":{"rendered":"Families Need A Rein On Inflation, Not Shortsighted Spending Gimmicks"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffamilies-need-a-rein-on-inflation-not-shortsighted-spending-gimmicks%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1615629&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p><em>By Nathan Benefield for RealClearPennsylvania<\/em><\/p>\n<p>The Consumer Price Index (CPI) hit a 40-year high in June, with an\u00a0<a href=\"https:\/\/www.bls.gov\/cpi\/\" target=\"_blank\" rel=\"noopener\">increase<\/a>\u00a0of 9.1% over last year before holding steady in July. According to\u00a0<a href=\"https:\/\/twitter.com\/RealTime_Econ\/status\/1547251785068433410?cxt=HHwWhMC-saDT-PgqAAAA\" target=\"_blank\" rel=\"noopener\">one analysis<\/a>, inflation is costing American families about $500 per month in higher prices.<\/p>\n<p>Americans are feeling the pain, with a recent Quinnipiac\u00a0<a href=\"https:\/\/poll.qu.edu\/poll-release?releaseid=3852\" target=\"_blank\" rel=\"noopener\">poll<\/a> finding that 34% of voters list inflation as the most urgent issue facing the country.<\/p>\n<p>We know how we got here. In response to the COVID-19 pandemic, Congress passed multiple stimulus bills. Combined, these legislative actions increased the federal deficit by\u00a0<a href=\"https:\/\/www.covidmoneytracker.org\/\" target=\"_blank\" rel=\"noopener\">an estimated<\/a>\u00a0$5.23 trillion.<\/p>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/after-inflation-reduction-act-passes-cbs-reports-it-may-not-reduce-inflation\/\" target=\"_blank\" rel=\"noopener\">After Inflation Reduction Act Passes, CBS Reports It May Not Reduce Inflation<\/a><\/strong><\/p>\n<p>This deficit spending \u2013 funded by printing money \u2013\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/BOGMBASE\" target=\"_blank\" rel=\"noopener\">increased<\/a>\u00a0the United States\u2019 monetary base, or the amount of cash in circulation, by nearly 86% between February 2020 and December 2021.<\/p>\n<p>Exacerbating inflationary pressures, stimulus checks provided many Americans with direct payments that they\u00a0<a href=\"https:\/\/reason.com\/2021\/03\/04\/the-covid-relief-bill-is-mostly-a-expensive-bundle-of-politically-motivated-giveaways\/\" target=\"_blank\" rel=\"noopener\">did not need<\/a>. These checks ended up as\u00a0<a href=\"https:\/\/reason.com\/2022\/04\/08\/covid-stimulus-checks-worsened-inflation\/?utm_source=pocket_mylist\" target=\"_blank\" rel=\"noopener\">disposable income<\/a>, creating a situation where too much money was chasing too few goods.<\/p>\n<p>Nearly two years\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/CPALTT01USM657N\">of rising\u00a0<\/a>inflation and declining real wages, combined with a looming recession, have caused Democratic Party approval ratings to plummet \u2013 and politicians are panicking.<\/p>\n<p>The panic has led both President\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/07\/28\/remarks-by-president-biden-on-the-inflation-reduction-act-of-2022\/\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a>\u00a0and Pennsylvania Gov.\u00a0<a href=\"https:\/\/www.governor.pa.gov\/newsroom\/gov-wolf-legislators-reintroduce-pa-opportunity-program-continue-fight-for-2000-direct-payments-to-pennsylvanians\/#:~:text=In%20the%20newly%20proposed%20PA,day%20increasing%20cost%20of%20living.\" target=\"_blank\" rel=\"noopener\">Tom Wolf<\/a>\u00a0to release spending proposals that they believe will \u201chelp families dealing with inflation.\u201d Both proposals wildly miss the mark.<\/p>\n<div id=\"subscribe\" class=\"email-signup inarticle\">\n<h4>Support Conservative Voices!<\/h4>\n<h5><strong>Sign up to receive the latest<\/strong> political news, insight, and commentary delivered directly to your inbox.<\/h5>\n<\/div>\n<p>Despite its name, Biden\u2019s\u00a0<a href=\"https:\/\/www.documentcloud.org\/documents\/22122281-inflation_reduction_act_of_2022\" target=\"_blank\" rel=\"noopener\">Inflation Reduction Act<\/a>\u00a0has little to do with inflation; it is a typical tax and spend bill. An\u00a0<a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/7\/29\/inflation-reduction-act-preliminary-estimates\" target=\"_blank\" rel=\"noopener\">analysis<\/a>\u00a0from the University of Pennsylvania\u2019s Wharton Budget Model found that the legislation will have little to no impact on inflation and would actually slightly increase it in the short term.<\/p>\n<p>The Inflation Reduction Act will double the size of the Internal Revenue Service and\u00a0<a href=\"https:\/\/www.finance.senate.gov\/imo\/media\/doc\/jct_distributional_effects_inflation_reduction_act.pdf\" target=\"_blank\" rel=\"noopener\">increase overall taxes<\/a>\u00a0for almost every income group. And it spends almost $370 million on corporate welfare for politically selected \u201cgreen\u201d corporations.<\/p>\n<p>Following Biden\u2019s lead, Pennsylvania\u2019s governor is pitching a plan to offer more \u201cfree money\u201d to voters in an election year. Wolf recently renewed calls to send $2,000 stimulus checks to certain Pennsylvanians.<\/p>\n<p>While he had previously proposed this plan using one-time federal funds, Wolf has no such funds left \u2013 he just spent all $2.1 billion remaining on other projects. Instead, Wolf suggests funding these stimulus vouchers with $500 million from state taxpayers.<\/p>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/poll-75-dissatisfied-with-direction-of-the-country-including-majority-of-democrats\/\" target=\"_blank\" rel=\"noopener\">Poll: 75% Dissatisfied With Direction Of The Country \u2013 Including Majority Of Democrats<\/a><\/strong><\/p>\n<p>This shortsighted gimmick attempts to obscure the fact that Wolf just signed a state budget that\u00a0<a href=\"https:\/\/www.commonwealthfoundation.org\/2022\/07\/07\/pennsylvania-budget-2022\/\" target=\"_blank\" rel=\"noopener\">increases spending<\/a>\u00a0by 10.7% and spends\u00a0<a href=\"https:\/\/twitter.com\/NathanBenefield\/status\/1554479062063742977\" target=\"_blank\" rel=\"noopener\">$2 billion more than it takes in<\/a>.<\/p>\n<p>Incredibly, both Wolf and Biden seem to ignore the reality that government overspending and stimulus checks helped created the inflationary mess and economic struggles that American families are facing today.<\/p>\n<p>If politicians want to return money to taxpayers, they should emulate Colorado, where the Taxpayer\u2019s Bill of Rights (<a href=\"http:\/\/leg.colorado.gov\/agencies\/legislative-council-staff\/tabor\" target=\"_blank\" rel=\"noopener\">TABOR<\/a>) Amendment caps annual increases in state government spending and automatically returns any surplus to taxpayers. This year, Colorado residents and families will receive\u00a0<a href=\"https:\/\/www.thecentersquare.com\/colorado\/tabor-refund-checks-start-to-mail-out-monday\/article_ca939a0c-11d2-11ed-bb30-5f164f5feb36.html?fbclid=IwAR0724LfJUaq7GyhkNd6wFAY2p22yahwWXGYZ5cAu1I5xyc-lrwLL5fBTNg\" target=\"_blank\" rel=\"noopener\">checks<\/a>\u00a0for either $750 or $1,500, depending on their tax status.<\/p>\n<p>Proposed legislation could create a similar benefit for households here in the Keystone State. The\u00a0<a href=\"https:\/\/www.commonwealthfoundation.org\/research\/the-taxpayer-protection-act\/\" target=\"_blank\" rel=\"noopener\">Taxpayer Protection Act<\/a>\u00a0(TPA) is a proposed constitutional amendment that would institute a tax and expenditure limit, just like Colorado\u2019s TABOR Amendment. The TPA limits state government spending increases to a formula tied to inflation and population growth. In years where revenues outpace projections, families would get a refund on their taxes.<\/p>\n<p>Rather than pushing for more big-government spending ideas, lawmakers in Washington and Harrisburg need to stop making inflation worse. Irresponsible government spending created the current economic environment. Reining in government spending and passing fiscally responsible legislation is the path to giving taxpayers the relief they need.<\/p>\n<p><em>Syndicated with permission from Real Clear Wire.<\/em><\/p>\n<p><strong><em>Nathan Benefield is\u00a0<\/em><\/strong><strong><em>senior vice president of the Commonwealth Foundation, Pennsylvania\u2019s free-market think tank.<\/em><\/strong><\/p>\n<p class=\"disclaimer\">The opinions expressed by contributors and\/or content partners are their own and do not necessarily reflect the views of The Political Insider.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nathan Benefield for RealClearPennsylvania The Consumer Price Index (CPI) hit a 40-year high in June, with an\u00a0increase\u00a0of 9.1% over last year before holding steady in July. According to\u00a0one analysis,<\/p>\n","protected":false},"author":1,"featured_media":1615826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1615629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1615629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1615629"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1615629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1615826"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1615629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1615629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1615629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}