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Blame Democrats’ massive spending spree for our economic crisis

September 13, 2022
Columns

Published in the Washington Examiner

For two years, families have experienced the dire consequences of massive government spending at the gas pump , the grocery store, and elsewhere. Two years of Democrats' one-party control in Washington was all it took for basic day-to-day needs to become more and more unaffordable for millions of hardworking people. Indeed, a reportreleased in June found that more than half of the public is now living paycheck to paycheck.

They have Democrats' one-party rule in Washington to blame and the Biden administration's expansion of government spending and new regulations, which has led us to a 40-year high inflation rate, economic stagnation, and lower wages for workers.

Democrats began spending as soon as they took the majority, and they have made it clear they don't intend to stop. Their first major act was passing $1.9 trillion in COVID aid, which was much larger than most economists were saying was necessary and ultimately was the catalyst to the inflation crisis. Even after months and months of record high inflation, Democrats refused to change course and continued to spend trillions of more dollars.

In fact, Democrats have added an astounding $2.7 trillion in federal spending over the past two years. President Joe Biden hopes to add hundreds of billions of dollars more to that number with his student loan debt heist. His illegal plan to wipe out thousands of dollars in debt for borrowers not only circumvents Congress's power of the purse but will also force millions of taxpayers to pay down others' financial burdens. Furthermore, Biden's student loan gambit wipes out any deficit reduction he hoped to accomplish in his deceptively named "Inflation Reduction Act" and will almost certainly exacerbate the economic crisis in which we find ourselves today.

The Democrats' irresponsible and full takeover of government spending needs to be checked. We are now $30-plus trillion in debt, and the federal government is on track to spend $10 trillion more over the next decade than was projected before Biden was sworn into office. This bloated spending will continue to hurt low- and middle-income families the most through higher taxes, lower wages, and increased costs of goods and services.

If we want to turn around the direction of this country, we must stop thinking we can spend all our country's money without any consequences.

Issues:EconomyLowering TaxesFinancial Services