Inflation and Higher Taxes - October 21, 2022 Windham Independent
Inflation and higher taxes
Our national debt is out of control due to irresponsible government spending, reaching 31 trillion USD, (over $93,000 per person). We are no longer borrowing money from our children - we are now forcing our grandchildren to work until they retire to pay for the money we keep spending today.
For decades, the Congressional Budget Office (CBO) has been issuing warnings about the impact of our national debt, and in 2020, they reported that "High and rising federal debt makes the economy more vulnerable to rising interest rates and, depending on how that debt is financed, rising inflation.". President Biden and the Democrats ignored those warnings - on Feb. 3, 2021 President Biden tweeted “Let me be clear: The risk in this moment isn’t that we do too much — it’s that we don’t do enough.” when arguing for massive amounts of government spending.
The wise approach under these circumstances would have been to attempt to decrease the size of the national debt. Instead, the Biden administration pursued fiscal policies that ADDED about 5 trillion in national debt, making claims of fiscal responsibility by Maggie Hassan and Annie Kuster simply laughable - both of them voted to bring our national debt to a higher percentage of the Gross Domestic Product than it’s ever been since the Great Depression and World War II.
Treasury Secretary Janet Yellen said at her Jan. 19, 2021 confirmation hearing: "Neither the president-elect, nor I, propose this relief package without an appreciation for the country's debt burden. But right now, with interest rates at historic lows, the smartest thing we can do is act big."
Everyone knew that low interest rates would not last, but the Democrats acted as if interest rates were going to be at historic lows forever. Did they at least take advantage of those low interest rates by issuing long term bonds that would lock those rates down for decades? No, half of our debt has a maturity of three years or less, which means that the interest payments on the national debt will continue to rise sharply, leading to the need for federal tax increases.
As opposed to the federal government fiscal irresponsibility driven by Democratic policies, New Hampshire kept its budget under control under the leadership of the Republican party. State taxes are lower, not higher. Our rainy day fund is being funded to historically high levels, because the Republicans understand that a recession is coming and we must be prepared. At the start of 2022, our state economy was one of the few in the country to still grow, while most states are already in a recession.
On government spending, the choice is clear - only the New Hampshire Republicans will be doing everything they can to keep government spending under control. If elected, I will support budgets that keep the government cost at responsible levels, so every Windham resident can still afford to live in their homes.
You can always reach me at (603) 267 4142 or at dpmwindham@gmail.com. I am grateful for your support, and will keep working hard to earn your vote on November 8.
Daniel Popovici-Muller
Republican Candidate for State Representative