Inflation, Our Economy and Taxes

For most of the last several years, our national and local economies were booming. Such was especially the case under President Trump and the Republican Congress. We saw people moving from poverty to prosperity and families getting ahead. Americans’ jobs and investments were making all-time highs. Stock markets rose and workers’ pensions, tied to it, rose as well. Wages were rising commensurate with prices. Here on Long Island, home values climbed to near all time highs and unemployment was generally down.

Now, unfortunately the price of just about everything is rising far faster than Long Islanders’ wages, and certainly retirees’ fixed income. In Congress, I will work to bring the prosperity of the prior few years back. I will fight for policies which help lower inflation and bring down the rising prices of gasoline, groceries and even the costs to heat and cool our homes.

First and foremost, the President and Congress must incentivize the safe extraction of America’s 43,800,000,000 barrels of proven oil reserves. That means approving and expediting permits to drill on federal land. Here in New York, the Governor should allow for the safe extraction of the Empire State’s immense natural gas reserves. If government allows for an increase in the supply of energy, prices will fall.

Second, Washington politicians (of both parties) must reign in federal spending and finally pass a balanced budget. For too long, the Congress has spent more than it has taken in. That must stop. While I was a trustee of Amityville, after 16 years of tax increases which averaged eight percent, I managed to keep taxes within the property tax cap, easing the burden on the village’s families and businesses. My colleagues and I were able to do so by consolidating administrative positions while at the same time improving village services. There, we earned multiple credit ratings. In Congress, I will help to shrink the size of the government.

Third, inflation is exacerbated by our nation’s $600 billion trade imbalance and supply chain disruptions caused by an overreliance on overseas products. Congress must react by promoting trade deals and regulations which promote American manufacturing while simultaneously ensuring we are not incentivizing American workers to stay home.

Finally, we must recognize monetary policy has been too loose for too long. While many of us enjoy low interest rates, we should have learned from the Alan Greenspan era that when interest rates are kept so low for a long period of time, bubbles tend to be created, then burst. Such was the case with the 2008 housing bubble and subsequent collapse of financial markets and record-high unemployment. The Federal Open Market Committee (aka the Fed) must be more mindful of its mandate “to promote effectively the goals of maximum employment and stable prices" To that end, the Senate (who is responsible for confirming members of the Fed) must be more diligent in confirming those who will be loyal to the dual-mandate.

Government helped create this mess. Accordingly, government leaders can help us get out of it. By growing our economy and letting Americans keep more of their own hard-earned money, we will see everyone’s quality of life increase and bring us all up as a nation. In Congress, I’ll help do just that.