In my opinion, President Biden caused this inflation, timed the $6 trillion in stimulus money with the presidential election year to prop up the economy, and now wants to be the hero by lowering interest rates, but can’t until spending ends.
The RINOs went along with the overspending because they really don’t want President Trump to win. We have spent $4.6 trillion of the $5 trillion in covid relief funds. What happens when that runs out at the end of the year, a swift steep recession? Biden has increased our national debt by $8 trillion to an unsustainable $34 trillion. Any country that spends more than it takes in will certainly stimulate its economy but pay for it in inflation. Mortgage rates have doubled, goods cost at least 20% more and employees are getting a 17% wage increase.
When I ran for governor in 2022, I said we need to turn our state budget back to pre-covid levels of $38 billion and reduce business taxes, fees, tolls and the fuel tax. Instead, our General Assembly and Gov. Josh Shapiro have us at a $45.2 billion budget. That’s a 20% increase in spending in four years.
Pennsylvania ranks as one of the 10 worst states to start a business in, and electric rates are up 73%. Pennsylvania is spending $1.1 billion more than we take in. We talk about classes to teach teens how to manage money, but how do we get politicians to set the example and stop spending money they don’t have?
John Ventre
Hempfield