"It's the economy, stupid."
So quipped James Carville, Bill Clinton’s campaign strategist in 1992, directing the message to campaign workers as one of three for them to focus on in Clinton’s campaign against George H. W. Bush.
With the upcoming midterm 2022 election, this message should again resonate loudly with Americans who are struggling with the highest inflation rates (8.2%) in over 40 years, rising interest rates and substantial losses in their savings and investments that was enunciated by the New York Stock Exchange cratering by over 1,200 points on Sept. 13, the largest drop of the index since June 2020. The reasons stated by economists for the massive decrease is investors’ renewed concerns about how inflation (and the loss of investment funds) will impact consumer spending and the economy.
Ordinary Americans who work one (or more) jobs to support their families, pay their bills, and save for important life events like purchasing a home, paying for their children’s education, starting a small business, or retiring after a long and successful career are, once again, being forced to “make do” with less as our government destroys our once great economy with misguided economic policies and unrestrained spending.
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Those in the Democrat-controlled federal and state governments fail to grasp the basic economic principles of supply vs. demand. Increased and uncontrolled spending results in more dollars chasing the same number of (or fewer) products, resulting in higher prices. And, deficit spending results in greater debt to be shouldered by our children and grandchildren. Inflation reduces the value of the U.S. dollar, currently the world’s reserve currency.
In recent months, Jamie Dimon of JP Morgan Chase warned of an economic hurricane on the horizon and, on Oct. 17, Bloomberg economists predicted that there is a 100% chance of an economic recession in the next 12 months.
So, what’s a voter to do? Vote against those candidates who promote uncontrolled spending and suggest that will control or reduce inflation (e.g., Inflation Reduction Act of 2022). Support those who will return to fiscal conservatism, providing tax relief to individuals and small businesses.
In my first two years in the state Assembly, I have fought against irresponsible, excessive, misguided, and agenda-driven spending by the Democrat controlled legislature. I have consistently voted against tax increases. I have advocated for lower taxes and the reduction of onerous regulations on small businesses. With your support on Nov. 8, I will continue to fight for you and your families.
John Lemondes is seeking reelection in the 126th state Assembly District.