EVIDENCE THAT DEMS STRENGTHEN ECONOMY

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Media Contact Information:

Sarah Meredith & Greg Bucking

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www.schohariedemocrats.org

Democrats have put strategies in place to free up more of people’s available cash, cut down on the steadily increasing costs of prescription drugs and gas at the pump, and eliminated hidden fees on credit cards and bank loans. Legislation has already brought commitments of new high tech manufacturing to New York State, which will bring resources for renewable energy and local infrastructure repairs. 

It’s no surprise that Republicans are emphasizing inflation as a reason to vote Democrats out of office, however, according to Jim Tankersley and Emily Cochrane of the New York Times, “few economists on either end of the ideological spectrum expect the party’s proposals to meaningfully reduce inflation in the short term.” Most economists say tax cuts could make inflation worse. Republicans say they will reduce government spending, which means cuts in services that many Schoharie County residents rely upon, along with passing tax cuts and a repeal of the tax increases on corporations that the Democrats passed this summer. There are promises to cut funding for the IRS, which Congress funded specifically to enable it to upgrade and improve response times, and to go after corporations and the very wealthy who cheat on their taxes.

In her October 27, 2022, “Letters from an American,” Heather Cox Richardson, political historian and professor of history at Boston College, commented that our gross national product was up in the third quarter of this year and that disposable personal income and personal savings were also up. 

Richardson was not the only one to itemize the positive impacts of Democratic economic policies and recent trends. Inflation has been a top issue for voters, and as New York Times economic and business reporter Ben Casselman pointed out, slowing the economy a bit is exactly what the Federal Reserve is trying to do: slow demand to bring down inflation. The President also noted that our country has added 10 million jobs since he took office and that the nation’s employment remains at a 50-year high.

It ought to seem obvious to voters that the Republicans’ promise to get rid of the new health care tax credits and caps on drug prices will only make personal budgets tighter. Arguments to stop Biden’s student loan forgiveness program would take even more money out of the economy by returning these debt burdens to nearly 40 million Americans.