The Executive Branch Must Act Within Its Authority

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Published in The Galveston County Daily News August 18, 2022 Recently White House officials announced July's inflation as being "zero!" By comparing July's inflation of 8.5% to the previous month's 9.1%, they mis-represented the actual rate. In doing so, they attempted to deflect the real pain being experienced by most Americans. The lower July rate is the result of normal mid-summer seasonal reductions in gasoline prices. Inflation defines how much the dollar decreased in value compared to other years. Additionally, if there's a commodity, like gasoline, with a fixed supply, an increase in demand increases its cost. Out-of-control spending by a Democrat-controlled Congress is at the heart of the issue. "Spin Doctors" are telling Americans that inflation is "transitory" and "inflation is actually a good thing." This a lunacy. The Congress and the Biden Administration caused this, it isn't an accident, they should take ownership of it. Since January 2021, three massive spending bills totaling $4 trillion in unfunded expenditures have been enacted. The result has been inflation near 10%. Though complex, basically inflation happens when the growth of the money supply exceeds the growth of the supply of goods, i.e., when the FED adds money to the money supply without a corresponding growth of productivity. This is part of what we're seeing today. Even Larry Summers, a top economic adviser to former President Obama, blasted the $1.9 trillion coronavirus stimulus package signed into law, calling it the "least responsible" economic policy in 40 years. Additionally, we're seeing a push by the Biden administration to restrict the supply of fossil fuels (i.e., Diesel fuel/gasoline). By reducing the supply and moving away from U.S. energy independence, gas prices increase, again fueling the fires of inflation; especially for truckers who deliver products to market. Higher fuel costs mean higher costs for what we purchase. The most optimistic projections from the Congressional Budget Office (CBO) estimate an additional $15 trillion in debt will be added in the next ten years. Goldman Sachs energy analysts predict $130/barrel by years-end. Meanwhile we are seeing diminished job growth, a negative 400,000 since March, and a significant drop in productively, a 6.0% annual rate, for the first half of 2022. Lacking typical inventory buffering, gasoline and diesel prices are likely to increase this fall, negating the affect seen in recent days. Also expect food pricing to continue higher. The 35% higher costs for crops grown this summer haven't hit the manufactures yet. When using the historical formula for calculating inflation, what we're experiencing is closer to 20%. Inflation is a cruel regressive tax, especially upon the poorest and those on fixed income. Additionally, the new tax increases enacted in the latest spending bill just makes things worse for the average American. Americans deserve better. Government needs to do a complete about face. Stop the monetary insanity of adding trillions to the money supply. Start real support for producing fossil fuels by encouraging both drilling and production. Eliminate red tape on small businesses. Until these simple, but essential actions are embraced, Americans, especially the poor, will suffer needlessly. Wake up; stop this madness.
	About the Authors and Columnists 2022 Bill Sargent and Mark Mansius ran against each other in the 2012 GOP primary for the TX-14 Congressional race. Since then they have become close friends and have written over 250 guest columns, and continue to do so to this day. Bill lives in Galveston, Texas and Mark in St. Georges, Utah
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