Depending on the outcome of several key races, the Republican Party could soon have control of one or both houses of Congress.
Robert Frost
and politics don’t really mix, but his famous allegory is apt: Two roads diverge before this potential GOP majority. The one “less travelled by” would be to pass bills that would make things better for the American people. The more tempting and historically more frequented road would be to pursue pointless investigations, messaging bills, threats and government shutdowns. The road we choose could make “all the difference.”
Exit polls of voters confirmed that inflation remains a top voter concern. Midterm campaigns largely focused on assigning blame for rising prices. Now, beyond crossing our fingers that the Federal Reserve will fix the problem, Congress can actually help by increasing legal immigration, expanding the number of work visas in sectors that face worker shortages, securing the border, reducing tariffs on our allies, facilitating oil, gas, nuclear and renewable development, and reining in spending.
Excessive spending and the deficit have been the Republican Party’s bugaboo for years. But like the Democrats, we shy away from telling the American people the truth that the spending problem isn’t primarily due to the annual budget. Two-thirds of federal spending isn’t even voted on by Congress. Rather, it is automatic “nondiscretionary” spending on entitlements, such as Medicare, Social Security and Medicaid, and on servicing the debt. It’s this spending that is growing faster than the economy. No amount of trimming what the federal government allocates for defense, education, the environment or housing will be enough to bring our books into balance.
Excessive spending not only adds to the national debt, it is highly stimulative and inflationary. The Fed has its foot on the brakes while the administration and Congress are flooring the gas pedal.
If Congress wants to slow inflation, both parties will need to work together to find solutions to the entitlement crisis. It isn’t rocket science. Some mix of changes to revenues, benefits and eligibility is necessary along with a promise that no program will be eliminated and current and near-retirees won’t be affected.
The immigration mess also figured prominently in the midterms. Politicians have railed at…
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