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Inflation
The media somehow has created the widespread misconception the midterms are a choice between Republicans opposing inflation and Democrats protecting the fundamental rights of women, racial and religious minorities, LGBTQ Americans and anyone else whose constitutional rights are now being threatened in our democracy.
After more than six years of political division and violence, most Americans have plenty of reasons to be concerned about all those issues. But at a time when rising prices are inescapable, it’s absurd to suggest one political party cares more about inflation than another. Nobody supports inflation.
But if that’s true, there’s one surprising election fact about inflation that hasn’t gotten nearly enough media attention. With the midterms fast approaching, Republicans still haven’t released a single plan to reduce prices or fight inflation. Absolutely none.
Republicans are simply counting on voters to punish Democrats for the worldwide inflation affecting every industrial nation while President Biden has been fully restoring the millions of jobs lost in the pandemic during Trump’s presidency. When Senate minority leader Mitch McConnell was asked in January what Republicans would do differently regarding the economy if they regained political control in the midterms, he responded: “That’s a very good question and I’ll let you know when we take it back.”
GOP Will Worsen Inflation
The party still doesn’t see why it should offer any Republican program to fight inflation. Actually, it’s even worse than that. Republicans haven’t been shy about describing their other economic priorities and they all would make inflation worse.
Potential House Speaker Kevin McCarthy recently said Republicans’ top priority would be extending and increasing President Trump’s $2 trillion dollar tax cut that overwhelmingly went to ultrawealthy individuals and corporations. That was the most unpopular tax cut in American history resulting in Democrats regaining House control in 2018 and ending the political career of Wisconsin’s Paul Ryan as House Speaker.
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McCarthy promised to make permanent a 20% tax deduction for “pass-through” businesses Wisconsin Sen. Ron Johnson added to Trump’s massive tax cut before he would support it. Among the primary beneficiaries of Johnson’s tax cut were Johnson himself and two prominent state billionaires now funding the barrage of racist TV ads falsely accusing Johnson’s opponent Mandela Barnes of supporting violent crime.
Johnson’s now proposing adding the funding of Social Security and Medicare to the annual budget to give rightwing Republicans an opportunity every year to decide how much to spend on benefits. That wouldn’t reduce inflation either, but it could make it harder for millions of Americans to fight it.
It's no surprise Johnson and Republicans are always eager for more tax cuts, but when inflation is rising massive tax cuts are also a massive economic stimulus sending inflation sky high instead of reducing it.
The most disastrous political consequences for rightwing politicians proposing obscene tax cuts for wealthy individuals and corporations in a time of soaring inflation was the abrupt end of the 45-day administration of British Prime Minister Liz Truss. She was evicted when her version of the GOP blueprint blew the British financial markets to smithereens. Republicans should take that as an early warning.
Bonanza for the Super Rich
Meanwhile back in Wisconsin, Trump’s hand-picked election denier for governor, Tim Michels, refuses to be outdone by anyone in cutting taxes for the wealthy (conveniently including himself). He’s proposed abolishing Wisconsin’s progressive income tax based on ability to pay and replacing it with a flat tax allowing every taxpayer, rich or poor, to pay the same tax rate. It would be a super bonanza for the super wealthy.
So, what are Biden and the Democrats doing to fight inflation instead of passing big tax cuts for the wealthy to make inflation worse? The most important thing they’re doing is continuing their fight to hold down the price of gasoline that has already brought the cost down by nearly two dollars a gallon with an emergency release from the nation’s strategic oil reserve.
Biden just released another 15 million barrels of oil from the reserve to counter a brand-new hostile assault on U.S. and European oil prices by Russia and OPEC to fund Russia’s war on Ukraine. Suddenly Russia is right back in the middle of another U.S. election trying to boost the prospects of Trumpian Republicans.
Most Americans overwhelmingly support continuing to provide military support to defend Ukraine’s brave battle for democracy. Vladimir Putin’s hopes of winning in Ukraine may depend on restoring MAGA Republicans or even his old pal Trump to the White House. Kevin McCarthy has already promised House Republicans won’t write a “blank check” for Ukraine if they win the majority.
So, let’s see. Republicans have no plans for fighting inflation at home and won’t give any assurances they will fight to defend democracy anywhere else around the world. What exactly will Republicans do if they win the midterms except block President Biden from fighting to restore our American democracy?
