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A plan to reverse inflation, be energy independent

By Kevin Smith May 27, 2022

In a recent survey of adults across the country, 81 percent said they think the U.S. is likely to experience a recession in 2022.

With inflation at a 40-year high, gas prices hitting new record levels every week and approaching $5 per gallon, and the human and economic cost of the growing crisis along the southern border that has led to record drug overdose deaths, the fear of a recession has every Granite Stater understandably on edge.

There are many reasons we are seeing unprecedented levels of inflation. It started with reckless and out-of-control government spending by the politicians in Washington, D.C. Quite simply, the government cannot expect to spend so much money year after year, driving up the federal deficit, and then have the dollar hold the same value.

Then, on day one of his administration, Joe Biden took immediate action to reverse America’s energy independence by signing executive orders to put handcuffs on American Energy production. He also immediately stopped the construction of Keystone XL pipeline which would have created more energy security. As a result, America once again became dependent on foreign oil — including oil from our enemies like Russia.

Finally, new and old federal regulations have further complicated the supply chain shortage which has left grocery store shelves empty making it harder to put food on the table. This is so severe that we are now seeing rationing of baby formula at stores, leaving mothers unable to feed their newborn babies.

Some will say we can fix inflation by just cutting taxes, and others will say we don’t need a plan. That is a naïve position from candidates who aren’t serious about getting things done in Washington. Fixing inflation deserves a comprehensive plan to attack the root causes.

First, we need to get spending under control. Let’s go back to a federal law like the Gramm-Rudman Act which put the first binding restraints on the federal budget.

Second, let’s reduce business regulations and cut personal income tax rates. We must reform outdated labor laws, remove burdensome barriers to occupational licensing for people to enter a new field of work, and give independent contractors a more flexible worker platform.

Third, we need to reform a 100-year-old law called the Jones Act that requires the use of U.S.-based ships only, for the shipment of supplies and fuel to ports in the United States. Using foreign flag vessels will allow us to get supplies, and oil and natural gas, to New England quicker, more efficiently and as much as 50 percent cheaper. There is not a single ship in our fleet able to ship liquified natural gas to the Northeast and which is compliant under the Jones Act — forcing us to purchase foreign energy from Russia over American energy from the gulf. This makes no sense.

Fourth, Washington politicians need to stop the attack on our food system, which is the envy of the world. We need to eliminate the fertilizer tax, which will help our local farmers and we need to block President Biden’s new rule redefining “waters of the United States” with crippling regulations which would hurt American ranchers and farmers.

We need to stop piling further regulations on our fishermen, under the false guise of environmental protection pushed by the heavy hand of far-left environmental groups.

Fifth, we need to strengthen our housing market and protect taxpayers by ending the federal government’s subsidy of Fannie Mae and Freddie Mac, and create a level playing field for all lenders. We can also better address our affordable housing shortage by reining in unnecessary regulations that stifle development and return zoning control to local governments. Fighting inflation will also lower the cost of construction materials that make new builds so expensive.

Finally, we need to enact this plan to make America energy independent again: We need to finish the Keystone XL pipeline, truly open up federal leases on public land for oil and gas drilling, cut back on regulatory barriers to entry, and take an “all of the above” approach to energy, including clean and efficient nuclear energy. This is the only way to get our costs under control and lower gas prices.

The problems in Washington are growing by the day, and the politicians there have no solutions, only the same old election year “promises.” We need to change direction and I’ll bring a new generation of conservative leadership with fresh ideas to get our country back on track.

Kevin Smith of Londonderry is a Republican candidate for the U.S. Senate. His policy proposals are available at KevinSmithforSenate.com

Original article: https://www.sentinelsource.com/opinion/op-ed/a-plan-to-reverse-inflation-be-energy-independent/article_f59050cc-5582-5706-90d9-4e71301e0ba4.html