Today, TPPF Chief Economist Vance Ginn released the following statement on the current economic recession:
“Despite the Biden administration’s claims to the contrary, the U.S. is in a recession. And despite its claims that everything else is to blame for the 40-year high in inflation, the blame is on the bad policies of excessive spending, taxing, regulating, and money-printing out of Washington. And the progressive fiscal policy pursued by this administration and Democrats in Congress is only making it worse. The so-called “Inflation Reduction Act” was only gasoline on the raging economic fire.
“In the first two quarters of 2022, the U.S. had two consecutive quarters of declining real economic output, historic declines in productivity, and rapid inflation contributing to half of companies planning to cut jobs. Every time there has been two declining quarters of real economic output since 1950, the period has been called a recession, so why should this time be different? Clearly, the economy is floundering and American families are struggling to make ends meet with less economic output and high inflation not seen in four decades.
“The ‘Inflation Reduction Act’ will result in higher taxes, more debt, more inflation, and deeper recession at exactly the worst time. The policy solutions should have limited government and maximized liberty by reducing spending, cutting taxes, removing regulations, and tightening the money supply. The policy mistakes in Washington over the last year prove that rules-based policies that rein in the failures of government are needed now maybe more than ever.”