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July 15, 2024
Editor, The News-Gazette: I have been looking at the Republican Party’s recently released 2024 platform. While there is a lot there to chew on, I feel compelled to comment on the platform’s discussion of inflation.
At the end of Trump’s presidency, especially as COVID ravaged not only the U.S. but the world, inflation was on the rise. And at the beginning of the Biden administration, it continued to rise. This is not surprising because it took time to “reset” policies and conditions that Trump, global conflict, and COVID set in motion. Inflation has now dropped from a whopping 9 percent at its peak to 2.4 percent according to the Federal Reserve.
The Republican platform promises to “End inflation, and make America affordable again.” One way to do this, the Republicans say, is to impose tariffs on goods from other countries. So, for example, maybe you need a new toaster and the one at the store is made outside of the USA. Under a Republican administration, the cost of that toaster is increased by the amount of the tariff, and inflation goes up and the cost of living for the average American increases because they are now forced to spend more for a toaster.
Yes, I am simplifying things, but only to make the point that the Republican platform will certainly not end inflation, and it may even reignite inflation and undo all of the progress made to reduce inflation over the last four years.
Additionally, the Republican Party views tariffs as a substitute for general tax revenues, including income taxes, and the imposition of tariffs will lead to lower income taxes for the super rich and price inflation for all other Americans, especially those that can least afford it. Think about it. AMY RICHWINE Lexington
