{"id":509180,"date":"2022-11-12T04:42:05","date_gmt":"2022-11-12T01:42:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/a-gop-run-house-will-fix-inflation-simply-by-stopping-bidens-enormous-spending\/"},"modified":"2022-11-12T04:42:05","modified_gmt":"2022-11-12T01:42:05","slug":"a-gop-run-house-will-fix-inflation-simply-by-stopping-bidens-enormous-spending","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/a-gop-run-house-will-fix-inflation-simply-by-stopping-bidens-enormous-spending\/","title":{"rendered":"#A GOP-run House will fix inflation simply by stopping Biden&#8217;s enormous spending"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e576725f1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e576725f1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/a-gop-run-house-will-fix-inflation-simply-by-stopping-bidens-enormous-spending\/#%E2%80%9CA_GOP-run_House_will_fix_inflation_simply_by_stopping_Bidens_enormous_spending%E2%80%9D\" >&#8220;A GOP-run House will fix inflation simply by stopping Biden&#8217;s enormous spending&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CA_GOP-run_House_will_fix_inflation_simply_by_stopping_Bidens_enormous_spending%E2%80%9D\"><\/span>&#8220;A GOP-run House will fix inflation simply by stopping Biden&#8217;s enormous spending&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The likely election of a Republican House majority is good for the economy, good for Republicans \u2014 and even good for President Biden.<\/p>\n<p>Inflation cooled last month, but remains at 7.7% over the past year \u2014 and a staggering 14% in the 20 months since President Biden was inaugurated. Real wages have fallen <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 4%. And the stock market \u2014 even with a strong week \u2014 remains down 16% for the year.<\/p>\n<p>The Federal Reserve is doing the heavy-lifting on inflation, and has already hiked the federal funds rate from near-zero to nearly 4%. This has pushed up mortgage rates from 2.6% to 7.1%, and combined with rising house prices to double the monthly mortgage on a new <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n-priced home, from $1,148 to $2,445.<\/p>\n<p>Rather than force the Federal Reserve to slam the economy\u2019s brake pedal fully into recession, Congress and the White House need to enact policies to help pare back inflation in a pro-growth manner.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-383-1.jpg?w=1024\" alt=\"U.S. Capitol Building\" class=\"wp-image-24627751\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-383-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-383-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-383-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Republicans are expected to take control of the House of Representatives. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Yes, much of the inflation reflects an economic hangover from the pandemic. Yet President Biden and Democrats have actively driven prices higher through energy regulations, tariffs, Buy America rules, tightened ethanol mandates, Davis-Bacon rules raising construction costs, and restrictions on new building.<\/p>\n<p>Most destructive of all has been the president\u2019s historic spending spree, which has added $4.8 trillion to the 10-year budget deficit. The Federal Reserve calculates that the President\u2019s $1.9 trillion American Rescue Plan was a major inflation contributor. The student loan bailout \u2014 if it survives legal challenges \u2014 will push inflation even higher. That will force the Federal Reserve to further rate-hike the economy into a likely recession, with significant job losses.<\/p>\n<p>More than just economically damaging, forcing the Federal Reserve to hike interest rates also costs taxpayers through higher budget deficits. Each time the government\u2019s paid interest rate rises by 1%, it adds $2.6 trillion in federal budget interest costs over the decade. That\u2019s as much as the American Rescue Plan and student loan bailout combined.<br \/>croshed?<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-384-1.jpg?w=1024\" alt=\"The Federal Reserve building in Washington, DC.\" class=\"wp-image-24627752\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-384-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-384-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-384-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The fed has already hiked the federal funds rate from near-zero to nearly 4%. <\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>And that is why it was so important for Tuesday\u2019s voters to stage an intervention and take away President Biden\u2019s credit card. While the results were less than expected, the current vote counts show that the majority of voters chose a Republican House, with inflation and the economy their top concerns.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Republicans may not have produced a comprehensive anti-inflation agenda, but their most valuable weapon will be gridlock. While Biden has already enacted $4.8 trillion in new spending, he had proposed a staggering $11 trillion during his 2020 campaign. Any chance of enacting the final $6.2 trillion in remaining promises \u2014 digging the inflation and deficit ditch even deeper \u2014 is almost surely dead with a GOP House.<\/p>\n<p>Ironically, this may be the best outcome for President Biden. The past two years of partisan Democratic overreach drove the president\u2019s approval rating to among the lowest of postwar presidents. Perhaps the president will become the moderate Americans thought they elected, rather than the Elizabeth Warren-clone they got instead.<\/p>\n<p>We\u2019ve seen this story before. President Obama spent his first two years teaming up with a Democratic Congress to enact a trillion-dollar stimulus bill and ObamaCare. Then the 2010 \u201cshellacking\u201d brought a GOP House that clipped Obama\u2019s most liberal wings and ultimately helped him win re-election. Before that, President Clinton and his Democratic Congress overreached on government spending and health care, until the 1994 election of a GOP Congress brought back the successful \u201cNew Democrat\u201d that voters had wanted all along.<\/p>\n<p>President Biden may or may not run for re-election in two years. However, with inflation still elevated, interest rates soaring, and budget deficits likely headed towards $3 trillion within a decade (yes, you read that right), he and other politicians will have to abandon the lazy politics of Santa Claus. Even \u201cfree spending\u201d brings a painful cost.<\/p>\n<p><em>Brian Riedl is a senior fellow at the Manhattan Institute. Follow him on twitter @Brian_Riedl.<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/11\/a-gop-run-house-will-fix-inflation-simply-by-stopping-bidens-enormous-spending\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;A GOP-run House will fix inflation simply by stopping Biden&#8217;s enormous spending&#8221; The likely election of a Republican House majority is good for the economy, good for Republicans \u2014 and even good for President Biden. Inflation cooled last month, but remains at 7.7% over the past year \u2014 and a staggering 14% in the 20&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/riedl-gop-spending-index.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135386,70752,70551,991,134320,67844],"class_list":["post-509180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-11-22","tag-energy","tag-inflation","tag-joe-biden","tag-midterm-elections-2022","tag-republicans"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509180"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509181"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}