Democrat policies are much better for your wallet
If inflation is on your mind, do not vote for Republicans on Nov. 8. Here’s why.
Inflation has taken a painful bite out of everyone’s wallet. It is a worldwide phenomenon; impossible to solve with the wave of a hand, but voting for Republicans in this election, because of the continuing pain of inflation, does not make financial sense for you and your family.
Republicans have voted against every proposal that could help ease the pressure on the budgets of everyday Americans. However, Democrats have taken these steps:
Prescription drugs: Republicans voted against allowing Medicare to negotiate for lower prescription drug costs. Democrats got it passed.
Baby Formula: In May of this year, Republicans voted against providing the FDA with funds to fight the baby formula shortfall. Democrats got it passed.
The Enhanced Child Tax Credit: All 50 Republican Senators voted against continuing it. Give the Democrats a bigger majority this November, and we will bring it back.
PACT ACT: Republicans initially blocked a bill to provide care for veterans suffering from burn pit exposure. Under pressure from veterans and Jon Stewart, they reversed their vote and approved it. This healthcare helps address the impact of inflation and healthcare costs for those veterans.
Republicans complained about the cost of the PACT bill, but these are the same ones who gave corporations a massive tax cut in 2017. That tax cut generated almost no investment, with companies using the extra profits to buy back stocks for $1,000,000,000,000. The national debt increased by $7,000,000,000,000 in just four years under Trump. As a final kicker, budget deficits have been 54% higher under Republican Presidents than under Democratic Presidents.
Stock Buy-Back Tax: Democrats imposed a 1% tax on stock buy-back transactions which is estimated to generate $74 Billion in income, cutting the U.S. deficit.
The Inflation Reduction Act: Not a single Republican voted for it (what a surprise). With a 15% minimum corporate tax The IRA will generate more income than it will cost, as it provides inflation fighting benefits. A true win-win. The Democrats passed it.
Gas Prices: Gas prices are high, and oil is a commodity whose pricing is subject to worldwide forces. To fight those high prices, President Biden is releasing 1M barrels of oil daily from the Strategic Oil Reserve. However high the prices are, they would be higher without his action.
Reuters news agency reported that Exxon earned the largest quarterly profit of any oil company in history: $17.9 billion. For the sake of every American at the pump, Exxon should be paying a higher tax rate on that income. It is truly obscene. But no Republican would vote for that.
Speaking of stock buybacks, Exxon reported that it will buy back $30 billion in stock, which just means that money from hard working Americans paying at the pump is going to Exxon and then to wealthy stockholders. Stock buybacks are a disgrace. It is essentially Exxon saying: “We have so much money that we cannot think of anything to do with it, but give it back to our stockholders.” How about giving it back to everyone in pain at the pump? After all, Exxon is acknowledging that it has a spare $30 billion to give away.
If you want Washington to continue to try to fight inflation on behalf of all Americans, give us some Democrats to fight for you.
Glenn Beasley lives in Newtown Borough.
This article originally appeared on The Intelligencer: Democrat policies are much better for your wallet
