Jay Obernolte: “New data from the Department of Labor released this week indicates that inflation in America remains at a 40- year high.…”

“New data from the Department of Labor released this week indicates that inflation in America remains at a 40- year high. Numerous studies, including one by the San Francisco branch of our Federal Reserve Bank, indicate that the reason why Americans disproportionately are suffering from this inflation is reckless levels of deficit spending by our Federal Government. Only the United States Congress could respond to the situation with a bill that increases Federal spending by over $700 billion at the same time it increases taxes on Americans. To add insult to injury, our own Congressional Budget Office, as well as the University of Pennsylvania Wharton School of Business, and hundreds of economists, tell us that this bill, the so-called Inflation Reduction Act, will not actually reduce inflation at all. We need to get our fiscal house in order and solve the reckless spending that is causing this inflation instead of taking action that makes the situation even worse. I urge a ``no'' vote.”