The Affordability Crisis
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed John D. O’Connor.
President Trump, in an effort to sound optimistic, addresses the affordability crisis, which is real, by talking of lowering prices. Only some prices can be lowered, mainly commodity prices as to which increased supply, such as of fuel and eggs, can lower prices. But generally, if the government increases the money supply, a dollar buys less than it did, and an American cannot buy as much as previously.
President Biden dramatically increased government spending, causing severe inflation. A 2020 dollar was worth 79 cents by the time Trump was elected in 2024. This was caused by the unnecessary American Rescue Act, which encouraged continued unemployment, then the ironically named Inflation Reduction Act, a climate giveaway to the politically connected. Then our massive entitlement programs were expanded by White House fiat without public knowledge.
But when the natural public reaction is to seek more free goods and services from government, as in New York, the problem will only get worse. We cannot afford to address affordability this way.
In a postscript, the massive entitlement fraud in Minnesota tells us much. Taxpayers spend their own money wisely, because they own it. Politicians, nonprofits and government agencies do not, and do not spend money wisely. Giving more money to these interests will only make things more unaffordable.
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