Spending-induced inflation has brought dramatic losses to Americans’ 401(k) plans to the tune of almost 13%, equal to about $17,000, leaving behind a fat lump of coal in retirees’ stockings.
The solution is difficult but simple: Congress must lower its spending trajectory. Congress will have their chance when a portion of the government’s funding expires on January 19, 2024 and again when the remaining portion expires on February 2nd.
The proper way of funding the government is for Congress to pass 12 individual appropriations bills each of which funds a specific portion of the government. This has rarely happened, as Congress instead often passes an omnibus (one bill combining all 12 appropriations bills) or a series of minibuses (one bill combining more than one but less than 12 appropriations bills).
Conservatives in Congress must commit themselves to passing all 12 appropriations bills and significantly reducing their topline spending. This will not be easy and they have already faced tremendous pressure not to follow through, but the nation’s financial well being depends on it.
When Congress takes up this issue again in the New Year we must be ready to drive the conversation and push them to make the hard but necessary decision to reduce spending and restore fiscal sanity.\
As always, we look forward to working with you to advance the conservative movement in every way.
Thank you for all that you do.
-Ryan and the Heritage Action team