The Economy, Stupid: Understanding Inflation and Your Vote

By: Sloan Rachmuth

Ask ten people waiting in line at any North Carolina Walmart what worries them the most. Eight will likely say that the increasing cost of almost everything keeps them awake at night.

Inflation affects everything from household budgets to global markets. 

64% of respondents to a recent YouGov poll identified inflation as a ‘significant problem.’

A number on a chart does not tell the whole story; it affects people daily, especially at the grocery store.

Let’s examine how inflation affects families and what can be done about it.

The Rising Cost of Groceries: A Real Impact on Families

The costs of essential items have skyrocketed nationally since President Biden assumed the presidency. In November 2020, food inflation stood at a mere 3.9%. Skipping ahead to May 2024, the most recent data shows a shocking 25.8% jump in food prices. 

To put that in perspective, a basket of groceries that cost $100 in November 2020 would now cost $125.80. That is an increase of $26 for the same food items.

According to U.S. Bureau of Labor and Statistics data, inflation has hit North Carolina families harder than in states like Massachusetts and California. 

This price surge is more than just an economic statistic; it significantly burdens American families. For those living paycheck to paycheck, an extra $26 for groceries each week can mean the difference between making ends meet and falling into debt.

Why Is This Happening?

Several factors contribute to the rising cost of living. Supply chain disruptions, increased demand for goods, and fiscal policies play significant roles. However, the current administration’s handling of these issues has been incompetent. 

The Republican Perspective: Proposing Solutions

Republicans have been vocal about the need for effective and swift measures to combat inflation. They argue that the current administration’s policies exacerbate the problem and that we need a different approach.

Here are some key proposals from the Republican side:

1. Reduce Government Spending: One of the primary drivers of inflation is excessive government spending.
   Trump said he would use a process known as impoundment to compel “every federal agency” to cut back on spending. Republican House leaders have also promised to stop using $1.5 billion of taxpayer money yearly on public relations activities. 

   Eliminating public spending that promotes more governmental handouts makes sense.
   

   The government can help stabilize the economy by reducing unnecessary expenditures and inflationary pressures. This includes reviewing current allocation priorities and ensuring that taxpayer money is used efficiently.

2. Promote Domestic Energy Production: Energy costs are a significant component of overall inflation. The U.S. can reduce its dependence on foreign energy sources by increasing domestic energy production in the oil and gas sectors. 

   This can lead to lower energy prices and costs for goods (groceries) and services.

3. Encourage Free Market Policies: Republicans advocate for policies that support free market principles. This includes reducing rules that hinder business growth and innovation. Trump has promised to take a sledgehammer to the rules that have driven up the cost of electricity and manufacturing.

   Companies can operate more efficiently and pass on savings to consumers by creating a more business-friendly environment.

4. Tax Reform: Another critical component is implementing tax policies that spawn investment and economic growth. 

   Fiscal conservatives have an ethos that lowering taxes on businesses and individuals will increase monetary activity and job creation, helping to offset inflationary pressures.

Voting Matters

As we approach November, it is crucial to remind everyone you know that their vote influences the direction of the country.

Inflation affects everyone, and it is essential to consider which candidates and policies are best equipped to address this challenge. Republicans offer a coherent plan to tackle inflation and ease the financial burden on American families.

We can work towards a more stable and prosperous future by voting for conservative candidates prioritizing effective solutions to inflation. 

Watch Sloan & Margo fully explain the rising cost of groceries and how it impacts North Carolina families.