Republican Congressman Josh Brecheen hosted a town hall last week at the Donald W. Reynolds Community Center & Library in Durant and among things he spoke about were inflation and the deficit.
In informational pages provided at the town hall, Brecheen said that under Biden administration policies, the U.S. saw its highest rate of inflation (average of 4.9 percent) not seen since President Jimmy Carter’s administration that ended in 1981.
According to Brecheen, the high interest rates are depressing the construction of homes and apartments which limits the supply of shelter.
“At the same time, demand for housing in the United States has increased by 15 million (according to the Migration Policy Institute) added to our population above our norm due to illegal immigration,” the handout provided by Brecheen states.
The housing shortage in the U.S. is approximately 4 million, according to Brecheen, who was citing information from Realtor.com.
“Congress does not vote on interest rates - the federal reserve sets them,” the handout states. “The greatest thing a member of Congress can do to impact interest rates, ultimately inflation, is to reduce deficit spending. Instead of money in the free market chasing higher interest government bonds, we need it to fuel economic growth instead.”
Brecheen said the annual deficit is approximately $2 trillion per year with total debt now $40 trillion, according to the House Budget Committee Majority.
“Since 1900, we have lost over 95 percent of our purchasing power, and just since 2021, our currency has been devalued around 20 percent,” Brecheen said in the informational handout.
According to Brecheen, Americans are now spending $1 to purchase the same goods and materials that would have cost about 3 cents in 1900. He also said Americans are now spending $1 to purchase the same goods and materials that could have been bought for approximately 80 cents five years ago.
“Historically, Democrats and Republicans are both responsible for inflation because both are responsible for deficit spending, Brecheen stated in the handout. “We all need to become more educated on the causes of inflation and what we can each do to fix this problem … cut spending while cutting taxes. A ‘no’ vote on deficit spending is the right vote. The national debt and interest on the debt problem are only getting worse, and we are heading towards a financial collapse if we don’t correct course.”
