LONDONDERRY, N.H. – This week, U.S. Senate Candidate Kevin Smith (R-Londonderry) released a plan for lowering inflation rates, focused largely on reducing regulations as a solution to the issue.
In a Gallup poll released this week, U.S. voters cited inflation as the second most important problem in the upcoming mid-term election. The U.S. Bureau of Labor Statistics said earlier this month that the Consumer Price Index for All Urban Consumers, one of the key indicators of U.S. inflation, went up 1.2 percent between March and April and 8.5 percent over the last 12 months before seasonal adjustment.
In the released proposal by limiting spending bills in Congress, voicing support for a plan from U.S. Senators Tim Scott (R-SC) and John Thune (R-SD) that would create a new Congressional rule prohibiting new legislation that would raise inflation rates if U.S. year-over-year inflation rates are over 4.5 percent.
Additionally, Smith also supports the return of the Gramm-Rudman-Hollings Act, a bill that required automatic spending cuts known as “sequestration” if spending deficits reached a certain level. While the bill, which was signed into law by President Ronald Reagan in 1985, was found to be unconstitutional, a modified version of the bill popularly known as the “PAYGO” system took its place until 2002.
Smith also says that COVID-19 related restrictions such as vaccine mandates need to be eliminated, the power of government-sponsored entities involved in the housing market such as Fannie Mae and Freddie Mac needs to be curtailed, limitations on labor unions should be pursued in addition to providing lower barriers for employees seeking entry into professions that require licensing, lowering various taxes, and restarting construction of the Keystone XL Pipeline.
Some of the ideas espoused in the plan include lesser discussed ideas such as support for reviving a piece of legislation that would allow college students to pay back college loans with percentages of their future income as well as eliminating the Jones Act, a law that requires shipping between U.S. ports to be conducted with vessels that are owned and crewed by U.S. citizens.
Supporters of the Jones Act have said that without it, the U.S. shipbuilding industry would be severely harmed. Opponents of the Jones Act such as Smith challenge that its restrictions raise the price of American goods for American consumers.
“Joe Biden and Maggie Hassan’s top-down, tax-and-spend approach to our economy has failed,” said Smith. “I believe in unleashing our economy from government control and tackling inflation head on to finally deliver relief and opportunity for Granite Staters.”