NORTH DAKOTA (KXNET) — With prices increasing just about everywhere and holidays right around the corner, budgets will be tight for everyone.
But, will our government find a solution to this, or is this going to be the new normal?
“So it’s interesting when you say the new normal, because I’m afraid it is a little bit the new normal for a while. When I say it, I’m talking about this inflation, “said Senator Kevin Cramer.
Senator Cramer says this is driven largely by energy prices.
“Energy goes into everything that we make, produce, manufacture, grow, ship, buy, sell, consume, energy goes into all of that. So as long as energy prices are high, everything’s going to be high. And as long as Joe Biden’s the president, everything’s going to be high price because he’s squelching the supply, the enormous energy security and dominance that the United States enjoyed before he became president. So now we have a scarcity of energy instead of an abundance of it and the demand continues to rise, “said Sen. Cramer.
In his opinion, we need to look into the past, for a better perspective.
“I would say though that you know you’re way too young to remember Ronald Reagan, but Ronald Reagan, when he became president Jimmy Carter had been the previous president, and inflation was in double digits and interest rates were near 20% in some cases. So we still aren’t to what the extreme could be, “said Sen. Cramer.
He says the problem we have now with inflation, is high interest rates.
“And the high interest rates were brought on because of high inflation. But as long as the Biden Administration continues to attack the supply side of our economy the way they do, with their over-regulating and over-taxation, the Federal Reserve can’t bring those interest rates back down because the only way to curb the appetite is to raise the price of money.
He went on to express that we have a lot of economic things going against us and it will continue this way, until the current administration changes.