How reckless government spending caused the increasing inflation hurting Latinos
Until recently, the economy was booming and Latinos were reaping the benefits.
Just last year, the media was declaring, “The future of homeownership is Latino” and writing about how Latino homeownership was growing at a record pace. As of October 2021, Latino businesses were bringing in greater average annual revenue than non-Latino owned businesses. Latinos were starting businesses at a faster rate across several industries. But now our community is hurting.
Inflation was up 9.1% in June from just over a year ago. The rising cost of food is up 10.4%.
How did we get here? The short answer: reckless government spending caused the increasing inflation hurting Latinos.
But what does that mean?
Years of government policies, trillions in wasteful spending, and printing money to cover our national debt…all of these contributed to the historic inflation we’re suffering.
So why is wasteful spending causing inflation? It breaks down like this:
- Congress spends and borrows too much money.
- The Federal Reserve prints more money to cover that reckless government spending and borrowing.
- The more money the Fed prints, the less our hard-earned dollars are worth — and the more everything costs.
The bottom line: Because of Washington policies, we’re paying more and getting less.
We need to get back to the pro-growth, pro-job economy that benefited Latinos — and all Americans — so much.
Otherwise, inflation and the high cost of gas and other goods will continue hurting all of us..
How increasing inflation caused by reckless government spending is hurting Latino communities across the country
Angel Merlos, state director of our Colorado chapter, spoke with community leader Peter Roybal about how increasing inflation was hurting people in his neighborhood. He told Angel that,
“It takes away from their loved ones, you know, the simple, basic stuff we take for granted: water, electricity, groceries are huge…being able to save, to at least being able to contribute to their family, to be able to get food, to become famila, you know. The basic stuff for going from point A to point B… The insurance rates are outrageous right now, the car maintenance is outrageous, the food is outrageous. The inflation is so high right now, we need any help we can get.”
What Peter describes is being felt by Latinos and our fellow Americans across the country. We’ve heard these same outcomes time and again as we travel the country on our True Cost of Washington Tour.
In fact, one of the attendees at our True Cost event in North Carolina told us,
“[G]rocery prices have been significantly increasing, not just in Charlotte, but around the country. It’s not just groceries that are increasing. Gas prices, restaurant prices, and movie ticket prices are also increasing.”
But, as always, there is hope. There are things we can do as a nation right now to reduce inflation and get our economy back on track for the sake of our families.
Government spending solutions to reduce increasing inflation and get our economy back on track
LIBRE has put together an in-depth document detailing not only how inflation is hurting Latinos but the steps we can take together to create a better economy for all.
Those government spending solutions for reducing inflation are as follows:
- Invest in affordable energy solutions
- Eliminate special favors for the select few
- Slash red tape and regulations
- Embrace the benefits of flexible work arrangements
- Join the movement to rein in government spending (see immediately below)
Together we can turn things around so that once again our community is thriving and able to help all discover and reach their full potential.