Editor,
Our national debt increased 50% in the past five years while our economy only grew 13% due to excessive government spending. When overall government spending exceeds the rate of growth of our economy for too long, it always causes inflation. Inflation is an insidious tax that reduces what we can buy for a dollar of income or savings and it always hurts lower- and middle-income people the most.
Inflation can only be prevented by keeping the rate of growth of government spending within the rate of growth of our economy. This is the only way to avoid an “inflation tax.” Doing so will maximize economic prosperity for all. Those that say that we should increase taxes on businesses forget that higher taxes are passed on in higher prices that cause inflation.
Too many politicians seek to gain power by passing spending bills for political gain. It’s a myth that increasing taxes on higher income individuals and companies only increases taxes on the them.
Ed Kahl
Woodside
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