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Updated: June 16, 2025
This policy will emphasize the need for all levels of government to cooperate in order to meet the needs of the most fiscally strained cities and counties, and also will emphasize the important role that GRS can play in forging this partnership. I am grateful that Congress moved quickly to assure that our Nation's localities can begin the 1980's in sound fiscal condition.
Inflation acts as a tax and is fiscally corrective but without the recessionary and deflationary effects of a "real" tax. The outcomes of inflation, ironically, resemble the economic recipe of the "Washington consensus" propagated by the likes of the rabidly anti-inflationary IMF. As a long term policy, inflation is unsustainable and would lead to cataclysmic effects.
Saving Social Security, Medicare, creating U.S. accounts, this is the right way to use the surplus. If we do so, if we do so, we will still have resources to meet critical needs and education and defense. And I want to point out that this proposal is fiscally sound.
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