” American households are spending an additional $500 a month due to inflation”
Report proposes multi-pronged solutions, including a state spending cap, cutting energy costs, and providing targeted tax relief,
Elmira, N.Y., August 1 —State Senator Tom O’Mara (R,C,I-Big Flats) today joined the Senate Republican Conference in releasing a detailed report on historic, record-high inflation and unveiled a multi-pronged plan to provide relief to taxpayers, families, and businesses.
The comprehensive report shines a light on the true struggles of everyday New Yorkers under surging costs. It highlights where and how much prices have increased, how incomes, wages, and household budgets have been affected, and analyzes overall consumer sentiment. The report also links the failed economic policies of Albany Democrats to additional inflationary pressures.
Senator O’Mara said, “New Yorkers across the Southern Tier and Finger Lakes regions I represent, and statewide, are worried about making ends meet. They see this state becoming less safe, less affordable, less free, less economically competitive, less responsible, and far less hopeful for the future. They see Albany Democrats focused on out-of-control state spending with no commitment to eliminating taxes, lowering costs, or cutting burdensome regulations and mandates. Our Senate Republican conference is focused on trying to turn things around, rebuilding safer and stronger communities, and working toward a more responsible and sustainable future.”
Senate Republican Leader Rob Ortt said, “Our comprehensive report on inflation reaffirms what we’ve heard from millions of New Yorkers: individuals, families and businesses are struggling under higher costs and the failed policies of One-Party-Rule. Our policy solutions are designed to help the forgotten, hardworking taxpayer; the New Yorker who gets up every single day and works hard to provide for their family; the New Yorker who deserves better than having to decide between filling up the tank or feeding their family. As our nation nears the precipice of an economic recession, New York can’t afford out-of-touch politicians who refuse to acknowledge reality. This economy has been broken under their watch. Senate Republicans are listening and ready to act.”
The report proposes multi-pronged solutions, including enacting a state spending cap, cutting energy costs, preventing “stealth tax increases,” providing targeted tax relief, reducing the cost of childcare, supporting farmers, improving the state’s business climate, reducing healthcare costs, lowering housing costs, and strengthening the labor force.
The findings of the Senate Republican Conference’s Inflation Report show:
Ø Inflation is up 9.1% and costs for New Yorkers have increased dramatically at the gas pump, grocery store, and on utility bills;
Ø American households are spending an additional $500 a month due to inflation;
Ø Inflation-adjusted incomes fell another one percent in June of 2022 adding to a total decrease of 3.6 percent from last year;
Ø Overall New York Index of Consumer Sentiment is the lowest since October 2011; and
Ø Albany Democrats’ misguided policies, out-of-control spending, and new supply constraints have contributed to inflationary pressures.
To address these findings, Senate Republicans also unveiled multiple solutions to combat New York’s Inflation and Affordability Crisis, including:
Ø Enacting a Permanent Cap on Runaway State Spending;
Ø Cutting Energy Costs;
Ø Preventing “Stealth Tax Increases” by Adjusting Tax Brackets for Inflation;
Ø Providing Targeted Tax Relief;
Ø Reducing the Cost of Childcare and Supporting Families;
Ø Supporting Farmers and the Agriculture Industry;
Ø Improving the State’s Business Climate, Supporting Small Businesses and Manufacturers, and Increasing Supply of Goods/Necessities;
Ø Reducing Healthcare Costs;
Ø Lowering Housing Costs; and
Ø Strengthening the Labor Force.
Read the full Inflation Report: