Ortt, State Senate Republicans issue report on impact of inflation on businesses, residents

Posted 1 August 2022 at 2:01 pm

Households spending an additional $500 a month due to inflation

Press Release, State Senate Republican Leader Rob Ortt

ALBANY – The New York State Senate Republican Conference today released a detailed inflation report on historic, record-high inflation and unveiled a plan to provide taxpayers, families, and businesses much-needed relief.

Rob Ortt

The report (click here) 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.

“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,” Ortt said. “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 sadly goes into economic recession, New Yorkers 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 also 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:

  • Inflation is up 9.1% and costs for New Yorkers have increased dramatically at the gas pump, grocery store, and on utility bills;
  • American households are spending an additional $500 a month due to inflation;
  • Inflation-adjusted incomes fell another one percent in June of 2022 adding to a total decrease of 3.6 percent from last year;
  • Overall New York Index of Consumer Sentiment is the lowest since October 2011; and
  • 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:

  • Enacting a Permanent Cap on Runaway State Spending;
  • Cutting Energy Costs;
  • Preventing “Stealth Tax Increases” by Adjusting Tax Brackets for Inflation;
  • Providing Targeted Tax Relief;
  • Reducing the Cost of Childcare and Supporting Families;
  • Supporting Farmers and the Agriculture Industry;
  • Improving the State’s Business Climate, Supporting Small Businesses and Manufacturers, and • Increasing Supply of Goods/Necessities;
  • Reducing Healthcare Costs;
  • Lowering Housing Costs; and
  • Strengthening the Labor Force.

“New Yorkers deserve a government that listens to them, and listens to their top concerns,” Ortt said. “Senate Republicans are listening. We hear your concerns. 40-Year-High Inflation, pain at the pump, spiking energy bills, and rising prices at the grocery store. Our focus is on inflation and how we can tackle it to make our state more affordable for all.”