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Molinaro Warns of Looming Recession

Releases new tax and inflation policy

Red Hook, NY - In the wake of the Federal Reserve’s decision to dramatically raise interest rates, and another month of record inflation, Marc Molinaro released his plan to reform taxes and reduce inflation. In it, Molinaro proposes a number of common sense reforms and for the tax code to be updated and adjusted for inflation. The proposal is a direct result of the Biden Administration’s actions, enabled by the Democratic majorities in Congress, over the past two years with tax hikes and enormous spending increases that have brought us to the precipice of a new recession. Marc Molinaro stated, “The failed policies of the Biden Administration and one party rule in Washington and Albany have brought about the highest inflation rates on record which is crushing families who are forced to choose between buying gas and putting food on the table. Now, the Fed has made things even worse by advancing one of the largest interest rate hikes in decades, inching us closer and closer to a devastating recession. Something must change. We must reign in spending, and provide real relief to families.” In 2021, the Congressional Budget Office predicted that the economy was to rebound following the COVID-19 pandemic. However, the DC spending spree that followed, along with disastrous Biden created policies, created a supply chain crisis that saw parents unable to feed their babies, the fastest rising inflation in decades, and small businesses shrinking workforces and paychecks. Molinaro continued, “Raising interest rates is only going to exacerbate the existing home ownership crisis in this country. Millennials and their families were struggling to find affordable housing when interest rates were low, how are they going to fare now? The cornerstone of the American Dream is now out of reach for too many young people. Couple this with being unable to afford everything else and what do we have? A Joe Biden, democratic fueled recession. This is what one party rule in DC and Albany has gotten us. It is critical on August 23rd, we send a message to Biden and Pelosi that enough is enough. If the people of the Hudson Valley, Catskills and Southern Tier send me to Congress on August 23rd, I promise it’ll be a wake up call to everyone in DC.”



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