MOORESTOWN, NJ — Burlington County businessman and congressional challenger Bob Healey today issued the following statement:

“Just last Friday Congressman Kim again sent out another taxpayer funded newsletter cheering on more federal spending with not a word about inflation or the economic woes brought on by the Biden-Pelosi spend-a-thon.1

Since February of 2021 total government spending has increased by over $9 trillion.2 This spending is the principal cause of the inflation that’s robbing Americans with higher and higher prices at the grocery store and at the gas pump. Year-over-year food prices are up 13.5%, the largest increase in over 40 years.3

Federal policy could positively impact energy prices – a principal inflation driver—but Andy Kim and his Progressive Caucus Colleagues seem perfectly fine with a national war on energy producers. Gas prices have soared more than 60% under Joe Biden policies and this is no surprise since his Administration has canceled leases and discouraged oil and gas production on day one. Both Presidents Trump and Obama each approved 10 times as many leases during their presidencies.4

Inflation has hit its highest level since the early 1980s, with prices rising 8.3 percent in the last year. The last time inflation, defined as the change in consumer prices over time, was this high was in 1982.5

Andy Kim seems preoccupied with my stock portfolio but remains oblivious of the impact his spending votes have on the state of the stock market. By the end of last month, all three major stock indexes had fallen more than 20% each from their highs. The S&P has also had the worst year-to-date performance in 20 years.6

While the Congressman targets the retirees and those on a fixed income in his mail and ads, he has yet to admit the damage he has done to their pensions and 401k. Congressman Kim is the classic Washington careerist who brags every chance he gets that ‘he’s fighting for us’ while his real actions do harm to wage earners and retirees.”

1 Email Newsletter, Office of Representative Andy Kim, NJ03AK.Outreach@mail.house.gov, 09/30/22.

2 Rep. Kevin McCarthy, GOP Commitment to America Plan, https://www.republicanleader.gov/commitment/strong-economy, 9/23/22.

3 Rep. Kevin McCarthy, GOP Commitment to America Plan, https://www.republicanleader.gov/commitment/strong-economy, 9/23/22.

4 Rep. Kevin McCarthy, GOP Commitment to America Plan, https://www.republicanleader.gov/commitment/strong-economy, 9/23/22.

5 “How inflation became America’s greatest economic problem”,   https://www.grid.news/story/360/2022/05/11/how-inflation-became-americas-greatest-economic-problem,  05/11/22

6 “A bad year for Wall Street gets even worse, as stock markets finish September down”, David Gura, NPR”, https://www.npr.org/2022/10/01/1126224811/a-bad-year-for-wall-street-gets-even-worse-as-stock-markets-finish-september-dow, 10/01/22.

Original source can be found here.