Former Federal Reserve governor Robert Heller and former Reagan economic adviser Art Laffer react to inflation surging 7.5% on ‘Kudlow.’
Colorado Gov. Jared Polis (D) touted price and tax cuts on gas and other services to serve as the best tools to chip into his state’s inflation, which ranks among the highest in the nation.
Polis, a Democrat, told “Fox News Sunday” host Sandra Smith that cuts will play a vital role in helping keep inflation under control.
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“I was thrilled to see Senator Kelly and Senator Hassan at the national level, put forward a bill to suspend the national gas tax that saves people a few cents a gallon,” Polis said. “We’re trying to do a similar thing here in Colorado to avoid a two-cent a gallon fee on gas as well as trying to cut fees on a lot of other services that people need.”
Colorado Governor Jared Polis speaks at a news conference in Boulder, Colorado, U.S. December 31, 2021. REUTERS/Nathan Frandino (Reuters)
Polis fought to pass the state’s gas tax, only to argue that the tax need to be delayed in order to stop inflation from running out of control. He argued that “now’s not the time” to increase the gas tax.
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“What we got in that bill was lowering vehicle registration fees in Colorado by $11.50,” he explained. “We want to continue that reduction of $11.50 in vehicle registration fees and of course we’ve always been supportive of cutting the gas tax.”
The national inflation rate hit 7.5% by the end of January 2022, marking the highest level of inflation in the United States in 40 years. The highest levels have been in the Mountain West – including the states of Montana, Idaho, Wyoming, Utah, Nevada, Colorado, New Mexico and Arizona – which is suffering a roughly 8.6% inflation rate.
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Denver-area inflation on all items exceeds the U.S. average: Inflation excluding food and energy comes in a little under the national average, but still hits around 7%, according to U.S. Bureau of Labor statistics.
The Denver Post cited high shipping costs, rising energy costs, a shortage of materials, elevated commodity prices and rising wages as the causes of inflation. Its editorial board criticized the governor’s effort to fight inflation by cutting the gas tax as “small savings” for drivers and argued the state’s budget should prompt the state to “stop evading the constitutionally required refunds,” even if those refunds may end up helping wealthier state residents more.
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“High inflation erodes savings and increases the costs of daily commutes, groceries and other consumer goods. This threatens the financial health of Colorado citizens and the strength and swiftness of the state’s ongoing economic recovery,” Chris Brown, vice president of policy and research at Common Sense Institute, told the Colorado Sun.
