6. Inflation
Inflation has become a growing concern among Tea Party activists due to the massive amounts of cash credits recently provided to banks by the Federal Reserve. As the monetary base expands, Tea Partiers believe inflation grows and the dollar weakens. The Tea Party, therefore, wants to pay down debt and balance the budget. The fear of inflation also grows from a distrust of government and the government-sanctioned manipulation of money.
7. Free Market Economy
One of the Tea Party’s main pillars is that of “free markets.” Burdensome market regulation is blamed for hampering the economic recovery. According to Michigan Congressman-elect Justin Amash, “Federal stimulus programs, combined with government efforts to manipulate the money supply, simply add to our skyrocketing debt and fuel further inflation.” Tea Partiers believe the government’s actions to salvage/reinvergerate the economy were misguided and ultimately harmed the country. Freer markets, they believe, are more efficient, and increased competition results in a healthier economy.
8. Budget Deficit & Federal Debt
The United States’ ever-increasing budget deficits and federal debt have proven an extremely sore subject among Tea Party members. They do not want to pay the taxes required to pay off the debt, yet its existence is a clear symbol of massive government and foreign dependence. To avoid this situation, many candidates, such as Marco Rubio, Mike Lee, and Rand Paul, have proposed a constitutional amendment which would require Congress to balance the federal budget each year, as many state governments are required to do. Additionally, some Tea Party candidates, such as Lee, have vowed to fight against any attempts to increase the debt ceiling.
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9. Energy/“Cap and Trade”
With regards to energy, Tea Party candidates support deregulation to create greater competition in the marketplace as a means of promoting energy innovation and the development of America’s oil reserves with the goal of ending dependence on foreign energy sources. Additionally, Tea Partiers widely oppose the “cap and trade” approach to reducing carbon emissions where companies can buy and sell carbon credits, giving them an economic incentive to cut pollution. This position is spelled out in the “Contract for America,” a set of political positions which is extremely popular among the Tea Party movement.
10. Federal Reserve
A large theme that runs throughout the Tea Party movement is the strong distrust of the Federal Reserve. Senator-elect Rand Paul blames the institution for creating the economic boom-bust cycle which sent the country into recession. Paul, along with others such as South Carolina Senator Jim DeMint, support auditing the Federal Reserve, an idea that has long been a central cause of Paul’s father, Texas Congressman Ron Paul. The quasi-public institution is perceived as being too powerful, and many believe that the Fed’s actions need to be more transparent. Some even want the central bank abolished altogether.
-Jonathan Berr, Charles Stockdale
