Last Saturday, vice presidential candidates Tim Walz (D) and J.D. Vance (R) made campaign stops in eastern Pennsylvania.

Walz held a rally in Bethlehem, while Vance spoke to Trump supporters in Leesport, Berks County.

• Walz focused on healthcare, Harris' affordable housing proposals and accessibility to legal abortions.
• Vance emphasized border security and drug-trafficking, highlighting their impacts on American communities.

(We’ll have more to say on another Vance talking point in just a moment.)

Both running mates have made multiple visits to Pennsylvania since joining their tickets, particularly in “purple” areas like Erie County.

That’s because the state's 19 electoral votes are critical.

And with the race between Harris and Trump still considered a toss-up, it won’t be the last time each ticket campaigns in the Keystone State.

The argument we (and Jim Rickards) have been making at Election Insider — namely, that the election hinges on Pennsylvania and Hispanic voters — is gaining traction.

• Consider: Lehigh County (where Walz spoke) and Berks County (where Vance appeared) have among the highest percentages of Hispanic residents in Pennsylvania.

Clearly, both candidates are targeting areas with significant Latino populations, reflecting the importance of this demographic in the battleground state.

Moving on, let’s get back to Vance…

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Your Rundown for Friday, September 27, 2024...

A Tie-Breaking Vote You Shouldn’t Forget

Speaking on the plight of everyday Americans, Vance blamed high food prices not on price-gouging grocers — as Team Harris would have you believe — but on excessive government spending.

Lest we forget…

Vance reminded supporters on Saturday that it was Vice President Harris who cast the tie-breaking vote on the Inflation Reduction Act of 2022 (IRA).

Which Vance dubbed the “Inflation Explosion Act.”

Was Vance just being hyperbolic?

Granted, in one year’s time inflation dropped from a scorching 9% to 3.2%. But economists largely attribute the decline to factors completely unrelated to the IRA.

Factors including the untangling of global supply chains plus lower gasoline prices (thanks, Team Biden, for draining the Strategic Petroleum Reserve).

Instead, the law's primary focus was… climate change.

Even Joe Biden admitted as much:

• “[The Inflation Reduction Act] has nothing to do with inflation,” he said at a New Mexico fundraiser. “It has to do with the $368 billion, the single-largest investment in climate change anywhere in the world.” [Emphasis ours]

So, while Americans in 2022 were recuperating from pandemic lockdowns — perhaps having lost jobs in the process — and struggling to put food on the table…

… the Inflation Reduction Act subsidized, for instance, the purchase of a new electric vehicle ($7,500 tax credit) or the installation of rooftop solar panels (30% tax credit).

Fan-tastic.

Getting back to Vance’s point, excessive government spending…

• Increases demand for goods and services
• Expands money supply (devalues currency)
• Creates a budget deficit
• Drives up interest rates

Any one of these factors could be inflationary on its own. Combined? They’re a killer recipe for economic havoc.

This reckless spending spree fueled inflation instead of fighting it.

And Harris's tie-breaking vote on the so-called Inflation Reduction Act was a slap in the face to Americans — especially tax-paying Americans.

Ultimately, Harris cast her vote for a misguided climate agenda over your financial well-being. That’s something to keep in mind when casting your vote on November 5th.

Market Rundown for Friday, Sept. 27, 2024

S&P 500 futures are in the green at 5,800.

Oil, meanwhile, is in the red at $67.65 for a barrel of WTI.

Gold sits at $2,693.20 per ounce.

Bitcoin is up 1.20% to $65,835.

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