Month: March 2023

Governor Pritzker’s use of his inherited wealth and status to disrupt the democratic process in Illinois knows no limits.

In 2018, Pritzker pledged to the Illinois people that he would veto any partisan drawn legislative redistricting map and said the General Assembly should “amend the constitution to create an independent commission to draw legislative maps.” Instead, Pritzker broke his commitment to vetoing a gerrymandered map by signing the current, hyper-partisan legislative map making no efforts to create a non-partisan remapping process.

In 2022, Pritzker believed he was entitled to choose his preferred GOP candidate in the general election, spending $30M meddling in the Republican Primary.

This year,  Pritzker and the Illinois Democrats are, again, using his inherited wealth to disrupt the democratic process and insert partisan politics into Illinois’ historically, non-partisan municipal elections. This time, under false pretenses, Illinois Democrats are spending hundreds of thousands of Pritzker dollars in paid advertising to try to stack our local governments with leftist, hyper-partisan elected officials.

“Pritzker’s track record is clear. He misleads the people of Illinois with claims of bipartisanship while using his inherited wealth to actively undermine non-partisan local government,” said Chairman Don Tracy. “These local races are focused on the non-partisan local workings of municipal government and ensuring parents have a voice in their children’s education. Pritzker is bankrolling hyper-partisan politics into our local government and communities.”

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The recent bailout of Silicon Valley Bank and purchase of Credit Suisse have exposed the significant challenges that financial institutions face in today’s economic climate. President Biden’s 2021 $1.9 trillion stimulus spending created Bidenflation, leaving policymakers with an unenviable choice between an upward price spiral that hurts American consumers or raising interest rates that could put the banking sector at risk.

“Trillions in spending and special giveaways deemed unnecessary and inflationary by Obama-era economists are the root cause of Bidenflation,” Chairman Don Tracydeclared. “Furthermore, the regulators tasked with ensuring that banks like Silicon Valley Bank were appropriately capitalized fell asleep at the wheel.”

Credit Suisse’s recent struggles highlight the vulnerability of large financial institutions in today’s economic environment and emphasize the potential risks of the Federal Reserve’s continued efforts to curb Bidenflation.

“To reverse the current trends, President Biden and his Democrat allies in Congress must be held accountable for the high-debt, high-spending environment that led to the crisis,”Chairman Tracy said. “Otherwise, our banking sector and the US economy will remain under threat.”

It is critical to recognize and address these challenges to protect the financial industry’s stability and ensure long-term sustainability. 

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The excessive spending and inflation caused by the Biden administration’s policies have made the basic necessities of life more expensive for families in Illinois and across the country. The negative impact of Bidenflation doesn’t end with higher prices. 

“This inflation has led directly to rising interest rates, and the collapse of Silicon Valley Bank and Signature Bank,” said Chairman Don Tracy. “Bidenflation doesn’t just hurt families by increasing the cost of everything, but undermines banks and businesses by depressing the value of certain assets they hold.”

Tracy explained that rising interest rates undermined the value of Silicon Valley Bank bond holdings making many tech startup businesses concerned they wouldn’t have access to their deposits to make payroll. This fear, driven by underlying inflation, caused the run on Silicon Valley Bank. 

“It’s crucial for Americans to recognize that the collapses of Silicon Valley Bank and Signature Bank didn’t happen by chance,” Tracy added. “Biden and the Democrats’ excessive and irresponsible spending binge of borrowed money will have a disastrous impact on the economy that we are only beginning to experience.”

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