GARNER — The U.S. Chamber of Commerce, the world’s largest pro-business organization, endorsed Republican Ted Budd for U.S. Senate on Wednesday.
Representatives from the U.S. Chamber and Budd appeared together at Pitt Electric in Garner in an announcement from the group.
Budd, a three-term Congressman and small business owner, said he was happy to receive their support.
“I’m running to make life better for all North Carolinians,” said Budd, who added it was an honor to receive the group’s endorsement. “The Chamber’s always been an outstanding representative for the business engine of our country. As a big believer in free enterprise, this endorsement means the world to me.”
The endorsement is the latest for Budd over Beasley from two key areas: businesses and law enforcement. Earlier in the race, the National Federation for Independent Business (NFIB) backed Budd in addition to the NC Fraternal Order of Police, the NC Troopers Association, and the NC Police Benevolent Association.
The U.S. Chamber’s senior political strategist, Ashlee Rich Stephenson, outlined the reasons she said the group sided with Budd in the closely-watched race.
“Ted Budd’s commitment to pro-business solutions, his record of leadership on behalf of job creators and entrepreneurs and the citizens of North Carolina are exactly what the hardworking people of this state need in their next senator,” said Stephenson. “Beyond his clear solutions-based platform, there is a stark contrast in the positions of Mr. Budd versus those of his opponent Cheri Beasley.”
Stephenson said that Democratic nominee Cheri Beasley, the former state Supreme Court Chief Justice, refuses to oppose “job-killing tax hikes” and that small businesses owners in this state are working tirelessly to keep their lights on as Beasley touts support for tax increases.
“Ted Budd grew up in a family-owned business and is a small businessman himself. He will stand up against the kind of big government, excessive regulations that make it harder to hire employees and the types of policies that favor big unions over job creators and workers,” she added.
Stephenson said that there are three areas in which Budd’s policies are superior to those of Beasley: economic, labor, and the filibuster. Beasley is on record supporting the elimination of the Senate’s traditional filibuster threshold for most legislation.
According to a statement from the U.S. Chamber the the PRO Act, which passed the U.S. House of Representatives in 2021, would undermine worker rights, ensnare employers in unrelated labor disputes, disrupt the economy, and force individual Americans to pay union dues even if they do not wish to do so.
Budd took questions following the announcement and addressed the topics of inflation and the Federal Reserve.
On inflation, Budd said the Inflation Reduction Act was a “complete misnomer” and said it has nothing to do with reducing inflation.
“It’s about government spending,” said Budd.
The three-term Congressman quoted economist Milton Friedman, saying the core of inflation is “too much money chasing too few goods.”
Budd drew a direct line from the American Rescue Plan, which passed in the spring of 2021, to chasing goods that weren’t there because of the constraints the Biden administration they’ve placed on the economy. He said workers have been encouraged to stay at home and stay out of the workforce and overregulating and the rise of prices of energy, and that has then made other parts of the economy constrained and more expensive.
In terms of the Federal Reserve, Budd said the board has “very limited tools in their toolbox” and that more work needed to be done on the supply side.
“Essentially they have a hammer and everything they see is a nail, which is interest rates. And that’s, that’s a problem,” said Budd. “What Ronald Reagan figured out in the early 1980s was that you need to address the supply side. (Former Federal Reserve Chairman Paul) Volcker worked on the interest rate side, but Reagan worked on the economic side as well. And that is you need to unconstrain the economy, bring down energy costs, and right size and roll back regulations with things like the REINS Act.”
“I think we’re going to see a lot of that under Republican leadership in the House of the Senate. Hopefully Joe Biden will have common sense enough to sign some of the things that will send his way,” he added.
