Inflation continues its spiral out of control. Small businesses and ordinary Americans are being taxed to the tune almost 10 percent of their earnings, on top of all other taxes. Recently, the Labor Department announced that wholesale prices have increased at 9.7 percent and consumer prices are rising at 7.5 percent respectively over the past year.
Last year, the Biden administration passed an (unnecessary) $1.9 trillion American Rescue Plan and a $1.2 trillion infrastructure-in-name-only bill. The $5 trillion “Build back Broke bill” was stopped by grassroots Americans and conservative groups. The Federal Reserve also bought assets to inject trillions of dollars into our economy.
Congress must end unnecessary spending and social programs that cause prices to rise in response to the inflation crisis. Because of their fiscal effects and economic distortions, the Build Back Better legislation must be tossed out. Radical Democrats supporting MMT must be resisted by the Federal Reserve. They should immediately stop asset purchases and increase interest rates.