Staff Reports
The recent rise in prices, also known as inflation, has been a significant concern for many Americans since President Biden took office. This increase in inflation has weakened the purchasing power of the dollar by about 20%. However, it is important to understand that the government’s goal is not to fight inflation but to actually create it. By increasing the amount of money circulating in the economy through policies like excessive spending and burdensome regulations, the government intentionally perpetuates inflation to manage its unsustainable debt.
President Biden’s administration has flooded the economy with borrowed money through various programs to win over the support of certain groups. Simultaneously, they have imposed numerous regulations that hamper the productivity of industries like oil and gas. This unbalanced approach of high spending and restrictive regulations has fueled the inflation crisis that is eroding the value of our money.
The Fed Doesn’t Fight Inflation – American Thinker https://t.co/l38Avervj3
— 🇺🇸 The Briefing Room 🇺🇸 🇮🇱 (@Briefing__Room) June 27, 2024
Under President Biden, the national debt has skyrocketed by $13 trillion and now stands close to $35 trillion. This massive debt, accumulating at an alarming rate, threatens the economic stability and security of the country. The government’s spending on interest payments for this debt has surpassed allocations for crucial sectors like national defense and healthcare.
Critics agree that the current trajectory of increasing national debt is unsustainable and could lead to a severe financial crisis. To avert such a disaster, the government needs to cut unnecessary spending and roll back stifling regulations that hinder economic growth. Unfortunately, as long as progressives maintain control and promote their damaging policies, meaningful reform seems unlikely.
The writer highlights that the United States is constitutionally prohibited from defaulting on its debt. However, the Federal Reserve’s approach to combating inflation by devaluing the dollar contradicts this principle. By intentionally maintaining inflation at 2% per year, the Fed enables the government to pay off debts with less valuable currency, essentially defaulting on its obligations.
It is crucial for voters to support candidates who prioritize combating inflation through responsible fiscal policies and supply-side reforms. By electing officials who understand the importance of maintaining a stable economy and honoring financial commitments, Americans can work towards a brighter economic future.
