Political Quotes

“As inflation continues to wreak havoc on the wallets of our hardworking families, I rise today to urge the Federal Reserve to stay the course and win the fight against this insidious inflation. Our economy is in this troubling situation of coping with a four- decade high in prices due to three core reasons: First, the Biden administration's wasteful spending, pouring an avalanche of loose money into an economy struggling with getting folks back to work and supply chain woes. Madam Speaker, our fiscal 2023 spending is running 25 percent greater than just before the pandemic; 25 percent more on an annual basis. If you include all President Biden's new spending spree, it is running $1.3 trillion higher per year. I wish Chairman Powell back in 2021 had agreed with former Treasury Secretary Larry Summers and opposed this massive, unfunded fiscal stimulus. Next, the Biden administration's war on energy and employment has made it harder to get people back to work and harder to find and produce the badly needed oil and gas, get it out of the ground and on its way to heat our homes, fuel our communities, and support our allies in Europe. Finally, the Federal Reserve itself kept interest rates too low for too long while also purchasing trillions of dollars in government securities. Now the Fed is left playing catch-up in the hopes of beating inflation in the short run without damaging our economy in the long run. Madam Speaker, I have a better approach.…”