Political Quotes

“unfortunately, predictions about the negative economic effects of the so-called American Rescue Plan seem to be coming true. In March, Democrats pushed through this massive partisan spending bill. They claimed it was urgently needed COVID funding. In reality, the bill was filled with unnecessary spending, from a staggering $350 billion slush fund for States, a majority of which didn't need any more government money to weather the rest of the pandemic, to almost $129 billion for schools, even though schools had spent just a tiny fraction of the tens of billions of dollars Congress had already given them. At the time, Republicans warned about the bill's level of spending. More than just one liberal economist warned about the size of Democrats' spending plan, with former Obama adviser Larry Summers noting that the bill could ``set off inflationary pressures of a kind we have not seen in a generation.'' Well, it turns out he was right to be worried. Last week, the Bureau of Labor Statistics released its report on May's consumer prices, and the news was not good. Inflation reached its highest level in nearly 13 years, with consumer prices up 5 percent from a year ago. Core inflation, a measure of inflation that excludes food and energy prices, soared to its highest level in nearly three decades. And what does that mean? Well, higher prices for Americans. The price of everything from bikes to bacon has shot up.…”