Glenn Grothman: “I would like to take this opportunity to discuss the threat of inflation on the future of America's economy. In other…”

“I would like to take this opportunity to discuss the threat of inflation on the future of America's economy. In other places around the Capitol at this time, people are discussing a new infrastructure bill. They are talking about a new 2022 budget. People talk about the importance of not raising taxes on the poor. Earlier this year, they rejected a possible gas tax hike because it would have fallen disproportionately on the poor. But there is no surer way to penalize the poor of this country than to inflate the currency. {time} 1830 Look at where we already are on other commodities: aluminum, lumber, soybeans. How are our young people going to buy that first house? The cost of food, and even prepared food, is going up. Why is that? Take a look at the charts showing the amount of currency in banks. M1 currency, which is up by a factor of 5 times; not 5 percent, not 50 percent, but a factor of 5 times in the last year. Look at M2, up 30 percent in the last year. Of course, the cost of commodities is spiraling through the roof. America is a wealthy country because our dollar has been the envy of the world. But this Congress has not been acting like a Congress with the world's reserve currency. This Congress is acting like the Congress of a country such as Zimbabwe, and we all saw on TV what happened there.…”