On the recordJuly 27, 2022
I think we need a little more talk about inflation. I know when we get home it is always the number one issue that is out there. I don't think there has been enough talk about how the inflation came about. The inflation came about because of excessive spending. Every middle school student should know that if the Federal Government spends wildly more on the amount going out than the amount going in, the Federal Reserve has to, in essence, print the dollars to make those payments, and when the Federal Reserve prints more dollars, the value of the dollar drops, which is why we have these huge spending increases. {time} 1900 Now, I will make a couple of comments on them. First of all, I think the numbers that we are supposed to talk about, the 9.1 increase in inflation, are woefully underrated. Here is the graph that all of us politicos are supposed to talk about. Does anybody believe that the cost of shelter in the last 12 months has only gone up 5.6 percent? Where is the press? They ought to be making fun of that number. When I talk to my landlords, when I talk to my builders, nobody thinks things have gone up only 5.6 percent in the last year. I think the cost of a new house has gone up 20 to 25 percent. I think the cost of rentals has gone up by 10 or 15 percent. It is way more than the 5.6 percent on this chart. The same thing is true of automobiles. They tell us used automobiles have gone up by about 11.4 percent in the last year. Talk to your car dealers.…
