Ortiz: Runaway Inflation Discredits Democrats’ Fiscal and Monetary Policy

Alfredo Ortiz of Job Creators Network writes in The Hill that the current Democrat spending spree has produced a crisis of inflation that has hurt Americans to a such a degree that Congress must commit to no more unnecessary spending or distortionary social programs: 

Inflation continues to spiral out of control, taxing ordinary Americans and small businesses to the tune of nearly 10 percent of their earnings — on top of all the other taxes they pay. The Labor Department recently announced that consumer prices are increasing at 7.5 percent and wholesale prices are increasing at 9.7 percent over the last year.

. . .

Last year, the Biden administration passed an (unnecessary) $1.9 trillion American Rescue Plan and a $1.2 trillion infrastructure-in-name-only bill. Fierce opposition from conservative groups and grassroots Americans forestalled the $5 trillion “Build Back Broke bill” from passing. Meanwhile, the Federal Reserve injected trillions of dollars into the economy through asset purchases.

. . .

In response to this inflation crisis, Congress must commit to no more unnecessary spending or distortionary social programs that further raise prices. The remnants of the Build Back Better legislation should go down in flames because their fiscal impact and economic distortions threaten to turn high inflation hyper. The Federal Reserve must resist the influence of radical Democrats who support MMT, immediately end its asset purchases, and raise interest rates.

Read the rest of the article here.