Heritage Foundation Economist: Government Spending, Printing Sources of Almost all Economic ‘Ills’

Heritage Foundation economist E.J. Antoni told Breitbart News Saturday that stopping government spending would unleash the American economy and rein in inflation.

Antoni spoke to Breitbart News Saturday host and Breitbart News Washington Bureau Chief Matthew Boyle as President Joe Biden and Speaker Kevin McCarthy (R-CA) revealed they have struck a tentative deal on the debt ceiling, as Breitbart News reported.

Antoni said the Biden administration has largely tried to fearmonger about the tentative June 1 deadline, noting the federal government could prioritize payments.

Antoni explained that putting an end to government spending would unleash the economy and help rein in inflation.

He further elaborated that more Congress spending simply drives rate hikes, “It is government spending, borrowing, and printing of money that has caused almost all of the ills that we are currently facing at least from an economic standpoint. If you stop the borrowing at this point, then you stop the spending because we are up against that limit, and takes a tremendous amount of pressure off the Federal Reserve because as long as Congress continues the spending and borrowing spree they are working at cross purposes at the Federal Reserve that is trying to raise rates to rein exactly all of that in. The more Congress spends and borrows the further and faster the Fed needs to keep up with these rate hikes.”

He added the Federal Reserve could cut rates “almost immediately” if Congress managed to balance the budget and even pay down the debt. He said that this could get the economy that would put power in the hands of the American people and not “in the hands of government bureaucrats.”

Breitbart News Saturday airs on SiriusXM Patriot 125 from 10:00 A.M. to 1:00 P.M. Eastern.

Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.