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The latest inflation numbers confirm what we already know — while Washington continues to spend, Americans continue to suffer. Inflation is skyrocketing and Washington is doing everything but finding real and lasting solutions to this economic crisis.
The bad August inflation figures reveal a harsh reality: excluding food and fuel, the prices for almost all other consumer goods and services inflated at double the previous month’s pace. Despite lower energy prices, we still have a long way to go.
Inflation remains at record highs because of Washington’s irresponsibility with the federal budget. The administration’s American Rescue Plan spent and borrowed so much money that the Fed was forced to monetize the debt. The bloated money supply from Washington’s rash and irresponsible spending is driving up prices and making life harder for the American people.
The federal government created the inflation crisis, but unwinding it won’t be easy. Better budget targets and a coherent budget process can help restore and preserve fiscal health. This will help the Fed beat back inflation while making a repeat much less likely.
Frequent self-congratulations by the administration and its allies in Congress are at odds with the real-world effects of its policies. Putting politics over sound policy is inflicting a painful toll on Main Street U.S.A.
U.S. households can only hope that the president finally acknowledges what really needs to be done to fight inflation: unleash American energy abundance, reduce the costly regulatory burden on businesses, and abandon the Monopoly-money mentality about federal spending. Unfortunately, we see the opposite of those solutions.
Discover AFP’s solutions for reducing inflation.