Our country now has $16 trillion in debt, more than 12 million people looking for work and an administration intent on “solving” the problem in large part by printing more money.
Last September, the Fed announced a third round of quantitative easing, but QE3 merely proved the ineffectiveness of QE1 and QE2. While unemployment stays close to 8 percent, inflation threatens to drive prices higher, undermine families’ savings and hurt seniors living on fixed incomes. Regrettably, Chairman Bernanke’s medicine has become his bread, and this unconventional tool has become the Fed’s standard procedure.
Despite years of pleading from conservatives to do otherwise, printing money ad nauseum is not sound economic policy. Since the dual mandate basically encourages this misguided action, it’s time to put a stop to it, which is why I am introducing legislation to do just that.
Just as we cannot borrow and spend our way back to a growing economy, we also cannot print our way back, either. In the real economy, the American people understand that achieving recovery means empowering families, entrepreneurs and small businesses — not bureaucrats.
The Fed’s efforts to combat unemployment have failed and will weaken the dollar. It’s time to end the dual mandate and force the Fed to pursue sound monetary policy once and for all. Backed by a healthy currency, Congress and the president must act swiftly to pay off our nation’s $16 trillion debt, tear down regulatory barricades and cut taxes so that Americans keep more of their hard-earned paychecks.
Washington is trying to borrow, bail and print its way to prosperity, and it isn’t working. We can ill afford the inflation, debt and insecurity that this misguided approach causes. Now is the time to repeal the dual mandate and break this destructive cycle. The American people deserve a strong dollar and a shot at building a real recovery.