WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, today spoke about his serious concerns with rising inflation and questioned Federal Reserve Chairman Jay Powell on the nation’s current monetary policy.
Hagerty noted that irresponsible Democrat policies and their runaway trillions of dollars of spending are making it difficult for Chairman Powell to fulfill his dual mandate of price stability and maximum employment.
“Inflation and price instability at this level are bad for America,” Senator Hagerty said.
Hagerty also noted that a continuation of the Federal Reserve’s emergency posture in the face of a growing economy—expanding its balance sheet, and buying up government debt—is facilitating this government spending led by congressional Democrats and President Biden.
“They’re throwing around trillions of dollars like it is simply monopoly money, when really what it’s doing is taxing Americans’ hard earned paychecks,” Senator Hagerty added. “It’s very irresponsible. It’s creating inflation outcomes that many of us haven’t seen in our adult lifetime, certainly not since Jimmy Carter was president. […] President Biden and the Democrats are imposing policies that work against maximum employment. They’re giving away employment incentives, they’re raising taxes on job creators, throwing away our energy independence, and freezing American investment. […] The policies that are being imposed are causing families in my home state of Tennessee, and all across America, to make financial decisions with soaring inflation in mind. Price stability is not a 12% annualized inflation jump, like the one we just saw from May to June. People in Tennessee are seeing their buying power eroded like never before.”
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