FreedomWorks Statement in Response to the Continuing Inflation Spike
WASHINGTON, D.C. — In response to the Consumer Price Index spiking 5.4 percent since last June, Adam Brandon, FreedomWorks President, commented:
“The current inflation spike is the direct result of irresponsible fiscal policies. As we warned early on in the COVID-19 pandemic, unprecedented government spending will result in unprecedented price increases. Now, the American people are reaping what the federal government has sown.
“With the national debt topping $28.5 trillion — and the federal budget deficit climbing to an incomprehensible $3 trillion — we can only assume that this trend will continue unabated under the Biden administration.”
John Tamny, FreedomWorks Vice President and Director of the Center for Economic Freedom, commented:
“Words have meaning, and the meaning of inflation has always been a decline in the value of the unit of account; in our case, the dollar. The dollar is the most important price in the world precisely because it is the world’s currency. In the 21st century, and under administrations waving the banner for both major political parties, dollar policy has leaned toward devaluation. In other words, inflation isn’t a now notion as much as it’s been a 21st century policy choice.
“Here’s hoping wise elders in the Republican and Democratic parties revive the policies favoring a strong dollar that were largely the norm during the Reagan 80s and Clinton 90s. A strong, stable dollar is logically associated with booming economic growth and thankfully very little evisceration of the earnings of working Americans who earn dollars and suffer intimately from policies favoring dollar shrinkage. Inflation is explicitly theft of our work, and it’s essential that we strongly voice our opposition to ongoing dollar devaluation.”