How Washington can end the inflation crisis it created

We have it in our power to build an economy that serves America’s families and communities rather than our politicians and bureaucrats – to control inflation and unleash innovation and growth. https://t.co/28lyAy1fKU

— Rand Paul (@RandPaul) March 22, 2022

From my latest at Fox News, “The good news is, federal policymakers know what spurred inflation to its historic gallop over the last year. The bad news is, it was them.

That’s why Congress and President Biden spent 2021 ignoring inflation or insisting it was merely ‘transitory.’ It’s not. The four-decade high 7% inflation rate Americans endured last year jumped to 7.9% in February and seems headed even higher. Contrary to Democrats’ misdirection, this inflation wasn’t caused by COVID-19, but by the federal government’s ham-handed responses to it.

Congress has pumped more than $6 trillion in COVID relief into the U.S. economy, while the Fed injected $4.7 trillion into financial markets. Congress authorized almost $2 trillion of this ‘relief’ in 2021, long after most of the country had largely returned to normal, when even progressive economists warned it could trigger inflation. Much of this cash was given to businesses that never closed and households whose wages never fell. Yet the president and his party insisted all their spending was urgently needed.

This tidal wave of spending crashed into a supply strangled by regulations and mandates hurting truckers, shippers and energy producers, while paying millions of Americans not to work and handing our critical infrastructure to unions who block efficiency to squeeze more money from the rest of us.”

Read the entire column.