Economic literacy has never been a strong suit for politicians.
Their entire goal is to get elected and remain in power. The way they do so is pushing for generous welfare programs or at least securing sweetheart deals for their corporate cronies.
In addition, many of these politicians love easy money. That way, they can finance their extraordinary domestic and foreign policy projects. Under normal circumstances, these politicians would have to raise taxes to pass these projects. Often times, taxes are an incredibly unpopular move for politicians to pursue, so money printing is a better way for politicians to fleece the population, albeit surreptitiously.
However, one must remember that inflation is a hidden tax that punishes savers and benefits debtors. America’s working classes get shafted throughout this process. Kentucky Congressman Thomas Massie is one of the few elected officials who get this.
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In a tweet he made on February 20, 2022, Massie declared, “Inflation this year will more than cancel the benefit of the $1200, $600, and $1400 stimulus checks. Most of the money printed and spent by the government did NOT go to American families.”
Inflation this year will more than cancel the benefit of the $1200, $600, and $1400 stimulus checks. Most of the money printed and spent by the government did NOT go to American families.
— Thomas Massie (@RepThomasMassie) February 21, 2022
According to estimates from the Consumer Price Index (CPI), prices rose by 7.5% from January 2021 to January 2022. This represents the largest year-to-year increase since the 12-month timeframe ending February 1982. According to the Bureau of Labor Statistics, food prices rose by 7% over the last year, whereas energy prices increased by 27%.
Anyone with a modicum of economic knowledge recognizes that the US is in an inflation crisis. Massie is one of the few elected officials who get this. These trying times will require bold leadership. Policymakers will need to offer solutions to inflation such as ending the Federal Reserve, eliminating taxes on cryptocurrencies, and allowing for cryptocurrencies to fully compete with fiat money.
The days of the Republican Party just focusing on tax cuts are over.