Dear Jack:
I’d like your opinion.
Compared to last year, virtually everything is more expensive. As a whole, consumer prices have risen at 8.5 percent over the past year, maintaining 40-year highs. More specifically, the price of gas is up 44 percent. Eggs are up 38 percent. Airline fares are up 28 percent. The list goes on.
How did our economy become so overheated, so quickly?
Two months into his tenure, President Biden signed the American Rescue Plan into law for $1.9 trillion. And this summer, the President signed the "Inflation Reduction" Act into law, following party-line votes in both chambers of Congress, which came with a price tag of $750 billion. This is on top of annual government funding, for which President Biden has proposed a 12 percent increase from the Fiscal Year 2022 budget.
For every dollar printed by the Federal Reserve, the dollars already in circulation lose value. As a member of the House Budget Committee, I'm eager to work in a bipartisan manner to restore fiscal responsibility in Washington.
While a weakening dollar is taking its toll on Wisconsin families and workers, I'd like to hear your input regarding the worst levels of inflation since 1981.
