It was a decision that President Obama and his team of advisors decided to make at the outset of his presidential term. Faced with very bad economic conditions, the president decided that monetary policy  (printing money and infusing it into the economy ) was a better choice than attempting to fix the economy by fiscal policy (in this case, reducing the tax burden on corporations and individuals). 

There is no hiding from the facts. His tactic didn't work, and there are no signs that it will. In fact, buried in the most recent economic report out on Friday was a statistic that most people missed but is very troubling: recent M3 data prove that the money supply is growing at a very rapid rate, and this is a leading indicator of inflation. 

I continue to contend that inflationary pressures are great in this country, but the government simply does a terrible job calculating it. We all know the numbers -- 47 million people on food stamps, 25 million underemployed, lowest number of people employed since 1980's, $16 trillion in debt (and we require $1.3 trillion more each year to meet our budget shortfall). 

However, what is about to make this even worse is that, due to the choice the president made in early 2009 to print money, we are about to see prices soar in this country. Add to this unnecessary and ineffective approach that we might see more destruction of the U.S.  dollar with QE3. 

I believe we will see the prices of the top items that  most Americans spend their after- tax dollars on to live everyday rise close to 10% over the next 12 months. While wages that you earn at work are actually going down, it is going to cost you at least 10% more just to achieve your same standard of living next year as it is this year. Make no mistake about it, this is due primarily to the decision to print money. 

To make it really easy to understand, think of it this way: When you create more of anything, the value of it is reduced, and that goes for money, as well. When you literally print money, the value of the money you already have becomes worth less. When you print more money, the value of the dollar drops and that, in turn, makes our import s more expensive to buy.  

You probably have been feeling it for years, but never knew why everything costs more, especially since  the government -- through its bogus reporting of inflation -- tells us that it cannot be true. Well, it is. Interestingly, this policy program that Obama chose hurts the middle class and single woman the most because they spend a higher percentage of their income on food and energy, which are rising the fastest due to his printing of money. 

For the most part you can tie the rising costs of most everything back to Obama's decision to use monetary policy, versus what Mitt Romney and Republicans are supporting, which is fiscal policy. In November we can all decide if we want to elect to have more monetary policy or if you want to elect a different approach, fiscal policy.