Rep. Hill torches Biden over inflation blame game ‘nonsense’
Inflation hit a fresh 40-year high in February
Rep. French Hill, R-Ark., ripped President Biden on "Mornings with Maria" on Tuesday over his argument the day before that rising prices in the United States have "nothing to do" with his administration’s policies and that Russian President Vladimir Putin and the COVID-19 pandemic are to blame for record-high inflation. Hill argued that the president’s actions are actually contributing to "raging out of control inflation."
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REP. HILL: This is more nonsense from President Biden. The origins of this overwhelming 40-year high in consumer inflation and in producer inflation is a result of three things. First, an overly accommodative monetary policy that started in the pandemic two years ago. But we never tapered after people got back to work and reopened the economy in the fall of 2020. We kept buying treasuries. We kept interest rates at zero. Secondly, Biden’s terrible fiscal policies, which is just how much borrowed money can we spend for untargeted issues? So think about it. We did $5 to 6 trillion in the CARES Act in 2020. We had a trillion dollars not spent and then Joe Biden has spent $2 trillion in American rescue, $2 trillion in infrastructure, and proposes to spend 5 trillion more.
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