McMorris Rodgers Condemns
Federal Reserves Decision to Inflate Currency by $600 Billion
Fed Should Stop Feeding Obamas Spend & Borrow Addiction;
Debasing the Dollar Will Hurt Working Families & Retirees
Washington, DC Rep. Cathy McMorris Rodgers (R-WA), Vice Chair of the House Republican Conference, released the following statement today after the Federal Reserve announced it will inflate the currency by $600 billion in a new round of quantitative easing.
I am strongly opposed to the Feds decision to debase the American dollar by $600 billion. While the Fed claims its action will stimulate the economy, it will fail just as badly as President Obamas stimulus because it promotes short-term consumption, debt, and uncertainty in the private sector while penalizing working families, retirees, and especially entrepreneurs who need a large pool of savings to start new businesses, expand current ones, and stay on the cutting-edge.
On September 21, the Federal Reserve announced its readiness to start another round of quantitative easing. The next day, Forbes ran the Congresswomans op-ed, Reverse the Feds Monetary Policies. This made her the first, and until today one of only a small number of House members to publicly oppose the Feds latest round of inflationary policies.
Every dollar that is essentially created out of thin air by the Federal Reserve weakens the value of those dollars which are currently held by the American people. The Feds actions will lead to inflation and undermine the purchasing power of an already vulnerable middle class. Instead of facilitating President Obamas spend-and-borrow addiction, the Federal Reserve needs to protect the integrity of the dollar. Otherwise, we are pushing the pedal on the road to bankruptcy.
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