Pat Toomey: Biden Is ‘Factually Wrong’ Saying the Price Increases Are a Result of the Economy Picking Up Again

‘We’re running at a 25-year-high rate of inflation’


TOOMEY: “Well, certainly he’s factually wrong on that last point you just made. If you look at the price level in our economy today and compare it not to a year ago when we had a big decline in prices, but rather to two years ago, before Covid ever hit, before we had the decline and then the recovery. We’re running at a 25-year high rate of inflation. And it’s not a mystery as to why. Big part of the reason is a massive expansion of the money supply. We’ve expanded the money supply the most since World War II. And the fed continues to buy $120 billion worth of securities, pumping that money into the economy, despite the fact that we have strong growth. So, there’s no question we have serious inflation right now. There is a question about how long it lasts. And I’m just worried that the risk is high, that this is going to be with us for a while. And the fed has put itself in a position where it’s going to be behind the curve. You combine that with massively excess spending and it is a recipe for serious problems. That’s one of the things I’m worried about.”

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