“The most sinister of all taxes is the inflation tax and it is the most regressive. It hits the poor and the middle class. When you destroy a currency by creating money out of thin air to pay the bills, the value of the dollar goes down, and people get hit with a higher cost of living. It's the middle class that's being wiped out. It is the most evil of all taxes.”
-Dr. Ron Paul
Contrary to public opinion, inflation is not caused by excessive government spending. While government spending is no doubt a symptom, it is not the root of the cause. Inflation is caused solely by the Federal Reserve, which contrary to the name, has no relation to any entity of the federal government.
Since their creation in 1913, the Federal Reserve has had free reign to print unlimited supplies of US currency, with inflation beginning to reach astronomical proportions when we were taken off the Gold Standard shortly after. We now have nothing of value to back up our currency, meaning the Federal Reserve is free to print as much money as they’d like out of thin air. Nearly 80% of all US dollars in circulation have been printed since 2020, and we have zero oversight into their actions, as the Federal Reserve is not subject to audits like every other bank.
In the last five years alone, our currency has lost 33% of its value. A balanced budget in Washington is crucial, without a doubt; but a balanced budget alone cannot curb inflation. The proper action for the U.S. Congress to take regarding the Federal Reserve is to pass an “Audit the Fed” bill. It has been proposed in Congress several times by Republican legislators, but until it passes, the federal government and American people will have no idea what the Federal Reserve is doing behind closed doors.
If elected to Congress, I will lead the fight to Audit the Fed and seek transparency for the American people. This is the first step and only solution to curbing inflation.