Washington, DC…September 12, 2012””American Majority Action President and CEO Ned Ryun released the following statement today in response to the Federal Reserve’s potential decision this week to try to stimulate the economy with a new round of quantitative easing.
“On the heels of Friday’s grim U.S. Labor report, it appears the Federal Reserve will again reflect Obama’s troubling monetary policy and opt for printing more money rather than strengthening the dollar. Americans don’t need it and the U.S. dollar can’t afford it. We need strong fiscal policy that reduces the tax burden, not a weakened dollar that will lead to an even weaker economy.
The Obama Administration and the Fed naively believe the third time’s the charm. This latest round of print-as-you-go is projected to increase the money supply by $50 billion per month, but many economists agree that it will serve to spark inflation that will hit every American family and business. Energy and food are the first items touched by inflation, which directly impacts middle class families and single women who spend the highest percentage of their income on energy and food.
Real solutions for the economic crisis in America will not come from a money printing spree. Now in our 43rd month of 8 percent or higher unemployment, we are a nation that needs leaders ready to make pro-growth, pro-business decisions.”
Thomas J. Basile