Job Creators Network Calls for Interest Rate Rise, End to Reckless Spending, and Death to Modern Monetary Theory to Address Historic Inflation
“The Democrats’ experiment with Modern Monetary Theory has failed miserably as consumers and small businesses are enduring the worst inflation in two generations. Consumers are experiencing a Biden pay cut of declining real wages and falling living standards. Small businesses are losing customers because they are being forced to constantly raise prices just to remain profitable.
“In response to this inflation crisis, the Federal Reserve must resist the influence of radical Democrats who support MMT, immediately end its asset purchases, and raise interest rates. Higher borrowing costs also hurt consumers and small businesses, but Democrats’ inflationary spending spree in the name of Covid-19 has left the Fed with no other choice.
“The remnants of the Build Back Broke legislation should also go down in flames because their fiscal impact and economic distortions threaten to turn high inflation hyper. Today’s inflation is a black eye for Democrats, as it directly results from their Keynesian fiscal religion. It wholly discredits their reckless spending and MMT. Policymakers must learn this lesson before it’s too late.”