Rand Paul: ‘Profound Repercussions’ Coming from Federal Spending Spree

'I don’t think it’s as benign as people say it’s going to be...'

Sen. Rand Paul, R-Ky., warned that Americans must “wake up” to the “profound repercussions” that the federal government’s unparalleled spending spree will have on the dollar, The Stream reported.

Paul, a long-standing deficit hawk, said on Fox Business’ Cavuto: Coast to Coast that Congress and the Federal Reserve have created the conditions for inflation to rise above its current 12-year high.

“I don’t think it’s as benign as people say it’s going to be,” he said. “I think [increasing deficit spending] is going to have profound repercussions — and that we’re just getting started.”

High-ranking officials in Congress, the Treasury, and the Federal Reserve argue that peculiar circumstances relating to the government-induced economic recession have caused a short-term rise in inflation.

...article continued below
- Advertisement -

They all ignore that the government has introduced more than $6 trillion in new dollars into the economy in about a year.

Congress has financed most of the new spending with debt.

“We added four or five trillion dollars’ worth of debt last year,” Paul said. “We’re probably going to do the same again this year.”

Notwithstanding Modern Monetary Theory, which falsely asserts that the government can create new money without causing inflation, an increase in the amount of dollars always devalues existing dollars.

...article continued below
- Advertisement -

“When the [Federal Reserve] says this [inflation] is transitory, I think that’s an excuse for government spending and borrowing,” Paul said. “It’s sort of from the same kind of lexicon of ‘deficits don’t matter.'”

Paul argued that the newly created money has not contributed to real increases in production but simply a glut in demand, which will lead to inflation and an inevitable economic crash.

The House Republican Study Committee released a 2022 budget proposal, titled “Reclaiming Our Fiscal Future,” which it said would balance the budget in five years to control debt and inflation, Georgia Star News reported.

- Advertisement -


NYC OKs Drug Dens For Addicts and Criminals

(Headline USA) An officially-authorized, state-sanctioned capitulation to criminal-loving leftists has dropped in New York City, where safe havens for people to use heroin and...

More Jussie Smollett Lies Exposed in Court Testimony

(Headline USA) Two brothers arrested for an alleged attack on Jussie Smollett told Chicago police how the ex-“Empire” actor orchestrated the hoax, telling them...

Dem Rep. Debbie Dingell Claims Vacant Office Vandalized

(Headline USA) A suburban Detroit office of Democrat U.S. Rep. Debbie Dingell has been broken into and ransacked, with memorabilia belonging to her late...

Stocks Sink as Omicron, Rate Worries Rattle Wall Street

(Headline USA) Already antsy about newest coronavirus variant, Wall Street's losses deepened on Tuesday after the head of the Federal Reserve said it will...

Kyle Rittenhouse No Longer Enrolled At ASU

Kyle Rittenhouse is no longer enrolled in Arizona State University’s online program after a coalition of leftist student groups demanded that university officials kick...

Song About ‘Sad Little Man’ Fauci Demonetized by YouTube

YouTube demonetized a song critical of coronavirus czar Anthony Fauci this week, claiming the song violated its terms of services. The song, “Sad Little Man,”...

Dem Senator Threatens ‘Revolution’ If Supreme Court Overturns Roe v. Wade

A Democrat senator threatened this week that there will be a “revolution” if the Supreme Court overturns Roe v. Wade. Sen. Jeanne Shaheen, D-N.H., said...

New AOC Bio Promises More ‘Swooning’ Essays About Her

A self-serving, progressive biography of Alexandria Ocasio--Cortez, titled, Take Up Space: The Unprecedented AOC is due out in February according to the Blaze. “Some of...

DeSantis Vows No Lockdowns in Fla., Regardless of Biden’s Future COVID Flip-Flops

Florida's Republican Gov. Ron DeSantis said that locking down the state is not an option in combating COVID as leaders around the world struggle...
- Advertisement -