Pearce: Fed’s Reckless Policies Hurt Seniors, Middle Class
Washington, DC (May 2, 2013) – Today, U.S. Congressman Steve Pearce responded to the Federal Reserve’s announcement that it will continue “quantitative easing,” the unorthodox, expansionary monetary policy of printing money that hurts seniors and middle class families already struggling to make ends meet.
“The Fed promised Americans that by printing money, we could solve our economic problems” said Pearce. “Five years and nearly four trillion dollars later, little has changed. Unemployment remains high and the economy continues to struggle. Inflation, the policy’s unintended but very real consequence, hurts seniors and the middle class. People who live on fixed incomes are having to stretch every dollar further and further. Meanwhile, responsible Americans who are working to save for their futures are watching those savings lose value because of the Fed’s reckless policies. And, the Fed’s continued zero interest rate policy hurts low-income seniors and others struggling to get by. Quite simply, the Fed cannot continue on this destructive course.”
The Fed has strayed far from its original mission of price stability and now is in the business of financing the government. The Federal Reserve is creating a very serious situation where the future of the dollar, the world’s reserve currency, is threatened.
In February, Congressman Pearce invited Fed Chairman Ben Bernanke to visit New Mexico to see the impacts of these policies firsthand.