By Jacob Bradley, Waller County Libertarian Party Chairman
Inflation hit a 13-year high in June at 5.4%, a result of trillions added to the national debt and the Federal Reserve (Fed) printing money at the fastest rate in history. New dollars printed by the Fed in 2020 made up nearly 20% of all money in the US economy. US debt at the end of 2020 was 129% of the National GDP.
What does this mean for you? As inflation outpaces income for the average household, the buying power that your dollar has is greatly decreased and as the price of goods increases it will hit the middle- and low-income classes the hardest. Lower- and middle-class Americans will see the price of goods rise at an inflated rate while their paychecks will fail to keep up.
The Fed has tried to keep inflation down by keeping interest rates low and buying up US bonds, essentially using dollars they print to loan to the US Government that the Government will never pay back. This debt will be passed on to our children and grandchildren. We are allowing the current government to spend our children into debt and we expect them to foot the bill.
The solution to this is not to tax people more. The Government has never had a revenue problem; they have always had a spending problem. They will collect more in taxes in 2021 than they have any year in the history of the United States, and they will spend more money than any government in history has spent. For all the talk of threats to our national security (terrorism, China, Russia, etc.), no one will address the fact that our national debt is the biggest threat to America’s national security.
It is irresponsible to run up the debt like my generation has and expect the next generation to pay it for us. It is time that we tell the government and our elected officials to get their books in order and stop spending us into oblivion.
We need to set the next generation up for success, not failure, and the way we do that is with a small, efficient, surplus-driven government. This needs to end and we owe it to our children to make sure it does.
“We must not let our rulers load us with perpetual debt.” -Thomas Jefferson
If you want to help protect the next generation from the burgeoning debt, join the Libertarian Party of Texas at LPTexas.org