Richard Stern, Brooks Newby
“Inflation is always and everywhere a monetary phenomenon,” Milton Friedman once said. In other words, don’t blame greed—blame the politicians who control the money supply.

Ron Paul called inflation a “hidden tax” on Americans. Today, politicians use it as a weapon to destroy the American way of life.

The last four years have seen a dramatic 20% price increase for most Americans—adding over $20,000 to the annual cost of living for a typical family of four. This is no accident. It’s a malicious implementation by Washington politicians of the left-wing policy known as Modern Monetary Theory, or MMT.

This is the theory that our government can print as much money as needed to finance its spending—in effect, using inflation as a backdoor form of taxation.

This is a tax that no one voted for and is outside of the control of Congress—the elected representatives of the people. Instead of maintaining the dollar to preserve the value of your hard work, MMT turns the dollar against Americans.

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MMT has converted the Federal Reserve into a massive instrument of wealth redistribution—from hardworking Americans to those favored by the federal government. By the end of the pandemic, “650 billionaires in America saw their net worth increase by more than $1 trillion,” according to Forbes. While politicians shut your life down and made it illegal to celebrate Independence Day, they managed to give some of the richest of the rich trillions of dollars in net worth.

The problem is not that these people are billionaires. The problem is increasingly how wealth is acquired in the U.S. In a free market, profit naturally follows innovation and work to improve the quality of life for all. But people should not become rich through government’s redistribution of wealth by devaluing the dollar.  » Read More
https://www.heritage.org/budget-and-spending/commentary/politicians-use-inflation-target-american-way-life