OPINION:
President Trump said Jan. 21 at the World Economic Forum: “Growth doesn’t mean inflation. In fact, growth can fight inflation — proper growth.” Translation: Fierce competition is best at reducing prices.
Fighting inflation by raising interest rates is lazy policy. Inflation is not the monster, as I depicted it in the cartoon I drew for my high school newspaper in 1982. The lazy system we have to address inflation is not the fault of the Federal Reserve; it’s the fault of Congress for handing over the job of lowering prices because it was easy.
The cost of eggs didn’t come down because the federal fund rate was raised. Agriculture Secretary Brooke Rollins did the hard work of investigating the root cause and determining the best preventive action. Her implemented five-point plan included avian flu vaccine development, increased biosecurity, farmer relief, reduced regulations and imported eggs. It was the same sort of crime scene investigation that I did as a quality engineer for 30 years.
Our representatives need to get out from behind their desks and find out why the prices that matter most to consumers are rising.
You don’t call the fire department to drench your entire house for a stove fire for the same reason you don’t cause financial harm to an entire country because certain prices are rising faster than they should. Contracting an entire economy so people have less money to spend in order to lower prices is insanity.
The proposed Federal Reserve Abolition Act makes more sense to me every day.
BEN FURLEIGH
Port Charlotte, Florida
Please read our comment policy before commenting.